Ann: 2024 Full Year Results - Investor Presentation, page-21

My thoughts on results and investor call.

Results slight beat due to expenses.

Headcount and expenses for last 4 reporting periods

1HY23 headcount 170 expenses $60mil. 2HY23 headcount 189 expenses $70mil.
1HY24 headcount 213 expenses $90mil. 2HY24 headcount 236 expenses $90mil.

1HY24 expenses up more than normal due to Abu Dhabi set up costs ,PAC boutique purchases,legal and set up costs and staff bonuses. Hopefully we should start to see an increase in revenue growth outpace expenses growth going forward boosting profit margins

The call. Management still investing in distribution channels. See a long runway ahead for flows and sounded quite bullish. My bet would be for annual flows more likely to increase rather than decrease.


The way I see things,we have a company with FUM $160bil. Net flows of $15/$20bil annually average market appreciation of approximately 10% with no outperformance. That’s 20% growth with a dividend thrown on top (currently around 10%).

Lucky to be a dozen companies on the ASX growing at 20%and all of them trading at multiples in the 20s,30s and much higher in some cases.

At the current price still a bargain in my opinion.

Cheers Greg