Quick update to the Back of envelope:
FY25 Average FUM - $12bn (assume mkt up, but outflows continue over the year)
Average Fee - 105bps (factoring in some fee cuts, some of which they have announced)
Revenue - ~$126m
Total costs ~$72m (they said previously the turnaround would cut their $96m ongoing costs by 25%)
Pre-tax profit ~$54m (before any profit/loss from ownership of the Funds)
After tax profit ~$38.9m (assuming net 28% tax, as there may be some offsets)
Shares on issue ~582m
Profit per share ~$0.067
Anything I'm missing? The value of the Cash/Seed sits external to that.
Ann: Funds Under Management - December 2023, page-26
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