AEF australian ethical investment limited
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Ann: Earnings Guidance, page-5

  1. superman_spas
    109 Posts.
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    26/05/21
    10:11
    Post #: 53419436
    You're comparing the UPAT excluding performance fees figure to the UPAT including performance fees figure.

    FY20 UPAT ex. Performance fee = $7M
    FY21 UPAT ex. Performance fee = $9.05M
    Midpoint increase of 29%

    Emerging Companies
    FY20 Performance Fee = $3.6M (21% Outperformance - Fund size $90.3M Wholesale)
    FY21 Performance Fee = $? (currently 18.5% outperformance - Fund size $197.5M)

    The fund size is more than double so I'd expect the performance fee to be a very healthy increase. Thinking around $5M to play it safe which would give:

    FY20 UPAT inc. performance fee $9.3M
    FY21 UPAT inc. performance fee ~$15M
    Increase of 61%, EPS ~13.3, PE ~72





    AEF Price at posting: $9.63 Sentiment: Buy Disclosure: Held
    Likes Created with Sketch. 4  Upvote
    lightbulb Created with Sketch.  Great analysis
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