Ann: Funds Under Management - Quarter Ended 30 June 2018, page-6

Any response from Bell Potter Research?

I agree the market response was a massive over reaction and so much bad news re Brexit has already been factored in. I dont think it is the Westpac issue. Westpac have had plenty of opportunity to sell above these current prices and have held off. I think they would be looking for much higher prices than current market levels.

The way I see it is that you have a company that has grown its dividends pershare 6 years running. Has doubled FUM in the last 4 years from $50bn to $100bn, has a phenominal ROE of 26%, ROA of 25% a 25% franked dividend yield of above 5% and is on a PE of 13.6 times FY18 forecast earnings. Bring it on.

This one is an earnings compounder and a company to be bought at these levels.