Sunday Herald Sun - - Finance -

Af­ter a strong run-up over the Christ­mas pe­riod, prices look fully val­ued. Yield in­vestors are fine to stay here but traders may need to look else­where. Good fund in­flows in ad­vice and plat­form slightly off­set by weak in­vest­ment man­age­ment di­vi­sion. Po­ten­tial M&A ac­tiv­ity pro­vides some growth pro­file. At nearly 15x earn­ings looks markedly ex­pen­sive rel­a­tive to his­tor­i­cal av­er­age. Solid div­i­dend of 5.5% doesn’t make up for anaemic earn­ings growth. Bal­ance sheet and free cash flow is im­prov­ing but man­age­ment are push­ing up hill to ac­cel­er­ate im­prove­ment in their as­set qual­ity. M&A per­haps re­quired.

$30.39 $8.92 $3.95

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