so, of the $1.8bn market cap, no debt, so mkt cap = EV $1.8bn:1)...

so, of the $1.8bn market cap, no debt, so mkt cap = EV $1.8bn:

1) $150m estimate ca$h (now depleted, pale shade of former + 3m bb yet to go, cost ~$30m cash)
2) $200m value for Barra (carrying value $136m, external value back in 2022 ~$750m for the lot, so 36% = $270m, lets take the mean)
3) $138m investment in Vinva (29.5%)
4) $350m Investments in mfg funds?

Total $838m, lets round it to $800m.

That leaves $1bn EV for AM with ~$38bn of FUM (Jan25 should be ~$37bn) that generates max. $266m in revenue at ~70bps, barely $100m profit before tax a year, maybe $60m after tax and other. p/e of 16+ [sector 10-12?]?

Did I mention FUM is in major attrition, particularly retail - the highest margin offering.