The MFG FUM in the table is correct, if you read through MFG’s FUM announcements they will track back on the quarter. I have taken from MFG’s market announcements on the quarter, no figures outside of this.
The MFG financials are from the last audited accounts Profit and Loss Statement and I have stripped out any one offs in MFG’s accounts. This is the same for GQG, have converted into AUD/USD as at June. I don’t like to forecast earnings in this table, but understand that FUM growth will contribute to earnings growth. MFG, PTM, PAC and GQG all have high margins. This is common across the fund management industry.
In the papers the figures they quote for both Funds are excluding taxes. I think it is important to use the after tax figures for the PE ratios. This is what is in the table.
GQG has not taken on any borrowings. I have to dig deeper into the prospectus to see what their liabilities are. Typical with a fund manager they may have deferred liabilities for performance and distribution fees to Goldman Sachs.
Best of Luck Lost
MFG Price at posting:
$32.44 Sentiment: None Disclosure: Not Held
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