Hi Greg
I think the million dollar question is, what PE Ratio should be paid for a growing business versus a shrinking business?
PDL currently on 13 times, but FUM dropped $AUD5B last quarter or -3.4% (this quarters results due out next week).
GQG have grown FUM over the quarter by 1.8%, which is unique for all Fund Managers in current environment. GQG grew FUM by over 5%+ last quarter in AUD terms, bettering PDL by 8.4%. What will the difference be this quarter? If this plays out over the next year, should GQG’s PE Ratio be 25% more than PDL’s or 16.25 times EPS?
I have used PDL as their Franking is 10%, close to GQG’s 0%.
Best of Luck
Lost
Ann: Funds Under Management update - as at 31 March 2022, page-6
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