Some comments:
1. The EMT output is 1mV into a high impedance load (note the milli).
2. A 1:40 step up reflects a load of 47000/(40*40)=29.4 Ohm load
3. The internal impedance of the EMT is 24 Ohm
4. Since the internal impedance is close to the loading impedance, only about half the voltage of 1mV will be picked up by the step-up.
5. So the total voltage into the MM of a phono stage should be about 20mV at most.
Usually one would run the EMT with a 1:10 step-up resulting in an output of 10mV. The 1:40 presents only a 6dB voltage gain over the 1:10. A bit high but most likely doable into a lower gain MM input.
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