Your arguments are purely based on FUM and I accept your points there (even though I think the risk of stagnating or declining FUM are exaggerated)
You are not attributing any potential upside to the MFG capital investments (or at least you’re not mentioning them)
I think the potential capital appreciation and future contributions to profits from the likes of Barrenjoey, GYG and Finclear need to be part of any assessment as to whether at $35 MFG is under or over valued.
MFG Price at posting:
$34.93 Sentiment: Buy Disclosure: Held
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