Based on current FUM I have EPS at $1.16 on an annualised basis (circled in blue). Highlighted in green is EPS based on the trend of outflow up until the end of the year (takes average FUM flow for the prior three months and applies decline):
Key points: 1. Unless Magellan stem the loss of FUM, December is looking very drastic and EPS could drop significantly 2. With the restructure at the Board and Management Level, EPS will deteriorate until these show signs of contributing to growing FUM (this could still be 18 months away) 3. $1.16, under $1 based on current trend. FUM outflow is increased to the current significant loss. This could change next month and the numbers won't look as drastic.
30c EPS is pretty dire, so I don't think it could hit that low. The proposed restructure from Magellan CEO should help limit future FUM losses (but then again it might not).
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