It is very attractive. As you say even without any inflow in the...

It is very attractive. As you say even without any inflow in the future and portfolio performance has nil increase, on current balance of $115B FUM your net profit is going to be in the $480B range, once fund restructure and Barrenjoey losses are added back. These are one off and assume Barrenjoey either survives and break even at least or wounded up. On $480B EPS is $2.65 approximately. If you value on PE basis at 18, it will be $48. If you value it on dividend yield basis,l 90% will be paid out and at dividend yield of around 5.5% , SP price needs to be $48 range. Either price needs to go up to $48 and collect 5.5% dividend or remain at $36 and collect 7% dividend yield. I am sure both options are attractive. This based on no inflow of funds or value increases on current portfolio shares.

Tomorrow we will be able to compare the performance of the total MFG fund vs indexes for 6 months to September 21. This will show MFG funds out perform indexes again and there is no argument for leaving the fund on performance criteria.