Its hard to say without seeing how it plays out. AUM is likely...

Its hard to say without seeing how it plays out. AUM is likely contracting, fees reducing, and little in the way of new investment likely. It could easily go to zero profit in the next 12 months.

Especially with off-book project finance possibly requiring larger deposits that could suck up any surplus cash. The continual lack of clarity is whats hurting them mid term from here.

To me, the only catalysts for price appreciation are (a) turfing the vc arm completely as that's where the most of the stink comes from, and (b) anyone like MQB seeking to control the assets. I think price would need to go down further for both those scenarios to come into play.