$250m NTA post the March equity raise, 77.5m shares on issue,...

$250m NTA post the March equity raise, 77.5m shares on issue, $3.22 NTA per share.

It is starting to get interesting at this point, IF they can still raise institutional capital (I'd say their retail arm is dead for now at least). If you write off $50m - c.30% - of their non current assets, you have adjusted NTA of $200m v. current market cap of $325m, ie the funds business is worth an implied $125m. If I'd buy that for 8x (a lowish multiple for a FM business), then they have to earn roughly $15m EBIT or so to justify this value. A business with $4bn AUM should be able to sustainably earn $15m EBIT, at least in my mind, so it is starting to get interesting...just as long as the grubby retail business doesn't take down the institutional business with it.