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Judith, hold off on the Hunter Hall shares and I would recommend the Value Growth Trust if you're going into the Funds.

HHL, by my calculations, is very over priced at the moment.

These are my rough calculations. As they say you don't need to know someone's weight to know if they're fat so these are very "round" numbers.

As a rule of thumb fund managers sell for 5% of Funds under Management. HHL has approx $270m under management at the moment.
If we allow that this will grow by 20% this year and because of their no-load policy which improves their profitability (I won't explain this here) and so therefore allow a 10% value for FUM. This implies value of approx $32m for that part of the business.

They also have an investment portfolio in their own right which is probably around the $7m mark now.

Add the profit bonus for the past half year of $2m.

I get a business value of about $40m give or take.

The business has no borrowings so we can divide this figure into the shares on issue (20,000,000) and I calculate a current business value of approx $2.00 per share. Current price is $3.65!!

Why I haven't I sold - Really like the company and its management and I hate paying tax so next question please.
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