agree with your comment on performance fees. But Dec H/Y results had only 12m as performance fee and it has been taken out of most analysts forecast. FUM growth also will be difficult as you say, but based on current FUM 114B average analyst forecast is around 2.7eps for 2022. I have it even higher around 2.80 mark on the basis A$ will be lower (it is happening already) and over next 2 to 3 years if anyone is going to well it will be MFG portfolio of FB, Google,MSFT , Pepsi, MacDonald, Sap, etc. Good indication is rapid turn around of Treasury interest rates. On the basis of PE ratio of 20 minimum SP is around $56 and probably $60 if you stretch out to 2023 FY. MFG has good dividend payout too. I am expecting the real growth to come from principal investments over next 3 years. By all accounts these investments are doing well. On the other hand I have no idea of PNI business, but notice PE of more than 30 on future earnings.
MFG Price at posting:
$51.79 Sentiment: Buy Disclosure: 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)