Thanks. Statement says termination of a material contact which means the entire 19B will be withdrawn. As at last FUM was roughly 119B, which means it will be back to around 100B , same last year’s average FUM. Last year’s EPS was 2.50 before one off investment cost on fund restructure and Barrenjoey. It is still possible to reach A$2.50 EPS for 2022. Present SP of 30 is still only 12 PE . I was expecting it to go up to 40 to 45, which is not going to happen for long time now. It depends on whether there are any others who will do the same. With the interest rates going up around the world and tapering in full swing, it will come down who has stable business and strong Balance sheets. You can’t find a better list of companies than what MFG is carrying at the moment, except for the trouble child Alibaba.
MFG Price at posting:
$29.36 Sentiment: Buy Disclosure: Held
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