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?
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Last
52.0¢ |
Change
-0.015(2.80%) |
Mkt cap ! $69.00M |
Open | High | Low | Value | Volume |
53.0¢ | 53.0¢ | 52.0¢ | $16.90K | 32.35K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 540 | 52.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
55.0¢ | 10754 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5806 | 0.515 |
2 | 16600 | 0.510 |
1 | 4000 | 0.505 |
3 | 22800 | 0.500 |
1 | 50000 | 0.495 |
Price($) | Vol. | No. |
---|---|---|
0.550 | 10754 | 1 |
0.565 | 15002 | 1 |
0.575 | 6000 | 1 |
0.590 | 2000 | 1 |
0.000 | 0 | 0 |
Last trade - 15.48pm 04/10/2024 (20 minute delay) ? |
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