Large aspirations.
They currently have AUD$2.4B Funds under Management and are targeting $5.0B by FY25 so a doubling in size over the next 5 years. That equates to a growth in Funds of about 15% per annum which probably isn't crazy given their geographic and case-type expansion plans.
They expect to invest $440m in FY21 so if that grows by 15+% then they would be investing around $1B per year by FY25.
If cases 65% successful (35% unsuccessful) and a ROI of up to 280% then the numbers start to look huge.
FY25 run rate : .65 by $1b by $280%, less 35% by $1B, less $100 pa fixed costs, less 30% tax = NPAT $959m.
A run rate profit which is only a little less than the current mkt cap!!!.
An excellent long term hold.
Ann: Investor Presentation Transcript, page-2
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