reports
PENDAL GROUP sees an upgrade to Slightly Positive due to a better fund...
The general evaluation of PENDAL GROUP (AU), a company active in the Asset Managers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the closing price was AUD 5...
- Chanaka Gunasekera
Morningstar | Pendal’s Disappointing 1H19 Prompts FVE Reduction; Mag...
The transition of coverage to a new analyst and a precipitous fall in earnings prompts a reduction in narrow-moat Pendal Group’s fair value estimate to AUD 8.30 from AUD 10.30 per share. We also place Magellan Financial Group Limited and Platinum Asset Management Limited Under Review while we transition coverage to a new analyst. First-half fiscal 2019 underlying net profit after tax, or NPAT, was 26.6% lower than the previous corresponding period, or pcp. The compounding impact of lower ave...
- Chanaka Gunasekera
Morningstar | Pendal’s Disappointing 1H19 Prompts a Major FVE Reduct...
Pendal Group is a pure-play active fund manager with a strong investment performance record. The asset manager boasts a diverse breadth of investment opportunities which appeal to a broader set of investors, thereby providing a differentiating edge over its peers. Geographic diversification increased significantly following the acquisition of JO Hambro Capital Management in the U.K., providing significantly larger growth opportunities from offshore markets. Meaningful operating leverage will see...
- Chanaka Gunasekera
Pendal’s Disappointing 1H19 Prompts FVE Reduction; Magellan and Plat...
The transition of coverage to a new analyst and a precipitous fall in earnings prompts a reduction in narrow-moat Pendal Group’s fair value estimate to AUD 8.30 from AUD 10.30 per share. We also place Magellan Financial Group Limited and Platinum Asset Management Limited Under Review while we transition coverage to a new analyst. First-half fiscal 2019 underlying net profit after tax, or NPAT, was 26.6% lower than the previous corresponding period, or pcp. The compounding impact of lower avera...
- Chanaka Gunasekera
Pendal’s Disappointing 1H19 Prompts a Major FVE Reduction
A change of government in May 2019 could see the Australian Labor Party running the country. The implementation of Labor’s proposal to ban the refund of surplus franking credits could reduce the income of hundreds of thousands of individual self-funded retirees and self-managed super funds, or SMSFs, in pension phase, if current investment asset allocations are not altered. What could low tax paying individuals and/or the trustees of pension phase SMSFs do, to reduce the impact of the potentia...
- John Likos
Morningstar | Pendal Is an Attractive Alternative to Consider if Labor...
A change of government in May 2019 could see the Australian Labor Party running the country. The implementation of Labor’s proposal to ban the refund of surplus franking credits could reduce the income of hundreds of thousands of individual self-funded retirees and self-managed super funds, or SMSFs, in pension phase, if current investment asset allocations are not altered. What could low tax paying individuals and/or the trustees of pension phase SMSFs do, to reduce the impact of the potenti...
- John Likos
Pendal Is an Attractive Alternative to Consider if Labor’s Franking ...
A change of government in May 2019 could see the Australian Labor Party running the country. The implementation of Labor’s proposal to ban the refund of surplus franking credits could reduce the income of hundreds of thousands of individual self-funded retirees and self-managed super funds, or SMSFs, in pension phase, if current investment asset allocations are not altered. What could low tax paying individuals and/or the trustees of pension phase SMSFs do, to reduce the impact of the potentia...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As h...
KN NATIXIS
ZURN ZURICH INSURANCE GROUP LTD
BAER JULIUS BAER GRUPPE AG
EXAE HELLENIC EXCHANGES SA
GBLB GROUPE BRUXELLES LAMBERT SA
MFC. MANULIFE FINANCIAL CORPORATION
2886 MEGA FINANCIAL HOLDING CO. LTD.
ALV ALLIANZ SE
LLOY LLOYDS BANKING GROUP PLC
KBC KBC GROUP N.V.
BALN BALOISE-HOLDING AG
RF EURAZEO SA
ISP INTESA SANPAOLO S.P.A.
ADM ADMIRAL GROUP PLC
INVE B INVESTOR AB CLASS B
STJ ST. JAMES'S PLACE PLC
SBVG SPAREBANK 1 BV
8382 CHUGOKU BANK LIMITED
UCG UNICREDIT S.P.A.
CMBN CEMBRA MONEY BANK AG
OTP OTP BANK NYRT
US UNIPOLSAI ASSICURAZIONI S.P.A.
PNB PUNJAB NATIONAL BANK
INGA ING GROEP NV
NWG NATWEST GROUP PLC
SAN BANCO SANTANDER S.A.
EXO EXOR N.V.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
PDL PENDAL GROUP LIMITED
WIZS3 WIZ SOLUCOES E CORRETAGEM
- John Likos
Morningstar | Pendal Remains our Preferred Asset Manager, FVE Reduced ...
We’ve reduced our fair value estimate for narrow-moat-rated Pendal Group to AUD 10.30 per share from AUD 11 after updating our near- to medium-term assumptions about funds under management, revenue and profitability. Our new fair value estimate implies a P/E multiple of 17.5 times our fiscal 2019 earnings estimate, 17.7 times our fiscal 2020 earnings estimate, and 17.6 times our fiscal 2021 earnings estimate. We apply a 9% cost of capital in our valuation. Pendal remains our preferred asset ma...
- John Likos
Morningstar | Pendal Group Remains our Preferred Asset Manager
Pendal Group is a pure-play active fund manager with a strong investment performance record. Domestically, the company benefits from secular growth in compulsory superannuation contributions and favourable demographic trends. Geographic diversification increased significantly following the acquisition of JO Hambro Capital Management in the U.K., providing significantly larger growth opportunities from offshore markets. Meaningful operating leverage will see operating margins strengthen as additi...
- John Likos
Pendal Remains our Preferred Asset Manager, FVE Reduced 6% to AUD 10.3...
We’ve reduced our fair value estimate for narrow-moat-rated Pendal Group to AUD 10.30 per share from AUD 11 after updating our near- to medium-term assumptions about funds under management, revenue and profitability. Our new fair value estimate implies a P/E multiple of 17.5 times our fiscal 2019 earnings estimate, 17.7 times our fiscal 2020 earnings estimate, and 17.6 times our fiscal 2021 earnings estimate. We apply a 9% cost of capital in our valuation. Pendal remains our preferred asset ma...
- John Likos
Pendal Group Remains our Preferred Asset Manager
Narrow-moat rated global asset manager Pendal Group delivered a clean, positive fiscal year 2018 result. Cash NPAT increased 17% to AUD 201.6 million compared with fiscal 2017, beating our forecast by 5%. We particularly liked the 10% increase in average funds under management, or FUM, the 14% increase in revenue, and the 16% increase in dividends. The 15% franked final dividend of AUD 30 cents per share takes total dividends to AUD 52 cents per share, equivalent to a dividend yield just over 6%...
- John Likos
Morningstar | Pendal Delivers a Positive, Clean 2018 Result; U.S. Grow...
Narrow-moat rated global asset manager Pendal Group delivered a clean, positive fiscal year 2018 result. Cash NPAT increased 17% to AUD 201.6 million compared with fiscal 2017, beating our forecast by 5%. We particularly liked the 10% increase in average funds under management, or FUM, the 14% increase in revenue, and the 16% increase in dividends. The 15% franked final dividend of AUD 30 cents per share takes total dividends to AUD 52 cents per share, equivalent to a dividend yield just over 6%...
- John Likos
Morningstar | Pendal Delivers a Positive, Clean 2018 Result; U.S. Grow...
Narrow-moat rated global asset manager Pendal Group delivered a clean, positive fiscal year 2018 result. Cash NPAT increased 17% to AUD 201.6 million compared with fiscal 2017, beating our forecast by 5%. We particularly liked the 10% increase in average funds under management, or FUM, the 14% increase in revenue, and the 16% increase in dividends. The 15% franked final dividend of AUD 30 cents per share takes total dividends to AUD 52 cents per share, equivalent to a dividend yield just over 6%...
- John Likos
Pendal Delivers a Positive, Clean 2018 Result; U.S. Growth Option Unap...
Narrow-moat rated global asset manager Pendal Group delivered a clean, positive fiscal year 2018 result. Cash NPAT increased 17% to AUD 201.6 million compared with fiscal 2017, beating our forecast by 5%. We particularly liked the 10% increase in average funds under management, or FUM, the 14% increase in revenue, and the 16% increase in dividends. The 15% franked final dividend of AUD 30 cents per share takes total dividends to AUD 52 cents per share, equivalent to a dividend yield just over 6%...
- John Likos
Morningstar | Pendal Group Remains our Preferred Pure Play Asset Fund ...
Narrow-moat-rated Pendal Group was recently placed on our Global Best Ideas list and remains our preferred pure play domestic asset manager. We particularly like the firm’s diversity across asset class exposures and geography, as well as growth opportunities being explored in the United States. Furthermore, the industry continues to benefit from favourable demographic tailwinds and secular growth in compulsory superannuation contributions. On the other hand, the industry continues to face fee ...
- John Likos
Morningstar | Strong diversity across asset classes and geography prov...
Pendal Group is a pure-play active fund manager with a strong investment performance record. Domestically, the company benefits from secular growth in compulsory superannuation contributions and favourable demographic trends. Geographic diversification increased significantly following the acquisition of JO Hambro Capital Management in the U.K., providing significantly larger growth opportunities from offshore markets. Meaningful operating leverage will see operating margins strengthen as additi...
- John Likos
Pendal Group Remains our Preferred Pure Play Asset Fund Manager, AUD 1...
Narrow-moat-rated Pendal Group was recently placed on our Global Best Ideas list and remains our preferred pure play domestic asset manager. We particularly like the firm’s diversity across asset class exposures and geography, as well as growth opportunities being explored in the United States. Furthermore, the industry continues to benefit from favourable demographic tailwinds and secular growth in compulsory superannuation contributions. On the other hand, the industry continues to face fee ...
- John Likos
Attractive opportunities in global markets give this fund manager a st...
Narrow-moat-rated Pendal Group surprised with stronger-than-expected first-half 2018 fiscal results. A 30% increase in NPAT to AUD 114.5 million for the half was driven by strong market performance and favourable currency movements, partially offset by net outflows. A sixth successive increase in the interim dividend--this time a 16% hike to AUD 22 cents--highlights the company's strong cash flow generation. Our forecast adjustments to revenue and costs largely cancel each other out, resulting i...
- John Likos
Pendal Group Reports Strong 1H Performance; AUD 11 FVE Maintained
Narrow-moat-rated Pendal Group surprised with stronger-than-expected first-half 2018 fiscal results. A 30% increase in NPAT to AUD 114.5 million for the half was driven by strong market performance and favourable currency movements, partially offset by net outflows. A sixth successive increase in the interim dividend--this time a 16% hike to AUD 22 cents--highlights the company's strong cash flow generation. Our forecast adjustments to revenue and costs largely cancel each other out, resulting i...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.