Ann: MA Financial 1H23 result - record first half inflows, page-9

	Estimated FY 26 targets
1
2	AUM (m)		$15,000
3	recur rec generated @ 1.7% margin		$255
4
5	AM EBITDA @ 40% margin		$102	assumes 0 trans/perf fees
6	@ 15x FRE		$1,530
7
8
9	MA Money
10	Mid-point NPAT 15m @ 10x		$150	assumes 0 value to
11				other Lending activities
12	CA + Equities
13	17.5m EBITDA @ 8x		$140
14
15	Corporate
16	-30m EBITDA @ 10x		-$300
17
18	Valuation		$1,520
19		p/s	$9.48	160.4m s/o
20
21	CAGR over 3 year realisation		27.2%
22	CAGR over 4 year realisation		19.8%

Not a current holder but looking closely. Have been playing around with the figures following the HY results. I’ve penalised the figures/valuation numbers pretty hard, but it looks like the return over the next 3-5 years is pretty good regardless. Aiming for directionally right rather than super accurate, feel free to critique if you wish lol

Thoughts welcome