Since GFC TRG have been prepared to negotiate on management fees to keep FUM at a reasonable level. So although FUM has risen, you can't pro rata profits or share price. However the tide is starting to swing back with more retail funds flowing in with better management fees. Some of the fund managers are also starting to generate performance fees that haven't been seen for years.
In terms of valuation I think they will earn around 60cps this financial year. What is a reasonable P/E ratio for a financial services company? Looking at its peers, it is probably in the range of 15 to 20. On that basis I think valuation is in the range of $9 - $12, depending on how generous Mr Market is feeling.
fum, page-2
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Last
$11.11 |
Change
0.060(0.54%) |
Mkt cap ! $579.9M | |||
| Open | High | Low | Value | Volume |
| $11.12 | $11.22 | $11.03 | $230.1K | 20.76K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 482 | $11.07 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $11.11 | 7573 | 1 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| PAC (ASX) Chart |