Ann: Market Update, page-11

First 11 Last

Share
Profile

Follow
Jimmy_C

855 Posts.

63

16/04/18

12:31

Post #: 32479675
Share

Originally posted by pikel1980 ↑

I think your trying to calculate a straight line calculation rather than reading between the lines. A significant part of their NPAT is the success fees from the funds. Assuming their half year report is correct, they booked a 8mil half year profit with 10mil in revenue in "performance fees" included in the profit (note that they only actually collected 2mil of that, the rest is pending). See page 8 & 12.

Reading their half year report, they advise that 60% of revenue is management fees and 26% is performance fees). So with greater scrutiny of valuations, there will probably be less performance fees as well.

Notwithstanding the above, my guess is that they are trying to soften the market for some writedowns coming from the independent reports and that they may have to write off some of the performance fees to save face. Full Year 18 will be have to be brutal for this company to clean the decks, say sorry and get back to core business. I'll be surprised if they don't have some management being sacked as well.

This is going to go the way of RFG in the near term - the share price will hit between $1 and $2 before they start to rebuild.

Expand

Sure, but the performance fees are only booked upon assets being sold - they're not marked to market through the P&L based on asset revaluations.

BLA Price at posting: $4.12 Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

Expert Exchange: The Kouk on Michelle Bullock's legacy as RBA Governor

UM1

Unity Metals hits wide zone of gold at O'Phlay in Cambodia

Dale Gillham: Could this be the most misleading reporting season in years?

HotCopper Highlights, Week 30: American T&A acquisition, PolyNovo pressure, & Racura trials

Expert Exchange: SpaceX plummets back down to earth after explosive IPO debut

LISTEN: HotCopper's Penny Drop Podcast #1 – Uranium deals, PFS misses, & an Ebola opportunity

LISTEN: HotCopper Wire Podcast #052 – A big, juicy gold megamerger

OEC

Orbital Corporation completes AATI flight trials and additional orders received

KLV

Klevo Rewards advances stablecoin strategy with credit licence acquisition

RAU

Resouro Strategic lodges mining concession application for Novo Mundo gold project

First 11 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Ann: Market Update, page-11

Top Stories

Expert Exchange: The Kouk on Michelle Bullock's legacy as RBA Governor

Unity Metals hits wide zone of gold at O'Phlay in Cambodia

Dale Gillham: Could this be the most misleading reporting season in years?

HotCopper Highlights, Week 30: American T&A acquisition, PolyNovo pressure, & Racura trials

Expert Exchange: SpaceX plummets back down to earth after explosive IPO debut

LISTEN: HotCopper's Penny Drop Podcast #1 – Uranium deals, PFS misses, & an Ebola opportunity

LISTEN: HotCopper Wire Podcast #052 – A big, juicy gold megamerger

Orbital Corporation completes AATI flight trials and additional orders received

Klevo Rewards advances stablecoin strategy with credit licence acquisition

Resouro Strategic lodges mining concession application for Novo Mundo gold project

Featured News