My estimate for FY18 strongly depends on any fee reduction announcements.
So far no news about that. It may be imbedded in the FUM announcement in a week. If they don't reduce management fees and if FUM is near $2.8 B by July 2018 then my guess with EPS for the following 12 months is very large at $8. I allow expenses to blow out to $24M and revenue $34M, however fee slashing will completely stuff up my calcs. So the recent share price surge may have some merit. The FY17 results may shed some light on the future. Most share price valuations factor in potential growth for a 6 to 18 month outlook. I think these shares still look a little cheap using my crude assumptions, despite recent gains.
Ann: Institutional Inflow, page-21
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