MFI has the initial hallmarks of an investment bank - its style...

MFI has the initial hallmarks of an investment bank - its style of operation is aimed at setting up fee producing funds for investment by individuals, institutions and super annuation funds. But when is it going to graduate from being a start-up that has rather lumpy and yet to be stable profits? Is it able to prove that it has more going for it - when does setting itself up start to become less of a focus and MFI get runs on the board with deals that generate a sustainable and increasing level of cash earnings growth.

Earnings diversity and quality may be evading MFI -
Its maiden profit last year appeared to be the result of buying and then immediately revaluing a single pipeline asset - as such the dividend which was paid did not look like it was being funded from cash earnings, but rather, from the one-off non-cash revaluation.