PPT – Credit Suisse rates the stock as Upgrade to Outperform from Neutral
Credit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
Read MoreCredit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
Read MoreCredit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
Read MorePerpetual has acquired 75% of Barrow Hanley for $465m along with a $265m equity raising. Credit Suisse factors in little growth in the Barrow Hanley business although there is upside if the distribution capability in the US can be refined and expanded into Europe/Asia.
Read MorePerpetual has confirmed that it is moving to buy a US fund manager in a $465 million deal, and is raising new capital from local shareholders to do so.
Read MoreImproving fund flows in April indicates to Credit Suisse that assumptions were too conservative. The broker now upgrades FY20 estimates by 2% and FY21-22 Buy 9-12%.
Read MoreAs was widely expected by analysts, Financial services company Perpetual saw a sharp slump in the amount of funds it had under management in the March quarter.
Read MoreA year after first outlining its acquisition strategy, Perpetual Ltd has landed Trillium, and brokers look forward to the company’s expansion offshore.
Read MoreFunds under management totalled $26.3bn at the end of December, up 1% during the quarter. This was ahead of Credit Suisse estimates and the company has reported its first positive quarter of flows in nearly three years.
Read MoreThe investor briefing signalled to UBS that the Perpetual Private and Perpetual Corporate Trust divisions are well-positioned for solid growth. In comparison, prospects in Perpetual Investments remain more mixed, given a softer performance across the key Australian equity franchise.
Read MoreThe new CEO is actively looking for acquisitions. Citi thinks further expansion into global equities is probably on his radar. No surprise, since the core business in Australia continues to suffer.
Read MoreAs FY20 unfolds, falling global bond yields will produce headwinds for the general insurance sector while wealth managers could enjoy a short-term uplift to recurring revenue.
Read MoreThe company has announced $1.1bn in net outflows for the June quarter. By channel, underlying outflows came from the direct & advised retail as well as institutional.
Read MoreThe company is due to report its first-half result on February 21. UBS will be looking for potential strategic responses to weak operating trends.
Read MoreCiti analysts highlight, 2Q19 marked Perpetual’s seventh consecutive quarter of net funds outflows. A potential positive sign is that the decline moderated in the quarter, they add, against what was admittedly a tough environment overall.
Read MoreWhile asset managers are cheap Morgan Stanley suspects ongoing outflows will mean a re-rating in the near term is unlikely.
Read MoreAt the AGM, the new CEO has outlined key priorities. Morgan Stanley believes these are sensible steps to address the strategic issues facing the company.
Read MoreMorgan Stanley updates for the March quarter funds and flows. Earnings estimates and valuation are reduced by -10%.
Read MoreFirst half results were sound, Morgans believes, and FY18 and FY19 estimates are lifted by 1-3%. The company is building a track record of consistent delivery, in the broker’s opinion.
Read MorePerpetual, the Sydney fund manager, is facing a multi-million dollar costs bill after losing its long running court case to try and break apart the Washington H. Soul Pattinson and Brickworks cross shareholdings that is the core business of the multi-millionaire Milner family.
Read MoreStrong equity markets are supporting fund under management (FuM), but Citi analysts point out net inflows remain on the weak side. Compositionally there was more emphasis on lower margin assets.
Read MoreSeptember quarter funds under management were above expectations although the broker notes medium-term performance in some large strategies remains behind benchmark.
Read MoreIf equity markets continue to move upwards, a reasonable assumption in Citi’s view, Perpetual might outperform given its high market "beta". Otherwise, there is very little, if anything, the analysts find attractive right now.
Read MoreDeutsche Bank adjusts earnings forecasts for insurers and wealth managers to allow for investment markets, FX and catastrophe claims. Headwinds appear set to persist in 2016, leading the broker to reduce the outlook for asset yields to June 2016.
Read MorePerpetual (PPT) reported funds under management (FUM) ended the September quarter at $28.4bn, revealing outflows of $1bn in Australian equities from the institutional channel and $400m in inflows from the intermediary channel. The company also confirmed it has obtained a new $1bn institutional client mandate to manage Australian equities which is expected to fund the second quarter.
Read MoreThere’s a lot to like about Perpetual’s (ASX code: PPT) new listed investment company (LIC), but it’s not enough to overcome the fundamental problems with investing in an LIC at launch.
Read MoreFourth quarter net fund flows missed the broker’s forecasts, but the shortfall was driven by lower-margin cash and fixed income. The significant progress the company has made on simplifying the business leaves in place the goal to remove 18% of its cost base by FY15.
Read MorePPT – BA-Merrill Lynch rates the stock as Buy, High Risk
Read MorePerpetual’s interim was broadly in line with a few outliers on either end, thanks to one-off costs and better revenue margins.
Read MoreBA-Merrill Lynch rates the stock as Reinitiation of Coverage: Buy, High Risk
Read MorePPT – UBS rates the stock as Upgrade to Neutral from Sell
Read MoreFollowing Perpetual’s AGM, UBS is incorporating Trust Co ((TRU)) into forecasts, adding 3% and 10% to FY14 and FY15 earnings respectively.
Read MoreThe ACCC has approved Perpetual’s acquisition of Trust Company ((TRU)). Subsequently, Perpetual has agreed to divest Trust’s 13% shareholding in Equity Trustees ((EQT)) to IOOF ((IFL)), its previous main competitor for Trust. This appears to clear the way for Perpetual to gain control of Trust.
Read MoreDeutsche Bank rates the stock as Hold –
Read MoreFY12 numbers were broadly as the broker expected and while it makes some changes to revenue, cost and flow assumptions, EPS forecasts and the Neutral call are unchanged.
Read MoreTarget $25.50 (was $23.00). Post a review Citi has lifted earnings estimates for Perpetual and the changes mean an increase in price target.
Read MoreClearly, the analysts comment, Perpetual is a business in transition, but Citi analysts caution investors shouldn’t expect too much in the short term. Both EPS and DPS estimates have been lowered with the analysts citing a lack of near term momentum. The price target rises to $23 from $21 carried by a mild increase in the stockbroker’s "spot" valuation to $27 from $26.45.
Read MorePerpetual has upwardly revised its guidance for the year, but Citi analysts don’t think investors should get too excited about it. They cite "one-offs" as a possible driver. The analysts await more details and refuse to extrapolate any of it into future years. The company reports next week.
Read MoreTarget $25.50 (was $32.50). Following a marking-to-market for the June quarter for the funds management sector the broker has adjusted earnings estimates and price target for the stock.
Read MoreHold rating maintained but Citi’s target for Perpetual falls to $30 from $32.50 on the back of lowered earnings forecasts. Citi sees lower volumes for Mortgage Servicing and less funds flowing in for the funds management operations. The lack of growth in FY11 has only been partly offset by restructuring cost savings, observe the analysts.
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