MFG in the BUY zone, page-381

I don’t have the answer to that question and I don’t need it to come up with the EPS for MFG. Management fee is based on the total funds and we know it has gone up from $100B In Feb 21 to $113B in September including $2B outflow.
This is 15% positive performance over the 7 months, better than indexes. It is wrong to assume MFG is still under performing to the market as financial community is discussing.
Around the A115B FUM mark, MFG HY results will be 15% more than last year. This is assuming 10M loss for Barrenjoey.I don’t think any Investment bank is doubting this number of net profit.
So if MFG is valued like GQG based on current performance it should get back to about $45. The current down draft should stop first.
The problems MFG is facing is that beyond that there is no major catalyst for substantial earnings increase and therefore higher PE ratio like before. That is not coming in a hurry unless private investments like Barrenjoey start making lot of money. I can’t see that happening for few more years , if at all.