GQG Partners Inc Chess Depository Interest GQG

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A$2.44 −0.06 (2.40%)

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As of May 17, 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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GQG is trading at a 70% premium.

Price

A$2.44

May 17, 2024

Fair Value

A$2.71

Feb 15, 2024

Uncertainty

High

1-Star Price: A$2.69
5-Star Price: A$1.75
Economic Moat: Qjzyk
Capital Allocation: Jrvsgfffx

Bulls Say, Bears Say

Bulls

GQG’s enviable performance record is supportive of further mandate wins.

Bears

Shareholders’ fortunes are largely tied to the efficacy of GQG investing style, which may not always outperform. GQG lacks the fundamental building blocks (like diversity in asset classes and products) that can help it attract and retain FUM more consistently.

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Trading Information

Previous Close Price: A$2.50
Day Range: A$2.42–2.52
52-Week Range: A$1.27–2.58
Bid/Ask: A$2.44 / A$2.45
Market Cap: A$7.23 Bil
Volume/Avg: 1.1 Mil / 4.5 Mil

Key Statistics

Price/Earnings (Normalized): 16.19
Price/Sales: 9.07
Dividend Yield (Trailing): 4.54%
Dividend Yield (Forward): 4.54%
Total Yield: 4.52%

Company Profile

Established in 2016, GQG Partners is a global boutique asset management firm focused on active equity portfolios. The company offers investment advisory and portfolio management services. GQG Partners manages money for investors around the world, including pension funds, sovereign funds, wealth management firms, and other financial institutions. Headquartered in Fort Lauderdale, Florida, GQG also has operations in New York, Seattle, London, Sydney, and other locations.

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

Competitors

Valuation

Metric	GQG	PNI	PTM
Price/Earnings (Normalized)	16.19	32.53	7.65
Price/Book Value	14.05	6.06	1.89
Price/Sales	9.07	50.76	2.96
Price/Cash Flow	15.99	25.91	8.44

Price/Earnings

GQG

PNI

PTM

Financial Strength

Metric	GQG	PNI	PTM
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	—	—	—

Quick Ratio

GQG

PNI

PTM

Profitability

Metric	GQG	PNI	PTM
Return on Assets (Normalized)	76.60%	14.16%	22.10%
Return on Equity (Normalized)	85.69%	18.45%	24.14%
Return on Invested Capital (Normalized)	—	—	—

Return on Assets

GQG

PNI

PTM

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