Ann: 2023 Full Year Results - Investor Presentation, page-14

Just got this in an email ....Mon, 19 Feb at 9:36 am

Monday, 19 February 2024

GQG - GQG PARTNERS INC

Macquarie rates GQG as Outperform (1) - GQG Partners delivered a 2023 result that was ahead of Macquarie's expectations in all P/L areas. Stronger management and performance fees were slightly offset by costs.

The broker makes few changes to forecasts and, given recent performance trends, anticipates upside in the short term for performance fees but, as these attract a lower multiple expectations overall are largely unchanged.

The target is raised to $2.40 from $2.25 and an Outperform rating is maintained.

Target price is $2.40 Current Price is $2.20 Difference: $0.2 If GQG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges). Current consensus price target is $2.31, suggesting upside of 5.0%(ex-dividends)The company's fiscal year ends in December.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 18.96 cents and EPS of 20.18 cents . At the last closing share price the estimated dividend yield is 8.62%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of N/A. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 10.5.

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 1.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources