been saying this for ages. blind freddy could see the...

been saying this for ages. blind freddy could see the $$$$......

with (actually $230bn ex-fx) ~225bn FUM @ 40pbs = $900mannual revenue from AM, call the current AM costs ~$650m (havent looked) max thats $250-300m EBITDA (ca$h flow) easy.....

ex-kkr transaction, our AM mkt cap will hover around ~$1.1bn (110m shares, a pathetic $10 p/s!!)......on a p/e of sweet F.A.....vs industry of 10-12....this implies an upside of 250% to the $1.1bn (p/e of 4 as stated vs 10-12 for the industry)...so our mkt cap for AM should be WHERE WE ARE NOW!! $2.1-2.3BN FOR AM ALONE......!!!

now lets look at gqg, who trade at multiples of us, they have a VERY lean cost base. surely any CEO can strip that ~$650m in costs and at least HALF it over time.

GQG exp/income = 25%!!!
Vs.
PPT exp/income = (650/900) = 72%bloody INSANE!!!

this proves we have plenty of opportunity to slice our cost base!!! we also have the power to open/charge higher fees....but thats another story.....

All boutiques must co-operate and unwind from working in their silos. Much can be extracted to turn this beast into a lean, mean fighting machine. 10% savings ($60m) easily done just with a few old school egos being shown the door and like ive blabbed on about for ages, combine like for like asset teams and get rid of the excess, outsource back office functions and steamline it all....

imagine the p/e if we halved our cost base! better yet, over time, achieve the type of margins gqg does, yet we have TWICE their FUM!!