That's a very rosy picture you paint CP but there's a long way between $2bn and $5bn - their earnings announcement pointed to significant expenses growth in the second half and as that comes through into FY18 I think they will be eating away most of the gains from the increased revenue. Also, your long term cost projections are off as there are a number of elements of their cost base that are linked to FuM (will grow faster than 10%).
Ann: Institutional Inflow, page-26
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