Value Investing Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Spekulatius who wrote (51546)	2/14/2014 1:24:37 AM
From: Spekulatius	Read Replies (1) of 78702

Bought back MN in two accounts around 14.6$. Asset manager missed earnings (mostly due to higher than expected bonus payments). They also had some moderate outflows, even though AUM are up, due to appreciation. I like the company though - their funds are pretty cheap (0.78% fees as a percentage of revenues) yet they have 40-45% pretax operating margins. Very little capital needed to run the business, so they are able to pay a nice dividend. 125M$ in net cash. The income statement is messy due to amortization charges from vesting stock awards that are from prior the IPO, as well as the hybrid c-tax LP cooperate structure (somewhat similar to OAK). I think the economic earnings that the company is presenting make sense. I think the FCF ~economic earnings and that means an ~9% earnings yield, which i consider as quite attractive.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next