Much of this $200m would be ex Kiwisaver and other funds.
Kingfish for example at 1.25% gross, market cap of $429m - so about $5.3m (not arguing that this isn't good money). Barramundi and Marlin under half the size of Kingfish.
In 2022 Fisher had over $14.6b in Kiwisaver funds under management.
Still a good business - how many companies on the NZX don't have a revenue of $200m, and even less make $100m EBITDA.
Should list......
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