"net fund inflows 91m since December. no evidence of customer panic. early super withdrawals minimal. top stuff as usual."
And in the context of history:
![]()
For the lazy investor, like myself, this is a useful slide, showing the operating leverage inherent in the business, represented schematically by the widening Revenue-Cost jaws:
![]()
Since the corporate restructuring in 2014, they've been growing FUMAA at CAGR of ~16%pa, and EBITDA at a rate of 1.3 faster than the rate of growth in FUMAA.
Still, at around $8bn of FUMAA, FID is still a minnow in a large, and growing pond.
It is therefore difficult to see why FUMAA will not continue to grow over the next 5 years at the same rate as it has done over the past 5 years.
Which will see FUMAA more than doubling from its current level.
Combine that growth with the operating leverage, as demonstrated above, and you get a business generating EBITDA around $45m pa (dc. FY2019's $16m)
Capitalising that level of earnings at what I think is a reasonable, not aggressive, multiple of 10x, results in an Enterprise Value of around $430m.
That's a full 2.5x higher than the company's current EV, which equates to a compound annual capital growth rate of ~20%pa.
Plus, say, 3% DY, for a Total Investment Return of almost 25%pa.
So, even after the stock's spectacular recovery in the stock from the Covid crash lows, it still looks fundamentally deeply undervalued.
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