Pacific Current Group’s 2016 Result Is Messy but In Line With Expectations; FVE Cut to AUD 4.50
Pacific Current Group’s fiscal 2016 was messy, resulting from close to AUD 128 million of write-downs and impairments stemming from the Aurora business. After adjusting for these effects along with other noncash items, no-moat Pacific Current reported an underlying profit of AUD 11.6 million, which was in line with our AUD 11.8 million forecast. Given that the business model is premised on investing in boutique investment management firms, meaningful asset impairments are the last thing sharehol...Pacific Current Group is engaged in the provision of funds management services to institutions, master funds and wraps, retail investors and private clients.
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