lost, I think this analysis on revenue growth does not tell the full picture. Revenue is growing but in prior years PAC did not consolidate the off balance sheet vehicle so using revenue as a measure is not a like for like comparative. The analysis should just focus net earnings attributable to PAC shareholders. The other thing to consider is issuing shares, expensive capital, to buy revenue does not always mean smart capital allocation. The write downs at Victory Park has shown that the return of the investment is below expectation. The growth in FUM is encouraging but it needs to filter into free cash flow to shareholders. You seem very analytical so it would be interesting to see the return on investment in these business compared to the cost of capital. GQG is a big tick. Nothing compares to the return on that business even if PAC has only a small percentage, but the others may be borderline. If PAC can do a few more GQG type deals, then it will be a multi bagger.
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