Difficult to say. Depends on on a) how many financial advisors rely on that research house's rating downgrade b) what the implications are for the rest of the team to keep up performance. Difficult to quantify these. I don't have access to full data atm, so have not seen what the post sp fall makes the PE ratio. But I would want a big margin of safety for this one until I saw how the FUM figures panned out.
A rare 10 and 10, page-34
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