Ann: Half Year Financial Results Presentation, page-2

Stripping out NTA of 42cps (net cash and property co-investments) the funds management business is trading at a Value of 1.6% of FUM. PWG and CNI more like 7-8% of FUM.

On a consolidated basis, earnings upgraded twice already so far this financial year, trading on a partially franked yield of over 6% and a PE of 15-16x with plans for more funds to be launched this half and a buyback. FUM back to pre covid levels, share price still at a 20% discount