Ann: Appendix 4D and HY19 Financial Report, page-7

Very little insight at a stock level.  My investment thesis for this stock is pretty simple.

1. The fee scale for each of their funds is as follows:



2. They now currently have $369m in a cheaper market so higher expected returns.

3. The earning power of this business is therefore dependent on their performance.  The following sensitivity analysis captures the outcomes:


 
4. Given the current market pricing they have a market cap of $56 and $6.6m in cash leaving and Ev of $50m



5. I think over the long term in this end of the market they can sustainably generate closer to 15% pa and when they do so MAM is trading on an earnings yield of over 20%.  Now I realise that this will be lumpy some years higher and some lower but on average I think thats the earnings power of this business.

6. If their distribution strategy is successful that is merely cream on top.  I don't doubt they will be though because I have run some numbers on them and they stack up very well against their retail competitors who they will be competing against once they jump through the hoops of retail. 

Is your thinking the same or did you have anything to add?