MGF rallied to fresh 2024 highs on Monday in an almost stealth-like manner compared to the fanfare that heralded its aggressive decline over the last 3-years. Our bullish view towards MFG has held the stock in good stead over recent months, and we have no reason to lose confidence in the stock at current levels, i.e. around 50% of the company’s valuation is derived from liquid assets, the fund managers balance sheet is solid carrying no debt and we’re bullish equities through 2024/5 which should help earnings in the coming years.
- We continue to target MFG’s $11-12 area in 2024.
MM remains bullish MFG short to medium-term
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