I see, well because of accounting changes earnings are flat...

I see, well because of accounting changes earnings are flat although if the same standards were used in FY17 they were saying over 10% growth in profits for FY18. Check out the outlook statement.

Interesting that all that valuation pretty much just came to 15 times earnings implying 5%. To be honest I think it's low but realistic.

I just use the simple Ben Graham formula, although with more conservative inputs. All about earnings and growth rate, which obviously you have to be realistic about otherwise you get stratospheric prices because it's forward looking 5-7years.

Just a guide though these formulas. Some stocks are highly correlated to them, others not. I think as MNY becomes larger and on the radar more it will correlate more strongly to it's growth rate like, for instance, CCP.