You are probably not alone in not understanding why the SP of...

You are probably not alone in not understanding why the SP of MML has decreased so much in the last 6 weeks. But not always do we understand why SP's do what they do. So for the short term it is just like a casino. But when you have a longer view on the company and you know what the company is doing, you can sit back and rely on the fundamentals of the company. Every time since the new management is in place they have not disappointed with their figures and statements. The prospects for the FY15/16 and 16/17 are rather good (which company can show growth figures like that and still have a valuation like MML)) I know the POG is an unknown but that is something outside the control of the company. You can hardly find any other company with growth a no debt on its balance sheet. In other notes I have written that a return to paying a dividend will be of great help in the re-rating proces of the company. With the high investment budget and the policy of hardly any debt the company will have to earn the dividend. From the prospect you can tell they are already on that path, but it will take another 1 to 2 years before, in my opinion, the management will be confident enough to start paying a dividend again. Do not forget that by returning to a dividend the company will have to be quite sure that they can pay the dividend for many years ahead. But once the investments have decreased to a lower level (it will be good when the management can elaborate on that in the annual report) things can change quickly.
So in my opinion you don't see the things wrong, but you will not always get what you want immediately. So the only thing you can do is trust the management on their statements and actions and when they deliver, the first moment being the 4 quarter of the FY14/15, the SP will follow.