PAC - the good, bad and ugly, page-10

The stock is trading at 15X earnings now and while not overpriced is not cheap either. The management has put the house in order but only after creating the disorder in the first place. I am skeptical about the current lot lifting profitability by much - but on the other hand the smart people running the boutiques may do it for them and make them look smarter than they are. On a very simple basis of analysis one would think that a FUM figure of $62 billion could generate a 10 basis point net profit of around $60 m instead of the $16.6 m this year. My guess is that people are buying in to get ready for a takeover offer from the likes of IOOF or some foreign funds who might be more capable of extracting the 10 bps potential.

Incidentally, p 31 of the preso shows $16.6 m NPAT and 53.3 c EPS figures which implies total shares are 31 m but Hotcopper seems to think that market cap is $390.6 at $8.20 cps which works out to 47.6 m shares. Which one is right?