does anyone know the % of institutional versus retail investors?
I think the risk here is further significant withdrawals in funds. cost of doing business is $100m, revenue is 200m without any performance fee. so as long as FUM stays the same, ptm will be in business and is cheap from a FCF/EV point of view. 568 shares x 1.3 = 738. cash /liquid assets 350m. debt 20m. Enterprise value 408m. FCF 80m. so trading at fcf/ev 5.
if there's a large % of institutional investors, there's a risk of further withdrawals and profitability drops. I think retail investors are stickier.
thanks guys.
p
Ann: Funds Under Management - August 2023, page-19
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