Most recent quarter cash flow adjusted for $611K delayed payment is disappointing against pcp. It seems the new regulatory framework may have some impact in the short term and potentially long term.
Management have forecast growth in profit in FY15 but I am unconvinced. FUM should continue to rise given the amount of cash on the sidelines in Australia.
Current price is undemanding if the business repeats its recent history.
FPS Price at posting:
$1.67 Sentiment: Hold Disclosure: Not Held
