"net fund inflows 91m since December. no evidence of customer...

"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.