GQG hires ex-Magellan BDM, page-7

Hi Muscat

I am definitley bullish and have a higher value on it.

Looking at it from a PAC valuation perspective, note 17 in the 2018 Annual Report says $43 Million. If one values this stock based on FUM then the following occurs:
June 2017 FUM $7.81 Billion
PAC valuation at $20.974 Million
June 2018 FUM $18.4 Billion
PAC valuation at $43.487 Million

If June 2019 FUM is $35+ Billion
Assume PAC valuation at $86 Million (and some change)

I like my higher valuation if it was being listed on an Exchange somewhere, however a Private Company valuation would be closer to the $86 Million on a conservative basis. Someone would pay $125+ Million easily for 5% of this business, at least 50% of the current market capitalisation of PAC.

Best of Luck
Lost