"ten bagger" - a lot of patience required

Whilst I would love to experience a "ten bagger", there is a lot of optimism about the ST sp on HFA threads which I am finding hard to rationalise.

Whilst I can understand a view that the sp has been oversold and we will see a return to the teens (or 20s at a stretch), however I can't see a catalyst over the short to medium term for a "ten bagger". The main difference is that the assets of this business are its people, not property or infrastructure. Thus, they cannot be sold per se to realise an unexpected gain reletive to the prevailing market sp, and therefore a sp correction.

In terms of the last two weeks, a number of stocks that have been hammered have recovered reflecting IMO broader optimism in the market (ex today), so is that all that is behind the recovery we have seen in HFA? I expect so, along with an over-reaction to the redemption freeze.

However, will this be a "ten bagger" Maybe, but plenty of patience required. There is a cloud of uncertainty over this stock, which I expect will take some time to clear, including:
- impairment charge
- impact on convenants
- redemption freeze
- impact of illiquid assets within funds
- dividends vs debt repayment
- deleveraging of current positions within funds and impact on revenue
- is there further institutional unloading

Clearing these hurdles will take 3 to 12 months to work through, so I can't see dramatic sp improvement for some time. Also, IMO instos will stay well clear of HFA given these uncertainties.

The only X factor I can think of is some big mandate wins/positive cash flows out of the US into Lighthouse. However, I certainly can't see that happening locally, IMO.