Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Narrow-moat BT Investment Management’s funds under management update for Dec. 31, 2017, delivered a weaker-than-expected net flows number of AUD 1.9 billion but a strong increase in performance fee income to AUD 47.5 million from U.K.-based JO Hambro. In addition, FUM increased 2.4% to AUD 98.1 billion, up from AUD 95.8 billion at Sept. 30, 2017, on the back of positive market revaluations. Our fiscal 2018 cash profit forecast of AUD 196 million is unchanged, as our forecasts were very close t...
Narrow-moat-rated BT Investment Management reported a statutory net profit, or NPAT, of AUD 147.5 million and a cash NPAT of AUD 173.1 million, up 4% and 11%, respectively--the latter beating our estimates by approximately 9% on stronger-than-anticipated fund flows. Furthermore, the board declared a final dividend of AUD 26 cents, up 8% on the previous fiscal year, but towards the lower end of management’s 80%-90% target range as funds are preserved for not only capital investment but also the...
Narrow-moat-rated BT Investment Management reported a statutory net profit, or NPAT, of AUD 147.5 million and a cash NPAT of AUD 173.1 million, up 4% and 11%, respectively--the latter beating our estimates by approximately 9% on stronger-than-anticipated fund flows. Furthermore, the board declared a final dividend of AUD 26 cents, up 8% on the previous fiscal year, but towards the lower end of management’s 80%-90% target range as funds are preserved for not only capital investment but also the...
We confirm our AUD 11.00 per share fair value estimate for BT Investment Management as we transition coverage to a new analyst. Our narrow moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is broadly fair value, trading 6% below valuation. We confirm our fiscal 2017 cash profit forecast of AUD 158 million and fully franked dividend of AUD 44 cents per share based on a high 85% payout. Fiscal 2017 results are due Nov. 8, 2017. The bus...
We confirm our AUD 11.00 per share fair value estimate for BT Investment Management as we transition coverage to a new analyst. Our narrow moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is broadly fair value, trading 6% below valuation. We confirm our fiscal 2017 cash profit forecast of AUD 158 million and fully franked dividend of AUD 44 cents per share based on a high 85% payout. Fiscal 2017 results are due Nov. 8, 2017. The bus...
We transfer analyst coverage of BT Investment Management. Our fair value estimate increases slightly to AUD 11.00 from AUD 10.90 per share following minor changes to our earnings forecasts. Our medium fair value uncertainty and Standard stewardship ratings are reaffirmed. At current levels, BT Investment Management shares are fairly valued. BT Investment Management is a unique listed Australian headquartered active fund manager. The business has changed significantly since Westpac Banking Corpor...
Our forecasts and AUD 10.90 per share fair value estimate for narrow-moat rated BT Investment Management remain intact following Westpac Banking Corporation’s sell-down of its equity stake from 29% to 9.8%. The bank intends to sell the remaining stake after BT Investment Management’s interim fiscal 2018 results in May 2018. At current levels, the shares are fairly valued. The potential increase in liquidity of BT Investment Management shares is welcomed and we expect it to be business as usu...
We raise our fair value estimate to AUD 10.90 per share from AUD 10.50 for narrow moat-rated BT Investment Management post the interim fiscal 2017 result. Our forecasts increase around 3% reflecting modest changes to funds under management, or FUM, base management fee margin, and cost assumptions. Forecast five-year CAGR in cash EPS is 7.6% to fiscal 2021, with FUM growth supported by investment in new products and new markets. We have a positive view on the long-term outlook for the wealth mana...
We raise our fair value estimate to AUD 10.90 per share from AUD 10.50 for narrow moat-rated BT Investment Management post the interim fiscal 2017 result. Our forecasts increase around 3% reflecting modest changes to funds under management, or FUM, base management fee margin, and cost assumptions. Forecast five-year CAGR in cash EPS is 7.6% to fiscal 2021, with FUM growth supported by investment in new products and new markets. We have a positive view on the long-term outlook for the wealth mana...
We reaffirm our AUD 10.50 per share fair value estimate and positive long-term investment view on narrow moat-rated BT Investment Management. The fund manager’s share price has fallen around 10% since our last update in mid-January 2017. At current levels, BT Investment Management shares are attractively priced, trading 9% below our fair value estimate, and paying a 4.1% partially franked yield. While the performance fee update in the December 2016 quarter funds under management, or FUM, relea...
We raise our fair value estimate to AUD 10.50 from AUD 10.00 for narrow moat-rated BT Investment Management following a healthy December funds under management, or FUM, update. At current levels, BT Investment Management, or BTIM, shares remain fairly priced. The business is well-positioned to benefit from the long-term favourable dynamics of mandated retirement savings and an ageing population seeking to fund their retirement. The U.K. acquisition of JO Hambro Capital Management, or JOHCM, has ...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
BT Investment Management reported a record result with fiscal 2016 cash net profit after tax up 18% to AUD 156 million, slightly ahead of our forecast of AUD 153 million. The strong growth reflected a 7% increase in average funds under management, or FUM, to AUD 80.2 billion, which combined with a 1 basis point increase in base management fees to 50 basis points saw base fee revenue increase 8% to AUD 494 million. Performance fees increased 49% to AUD 77 million, though this should be put in con...
We have transferred analyst coverage of BT Investment Management. We reaffirm our current forecasts, DCF-based fair value estimate of AUD 8.50 per share, and wide moat and medium uncertainty ratings. The stock is currently trading close to our current fair value. We forecast a five-year CAGR in EPS of 6.8% to fiscal 2021. BT Investment Management's narrow economic moat is based on a combination of intangible assets and switching costs, making it difficult for a new entrant to raise funds to a co...
BTT Investment Management’s funds under management, or FUM, update for 30 September surprised with a strong increase in FUM to AUD 84 billion up from AUD 79.7 billion at 30 June 2016. We increase our earnings forecasts and short-term FUM growth forecasts resulting in a 12% increase in our fair value estimate to AUD 9.50. Surprisingly, the Brexit vote in June and the confusing political aftermath doesn’t seem to have had the negative impact we expected on inflows and performance. The Septembe...
We have transferred analyst coverage of BT Investment Management. We reaffirm our current forecasts, DCF-based fair value estimate of AUD 8.50 per share, and wide moat and medium uncertainty ratings. The stock is currently trading close to our current fair value. We forecast a five-year CAGR in EPS of 6.8% to fiscal 2021. BT Investment Management's narrow economic moat is based on a combination of intangible assets and switching costs, making it difficult for a new entrant to raise funds to a co...
BT Investment Management’s shares were sold down 13.5% on Friday, June 24, and continued to fall on the following Monday. While the implications of the U.K. voting to leave the European Union are unclear, the fall in equity markets and weakening British pound versus the Australian dollar has an immediate impact on earnings. We believe the equity market sell-off will see the value of both Australian- and U.K.-based funds under management, or FUM, fall at the end of the June quarter. London-base...
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