Report
EUR 93.10
For Business Accounts Only
GQG Partners (GQG) is a global investment boutique with a focus on managing active equity portfolios. As of 30th September 2021, GQG managed US$85.6bn for investors which includes pension funds, sovereign wealth funds, wealth management firms, and other financial institutions around the world.
The company has a team of 22 investment professionals with an average of 13 years experience and a total of 118 employees and key contractors as of 30th June 2021. It runs four primary strategies, global equity, international equity, emerging markets equity and US equity, with the bulk of funds under management (FUM) in global and international equity strategies.
Valuation isn’t cheap. It is offered at 17.5 - 19.2x LTM 1H FY22 P/E compared to peer average of 12.8x. Its relatively faster growth could potentially justify the premium but leaves little upside from here
In this note, we will look at GQG’s fundamentals, deal dynamics, valuation, and share our thoughts on the IPO.
GQG Partners IPO - Strong net inflow since inception but recent underperformance weighs
GQG Partners is looking to raise US$954m in its Australia IPO.GQG Partners (GQG) is a global investment boutique with a focus on managing active equity portfolios. As of 30th September 2021, GQG managed US$85.6bn for investors which includes pension funds, sovereign wealth funds, wealth management firms, and other financial institutions around the world.
The company has a team of 22 investment professionals with an average of 13 years experience and a total of 118 employees and key contractors as of 30th June 2021. It runs four primary strategies, global equity, international equity, emerging markets equity and US equity, with the bulk of funds under management (FUM) in global and international equity strategies.
Valuation isn’t cheap. It is offered at 17.5 - 19.2x LTM 1H FY22 P/E compared to peer average of 12.8x. Its relatively faster growth could potentially justify the premium but leaves little upside from here
In this note, we will look at GQG’s fundamentals, deal dynamics, valuation, and share our thoughts on the IPO.
Underlying
GQG Partners
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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