Some elements about it : - the first indication for valuation gives a rather good margin of safety (at 5 bn indicated in the article, it would correspond to a valuation of 11.3 x EBITDA 22, which looks cheap given the growth profile, as AUM grew by 90 % in FY 21), - it is also also all about what's happening with active and passive management : as index funds are getting more and more popular (for good reasons), the pool of money for active management keeps decreasing but, at the end, it favours the active managers who outperform on regular basis (ex. Pinnacle or GQG).
