'Significant positives' in Magellan results; UBS
UBS analyst Shreyas Patel sees "significant positives" in Magellan's FY23 results, including capital management via a 30 cents a share special dividend, governance chances, and FY24 cost guidance of $95-100m versus a consensus of $122.5m, addressing employee loans, and removal of the $100bn FUM target.
He says the cost saving alone one can drive a 14 per cent upgrade to the FY24 consensus estimate for net profit.
"We expect stock to respond very positively," Mr Patel says.
'Significant positives' in Magellan results; UBS UBS analyst...
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