worth working out what next years max revenue will be, then model that on even half the nose bleed rate of this year (-12% fall in retail FUM, 25% drop for insto), then take -$135m of fund mngt expenses from that....wont do the numbers for you (since theyre so unappreciated) and then pay some tax....whats left?? whats your p/e then?
this year H1 shields the overall revenue hemorrhage since you started the year with $61.3bn of fum, so earned the avg of Jul-Dec, half 2 will be hidden in the FY detail....
BUT you will start FY24 with opening FUM of $39.7bn.....even at half the rate of client fum outflow of FY23, you'll end with about $32bn of FUM.....hmmmm heaven help if FX or mkts performance both turn against you....Havent plugged it all in, but I dont expect much change from $50m profit before tax even with a performance fee....!
time to cull that investment team....(imho)....
MFG Price at posting:
$8.32 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)