Valuing is always difficult. The current Consensus EPS forecast on around A$115B FUM is A$2.60. As they pay out 90% as dividend , on current price of A$35, dividend yield is 6.5%. With the current treasury yield 1.5% or there about, MFG yield is extremely high. If we assume future FUM bottom figure is around A115B, as we get closer to HY results and dividend pay out dates, this yield will drop to 4.5% or so. For that to happen SP needs to be A$46 or so. This is another way to look at the valuation.
MFG Price at posting:
$34.72 Sentiment: Buy Disclosure: Held
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