The things to look out for are: 1. The Fund Performance - is it turning around yet?, see below - not this month 2. The Retail FUM announced in the first week of each month for inflow/outflow - Retail is higher earning and if it stays constant shareholders should be okay. Current Retail FUM loss rate is $400M per month, see table and impact below, should be okay if Retail FUM levels out to $100M per month based on current trend. This will mean PE Ratio is on target for ten times earnings in the current year - due to the loss of FUM this year, the loss of earnings isn't visible until the following financial year. It isn't all bad, $1.45 at the moment, but may head down to $1.34 EPS based on current trend. 3. The business turnaround plan to be presented by new CEO in October/November 4. You are right the balance sheet looks pretty good and it will get better with the sale of non-core assets
The Fund Performance (AUD adjusted it is down -2.5%)
FUM earnings breakdown table based on historic margins:
Best of Luck Lost
MFG Price at posting:
$12.67 Sentiment: None Disclosure: Not Held
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