Market Research, page-95

lol.....didnt quite state that, but added, further normalised for the revenue losses we will incur for the reduction in fum in JO etc....

was simply demonstrating the unwind of both PDL integration (aka, cash and other handouts to everyone internally) and removal of interest on debt costs post Feb25.....

$400m is a stretch even now, esp given the high expense to income ratio in AM. Assuming a compressed ~35bps margin (41bps margin now - likely to decrease as JO was high and we'll likely lose that juicy high margin FUM), then on an average 200bn (assume we lose 30-40bn worst case but FY25/26 avg will be higher), then revenue of $750m ($200bn*35bps), assume 74% cost to income, leaves $195m PBT....minor below the line and tax at ~$50m, leaves ~$145m profit after tax for full run rate FY26.....? puts us on a p/e of 6-7?

BUT.....[the must do strategy].....slice and dice that expense base...bring the ratio to under 60% or better......suddenly that $400m PBT is looking achievable within 3-5 years....?