At the mid point of current guidance, H2 NPAT is forecast to be...

At the mid point of current guidance, H2 NPAT is forecast to be $2m. Annualise that plus add in an expected increase due to continuing strong inflows and you realise the stock is not expensive looking forward to FY16.

I think the current movement is a classic case of the market starting to focus on the growth rather than just reacting to historical news as it previously has done with this stock. In this current cycle I have owned since early 2013, as that is when FUM started to get moving. Over that time the market has only reacted to profit updates however now it looks be attempting to price in some expected FY16 growth. Of course when the market starts to price in some growth you run the risk that the stock might not deliver.

Based on what I think AEF may earn for FY16 I see value above current prices