Hi All
The Aether capital raise in summary will add 24.5% revenue growth by itself. With costs already being accounted for within the Aether business, this mostly should flow into NPAT. Thought I would put some numbers around this to give context and compare additional FUM from Aether against GQG:
GQG revenue
$USD0.093 EPS for this year
PAC owns 119,121,254 shares in GQG
PAC attributable EPS is $USD11,078,277
Assume Dividend Payout Ratio is 90%, then DPS is $USD0.084 or $USD0.021 per quarter
PAC receivable dividend is $USD10,006,185
Aether Investment Partners revenue
1.4% of $USD750M = $USD10,500,000.. $USD750M=$AUD1.014B @aud/USD74c
This is revenue generated by Aether Investment Partners and Aether General Partners combined. This is a consistent margin over the past two years. The only caveat to this is that the FUM may be generated over the next year (however off to a very good start with $USD50M in commitments in two weeks).
The Aether Real Assets Seed Partners money will be invested in renewable energy funds like this:
https://renewablesnow.com/news/greenbacker-pockets-usd-142m-for-sustainable-infrastructure-fund-776205/
Green and renewable infrastructure assets will be a major growth opportunity area in the US over the next 4 to 10 years.
In the context of impact on PAC's business, revenue is currently approx AUD58M. Assume AUD/USD @74c, this is an extra $14,189,189 or 24.5% increase in revenue.
PAC boutiques ex-GQG received $AUD2.2B in new commitments from Feb-2022 half year investor presentation, increasing forecast FUM increase by June 2023 to between $AUD5-8 Billion in new FUM. The Aether raising, along with ROC Partners $AUD250-400M recent raising, will take new commitments up to $AUD3.6B when closed.
This means that we should see reasonable FUM growth over the next few quarterly FUM announcements.
PAC has turned into a high FUM growth stock and will see respective revenue/NPAT growth associated with the increase in FUM over the next year or two.
Best of Luck
Lost
(20min delay)