MFG in the BUY zone, page-44

just look at the figures I compared before with UBS for earnings for 2021. If you earned $2.25 with FUM of 103.5B, when the FUM is $117B it can not be $2.27. Just do the maths. Of course this is depended on global market not crashing dramatically. $2.27 EPS can happen only if Principal investments looses further $55m in addition to 41M. That is $95 million losses from principal investments for MFG alone. The activity that is going on with Barrenjoey does not indicate anything like that. If the Sydney Airport deal goes through normal IB fees of 0.4% to 0.1% , to be shared with UBS should boost Barrenjoey income to cover most of there expenses for the year. In addition as I said before they have done other deals which needs to be finalised. These will appear in FY 2022 accounts. As Hamish said during the Q&A, a deal with fees of $20M will make a difference. Of course you need much more than that to cover expenses of 250 employees, he was just taking as an example. So don’t take these things quoted by IB as gospel. Currently on this so call miss in 2021FY results is driving market reaction. As soon as new numbers are published for HY 2022, these IB change their tune very easily. But people forget what they said before as nobody goes and checks it to what they said before.