MFG magellan financial group limited

0.24%

$8.42

Ann: Funds Under Management and Performance Fee Update - Dec 2023, page-5

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mickeebee

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05/01/24

11:47

Post #: 71739996
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Originally posted by SteveSage: ↑

back of an envelope calc:
- retail vs Institutional share still relatively stable compared to Jun23 (retail ~46-47% of total FUMs)
- if we assume that they earn ~60bps on the average FUM of $36.9bn then you get revenues of ~$108m for 6 mths (note that for FY23 they earned 67bps so there is upside there of ~10-12m)
- they have guided to $95-100m in expenses for FY24 so assume they had costs of $50m
=> PBT of ~$53m for 1H23 on the funds management business

You then have probably a decent return from their Magellan Funds investment offset with losses at Barrenjoey (tough half for investment banks).....so not a total basket case, but the big question mark is whether this is the bottom of the cycle for outflows?

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I had a crack (bored) - the change in fair value stuff in income I left same as prior year:

NPAT of ~$43m for H1......double it for guesstimate FY24 = $86m!! That is what the NPAT was for H1 was last year!!!!

P/E ~20!!!! sector is 12-14......

RED INK EVERYWHERE

MFG Price at posting: $9.61 Sentiment: Sell Disclosure: Not Held
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(20min delay)
Last $8.42		Change -0.020(0.24%)		Mkt cap ! $1.449B

Open	High	Low	Value	Volume
$8.38	$8.43	$8.34	$1.153M	137.4K

Buyers (Bids)

No.	Vol.	Price($)
20	1943	$8.41

Sellers (Offers)

Price($)	Vol.	No.
$8.42	3863	10

View Market Depth

No.	Vol.	Price($)
22	1936	8.380
20	3016	8.370
10	2231	8.360
11	7276	8.350
9	3704	8.340

Price($)	Vol.	No.
8.390	2214	23
8.400	3082	16
8.410	5384	14
8.420	7688	13
8.430	4307	11

Last trade - 11.59am 17/06/2025 (20 minute delay)

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Ann: Funds Under Management and Performance Fee Update - Dec 2023, page-5

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