Perpetual Limited (ASX:PPT) has reported a solid first quarter for FY25, with Assets Under Management (AUM) rising by 3% to $222.3 billion, driven by market gains and net inflows, despite adverse currency impacts.
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Investment manager Perpetual (ASX:PPT) on Monday delivered a mixed bag of news ahead of its full-year results for 2023-24, due out on Thursday.
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Perpetual (ASX:PPT) has reported a significant decrease in its assets under management (AUM), which fell by $12.4 billion in the fourth quarter, ending at $215 billion as of June 30. This drop contrasts with the $227.4 billion reported as of March 31.
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Perpetual (ASX:PPT) has confirmed the breakup deal it has struck with the US private equity giant, KKR.
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Sixteen months after swallowing rival fund manager Pendal in a cash and shares deal worth around $2 billion, Perpetual (ASX:PPT) is, in turn, being taken over and split up in a deal worth $1.5 billion.
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Perpetual (ASX:PPT) has rejected Washington H. Soul Pattinson's (ASX:SOL) all-paper offer, which includes no cash.
Read MorePerpetual has rejected an unwanted $30-per-share takeover offer valuing it at $1.68 billion from a consortium comprising Baring Private Equity Asia and Regal Partners.
Read MoreThe Neutral rating and $37.65 target are retained.
Read MoreRationalisation afoot in the local funds management industry with Sydney-based Perpetual revealing an offer to pay $2.4 billion for Pendal, the old investment arm of Westpac.
Read MoreTarget price lifts to $40.40 from $39.40. Neutral rating retained.
Read MoreA keynote presentation on technology will be provided by Thomas Rice, Portfolio Manager for Perpetual Limited’s Global Innovation Share Fund.
Read MoreThe broker maintains its Add rating and lifts its target to $42.21 from $41.63.
Read MorePerpetual’s business update was “disappointing”. As a result, earnings have been downgraded by -4-6% across the forecast period. Outperform rating is maintained with the target falling to $37.50 from $39.
Read MoreCredit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
Read MoreCredit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
Read MorePerpetual has acquired 75% of Barrow Hanley for $465m along with a $265m equity raising. Credit Suisse factors in little growth in the Barrow Hanley business although there is upside if the distribution capability in the US can be refined and expanded into Europe/Asia.
Read MorePerpetual has confirmed that it is moving to buy a US fund manager in a $465 million deal, and is raising new capital from local shareholders to do so.
Read MoreImproving fund flows in April indicates to Credit Suisse that assumptions were too conservative. The broker now upgrades FY20 estimates by 2% and FY21-22 Buy 9-12%.
Read MoreAs was widely expected by analysts, Financial services company Perpetual saw a sharp slump in the amount of funds it had under management in the March quarter.
Read MoreA year after first outlining its acquisition strategy, Perpetual Ltd has landed Trillium, and brokers look forward to the company’s expansion offshore.
Read MoreFunds under management totalled $26.3bn at the end of December, up 1% during the quarter. This was ahead of Credit Suisse estimates and the company has reported its first positive quarter of flows in nearly three years.
Read MoreThe investor briefing signalled to UBS that the Perpetual Private and Perpetual Corporate Trust divisions are well-positioned for solid growth. In comparison, prospects in Perpetual Investments remain more mixed, given a softer performance across the key Australian equity franchise.
Read MoreThe new CEO is actively looking for acquisitions. Citi thinks further expansion into global equities is probably on his radar. No surprise, since the core business in Australia continues to suffer.
Read MoreAs FY20 unfolds, falling global bond yields will produce headwinds for the general insurance sector while wealth managers could enjoy a short-term uplift to recurring revenue.
Read MoreThe company is due to report its first-half result on February 21. UBS will be looking for potential strategic responses to weak operating trends.
Read MorePerpetual, the Sydney fund manager, is facing a multi-million dollar costs bill after losing its long running court case to try and break apart the Washington H. Soul Pattinson and Brickworks cross shareholdings that is the core business of the multi-millionaire Milner family.
Read MorePerpetual says it expects net profit in the current half year to be $35 million to $40 million, provided equity markets remain stable.
Read MoreOut of the blue a private equity attempt to snaffle listed funds manager and trustee, Perpetual Ltd, with no real rationale given for why the deal should be done.
Read MorePerpetual CEO, David Deverall, did the right thing by his employer yesterday in signalling his decision to stand down next March.
Read MoreInvestment management company Perpetual (PPT) announced at its AGM today that it expects a 10% increase in operating profit for the first six months of the financial year, below market expectations.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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