Platinum Asset Management Ltd PTM

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A$1.13 +0.03 (2.26%)

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As of Apr 24, 2024 6:10am Delayed Price Closed

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Company Report

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Australia Asset Managers: Stabilizing but Still Weakening Against Passive Investments (Corrected)

Shaun Ler, Mathew Hodge Apr 12, 2024

This note replaces the original version that accompanied our report "Industry Pulse - Australian Asset Managers: 2024 Q1," published March 14, 2024. We were recently made aware of inaccuracies in the net flow data for certain unlisted managers in that original report. As for our investment conclusions, we stand by our key assessments: the fair value estimates, moat, uncertainty, capital allocation, and star ratings for our Asset Manager coverage.

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Price vs Fair Value

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PTM is trading at a 10% premium.

Price

A$1.11

Apr 23, 2024

Fair Value

A$7.00

Mar 28, 2024

Uncertainty

High

1-Star Price: A$2.51
5-Star Price: A$5.40
Economic Moat: Pzft
Capital Allocation: Xdqgkvj

Bulls Say, Bears Say

Bulls

A strong track record, over the very long term, in international equities established Platinum as one of the best-known fund managers in Australia.

Bears

The majority of Platinum Asset Management's earnings come from only a handful of funds, meaning it has a high reliance on key investment personnel and the performance of its main funds.

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Trading Information

Previous Close Price: A$1.11
Day Range: A$1.10–1.16
52-Week Range: A$0.99–1.81
Bid/Ask: A$1.10 / A$1.15
Market Cap: A$657.85 Mil
Volume/Avg: 1.6 Mil / 2.7 Mil

Key Statistics

Price/Earnings (Normalized): 8.19
Price/Sales: 3.17
Dividend Yield (Trailing): 11.50%
Dividend Yield (Forward): 10.62%
Total Yield: 12.78%

Company Profile

Platinum Asset Management is an Australian-based niche fund manager with a specialty in international equities founded in 1994. It offers region and industry-specific funds in addition to global portfolios. There is flexibility in the investment strategies at Platinum, with funds having the option to engage in short-selling, taking positions in foreign exchange markets, and derivative-based activities to manage risk and aid performance.

Sector: Financial Services
Industry: Asset Management
Stock Style Box: Small Value
Total Number of Employees: —
Website: https://www.platinum.com.au

Competitors

Valuation

Metric	PTM	PPT	MFG
Price/Earnings (Normalized)	8.19	11.76	10.19
Price/Book Value	2.03	1.20	1.77
Price/Sales	3.17	2.12	3.32
Price/Cash Flow	9.04	12.14	18.11

Price/Earnings

PTM

PPT

MFG

Financial Strength

Metric	PTM	PPT	MFG
Quick Ratio	—	0.90	—
Current Ratio	—	1.43	—
Interest Coverage	—	2.26	—

Quick Ratio

PTM

PPT

MFG

Profitability

Metric	PTM	PPT	MFG
Return on Assets (Normalized)	22.10%	3.30%	14.97%
Return on Equity (Normalized)	24.14%	5.67%	17.86%
Return on Invested Capital (Normalized)	—	5.59%	—

Return on Assets

PTM

PPT

MFG

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