Mind you any upside from Barrenjoey in the future is not in the forecast or in the valuation. Cash outlay is already done and if it ends up badly, it is only non cash entry in the books to w/ off $156m - $41m. FUM at end of Aug 2021 is going to be around $ 117.5B according to my estimate excluding inflows & outflows. It will be second month for FY 2022 above 117B FUM. According to my calculation I think MFG has already earned 12m performance fee they had on 1 half of 2021 FY. Therefore it should easily beat 2021 first half results in the first half of FY 2022, if the US and world market holds up without any major shocks.
MFG Price at posting:
$43.34 Sentiment: Buy Disclosure: Held
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