There was an article in the AFR on May 10 called "Inside Project Constantine, the plan to sell Perpetual" (https://archive.md/cZ4a3#selection-1431.0-1431.54) which has a comparison of the Soul Parts bid and the KKR bid. Apparently Soul Patts valued the PWM and PCT business at $1.5BN vs. KKR at 2.2BN. That $700M in incremental value, ignoring the cap gains tax issue etc, implies a like for like value of PPT @ ~$33.30 p/share (assuming 110m shares on issue and a $6.30 premium on Sols $27 bid)...adding up to a 50% upside from here.
A stand alone asset manager should be much simpler to value and given the $200bn in FUM we should be on a premium to competitors...not a massive discount. In 24 months I think PPT trades at an equivalent to $40 in todays terms (so 80-100% upside).
https://archive.md/cZ4a3/2fc3304a1a54f24718f9cf02fdf3f8d5e7e7a152.webp
Movement afoot, page-56
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Last
$18.74 |
Change
-0.220(1.16%) |
Mkt cap ! $2.141B | |||
| Open | High | Low | Value | Volume |
| $19.07 | $19.12 | $18.68 | $7.321M | 389.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1284 | $18.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.81 | 1284 | 1 |
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| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| PPT (ASX) Chart |