Agree with your thoughts re the need to cut costs in the next couple years. They have not really tackled that as yet.
The other aspect is the circa $900m of cash + assets on the balance sheet which underpins about $5.00 of the share price. At some stage, that will allow for some form of corporate activity or the like to generate additional value.
Allowing for the asset backing of $5.00 per share, the market is currently valuing the funds management business (which has a current run rate annualised after tax profit of circa $145m on my numbers) at $3 per share or $550m (ie 3.8x after tax earnings).
MFG Price at posting:
$8.25 Sentiment: Hold Disclosure: Held
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