Hi JAG,
Revisiting these high level numbers from a year ago I think your right - the market doesnt appear to be factoring in the quantum of performance fee due. If they earn $14m in performance fees for the year (most of that performance came in the last 6 months) then profit for the year might be somewhere near $20m and NPAT of $13m and given the EV of around $50m ($69m MC at 52c less $20m of cash ($13m from NPAT + $6m existing cash) today means that MAM would be trading on something like 4x.
Yes its 4x in a very good performance year but I expect it will rally when the numbers finally come out.
Are you numbers on the performance fees the same?
The costs will probably blow out a bit given bonuses I imagine so maybe $1-2m more higher.
Not factoring increased FUM from net funds flows as discussed this morning (I think there will be a delay but the funds will come).
Thoughts?
Ann: Appendix 4D and HY19 Financial Report, page-73
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52.0¢ |
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Mkt cap ! $69.00M | |||
| Open | High | Low | Value | Volume |
| 53.0¢ | 53.0¢ | 52.0¢ | $8.344K | 16.01K |
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| No. | Vol. | Price($) |
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| 1 | 5000 | 52.5¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 53.5¢ | 9000 | 1 |
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