MFG in the BUY zone, page-251

Agree on the cause of down side, Barrenjoey and fund performance during Covid period, as I have said before. But I can’t agree on the price drop which is really extraordinary.
All the reasons I have written before are in a article by Lachlan from Rask Media.
1.Minimal performance fee forecasted in 2022 EPS.
2. It is difficult to predict IB activity for more than 2 to 3 years. But during this period B’joey is hands full. As I said before if they don’t make during this 2 years, they will never make money. As Lachlan has described and mentioned by me before B’joey are involved in some big transactions at the moment.
3. FUM will average A$115B or so. That will be 12B more than last year.
4. Based on 1 to 3 above EPS for 2022 will be $2.60 or so.
5.On current prices dividend yield will be close to 7% and PE 13 on 2022 EPS.
6. This price range is not going to last. As soon as MFG can proof to the market that outflow is manageable even if there is any, market needs to take notice.
7. So ultimately it is good performance on funds employed that will attract more funds and MFG share price to go up.
8. I can’t see how prices will move to A$50+ now until principal investments have runs on the board.
9.I also had a look at valuation of the portfolio shares based on consensus EPS for next 4 years for FAANG , MSFT ,Sap, Visa etc. MSFT is at 25 , Netflex at 35 ( higher growth expected). All other ranges from 17 to 23. Now we are talking about high growth companies for next 4 years. All consumer and utilities are valued at the normal PE ratios for those industries for last decades.
10. With all the Chinese problems A$ will be around 73c the long term average.
Once few good results are reported, SP will turn around.