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OLD But Interesting, page-28

  1. Michaelirish
    19,292 Posts.
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    20/04/18
    08:52
    Post #: 32575984
    Current Morgan's View

    CGF has released its 3Q18 AUM, sales and net fund flow update. ■ Overall we saw annuity sales for quarter as soft, with total annuity sales down 13% on the pcp. ■ Despite this, net book growth remained solid due to a slowing annuity run-off rate. ■ We downgrade CGF FY18F/FY19F EPS by ~1-2% on reduced sales forecasts. Our price target is lowered ~2% to A$11.75. ■ We like the CGF story longer term, but see CGF’s current ~17x FY18F PE multiple as fair value for a balance sheet driven company
    CGF Price at posting: $10.78 Sentiment: Hold Disclosure: Held
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    lightbulb Created with Sketch.  Great analysis
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$10.59 		Change
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Last trade - 16.25pm 16/07/2026 (20 minute delay) ?
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