having said the above, and before people get too carried away....
The average FUM for FY2022 to Nov is $115.9bn which compares to $103.7bn for FY2021
At 60bps and with this average, they generate revenues of ~$695m for the Funds mgmt business alone.....no performance fees or other revenues. With expenses of ~120m and a 30% tax rate you are looking at PAT of ~400m which is ~$2.10 EPS (excluding any contribution from investments etc). A PE of ~15 does not seem expensive for a quality company like MFG
Anyway, won't be dissapointed if it falls into the 20s.....quite happy to load up especially with a dividend yield above 5%
MFG Price at posting:
$32.37 Sentiment: Hold Disclosure: Held
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