Book value of assets (cash + co-investments less liabilities) is about $4.70 per share - most of this value represents excess capital, and they have decided to start returning that via the special dividend plus continuation of the on-market buy-back.
Looking past the excess capital, the market is valuing the fund management business at about $6.00 per share or about 7x forward PE. That is not a stretched valuation and certainly not a premium to other fund managers when you do the calculations on a like for like basis (current valuation less excess capital for a look through valuation on the funds management business).
Ann: Final Results for the year ended 30 June 2023, page-45
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