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very very different to COF.COF pays fees upwards to the fund...

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noomxx

7,222 Posts.

1064

01/03/24

23:05

Post #: 72706368
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Originally posted by volf: ↑

Hi Noomx, holding at the headco does not mean free cashflow is any better.

Similar to COF, they are paying out nearly all of FFO but this number does not even close to resemble free cash flow because incentives are so huge. This means your distribution is partly return of capital through disposal of assets/increase in debt.

The assets in ABG are generally very good (compared to COF which are poor), however I am not excited by ABG mostly because management are empire builders, poor allocators and remuneration is insane plus their free cash flow generation is poor.

Discount to NTA or not, ABG cannot be held long term for this reason.

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very very different to COF.
COF pays fees upwards to the fund manager.
ABG collects fees, it is the fund manager.

ABG Price at posting: $1.12 Sentiment: None Disclosure: Held
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(20min delay)
Last $1.16		Change 0.000(0.00%)		Mkt cap ! $1.027B

Open	High	Low	Value	Volume
$1.16	$1.16	$1.14	$78.75K	68.30K

Buyers (Bids)

No.	Vol.	Price($)
8	2360	$1.16

Sellers (Offers)

Price($)	Vol.	No.
$1.16	3456	12

View Market Depth

No.	Vol.	Price($)
6	1761	1.155
7	9207	1.150
7	9380	1.145
10	25492	1.140
10	129824	1.135

Price($)	Vol.	No.
1.160	3411	12
1.165	6692	8
1.170	34713	13
1.175	3942	4
1.180	22178	5

Last trade - 11.58am 27/05/2024 (20 minute delay)


Last $1.16			Change 0.000 ( 0.10 %)
Open	High		Low	Volume
$1.15	$1.16		$1.15	20601
Last updated 12.04pm 27/05/2024 ?

ABG (ASX) Chart