IEV of $133M is not total revenue. also forecasting $22M management fees in FY24.
the Results call was enlightening - terms of investment are improving, starting 6 months ago, so that management fees and performance fees will improve as a proportion of total returns. that means that IEV is not everything.
costs being cut, with cash costs down from $99M to $90M next year. bad IRR for fund 4 has already improved as a result of completions this FY.
plenty to like for those that are patient.
fair value reporting to be watched I agree, but it is done by their peers, and if used to boost sale prices for secondary investments that will benefit shareholders.
IEV of $133M is not total revenue. also forecasting $22M...
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