$MFG

It's hard to tell if this is a good or bad price for Barrenjoey. Odds are it is quite rich. Consider that the deal deck did not defend the price on P/NTA (a typical metric for investment banks), only on P/E. Yes its growing like a weed, but it is already highly profitable and has a lower opex/rev ratio than many fully scaled IBs. Keep in mind in the last $MFG.AX accounts they valued BJ at ~$415mm and now they are raising $$ to buy more at $1.6bn...and they have never disclosed NTA at Barrenjoey (given equity method affiliate). Hard to say but rather be seller than buyer at these pxes on BJ...