Morgans makes small changes to FY21 and FY22 estimates after Perpetual released its fourth quarter business update. It’s thought the recent Barrow Hanley/Trillium acquisitions have put the foundations in place for a strong global investment management platform.
While Perpetual Asset Management’s assets under management (AUM) grew 3% sequentially on favourable market movements, total Asset Management flows were still weak in the analyst’s view. The broker maintains its Add rating and lifts its target to $42.21 from $41.63.
Sector: Diversified Financials.
Target price is $42.21.Current Price is $37.68. Difference: $4.53 – (brackets indicate current price is over target). If PPT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
