PAC

2.80%

$11.00 pacific current group limited

Nice bit of enthusiasm today, why not Y'day? or the day B4?

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MarkHGO

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21/04/22

18:33

Post #: 60955464
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Originally posted by lost: ↑

Hi Greg

I agree with the Management Fee (100%) through Aether Investment Partners and Performance Fee (25%) through Aether General Partners.

I believe the $AUD8M to $AUD10M is correct for Management Fee revenue from new FUM - Aether Investment Partners revenue. That is 0.8% to 1% for management fees on $AUD1B ($USD750M). I don't believe management fees will go down to 0.6% on average, despite range in the SEC brochure.

I believe Aether earns a bit more through performance fees for its current FUM due to management targeting this method to generate money for themselves (the other 75%). The brochure states "performance-based allocations do not exceed 5% of profits and are subject to certain preferred return hurdles". Believe performance fees make the difference up of between 0.4% and 0.6% on existing FUM and have assumed it will for future FUM.

I have dug around to see why I have 1.4% on older Aether FUM (I will post when I find it). This could change with future FUM and the amount of FUM being sought. I use 1.4% as a guide only - also includes the fact that Aether is a Tier 1 Fund and needed to generate this on historical FUM to get to Tier 1 status. The 1.4% fee would mean $AUD14M in revenue is generated.

I do like the conservative NPAT figure of between 8c to 10c ($AUD4.1M and $AUD5.1M). This is an uplift of between 15% to 19.5% on an annualised EPS basis from the Aether FUM itself - based on last years earnings without Banner Oaks. I can't tell what the uplift in costs will be if Aether generated additional FUM.

The other item to consider is any Distribution Fees generated by PAC's sales team. Does PAC have a distribution agreement with Aether? I have assumed not. This would increase revenue as well as employee costs, but should be profitable if there is.

Best of Luck
Lost

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Nice bit of enthusiasm today, why not Y'day? or the day B4?

PAC Price at posting: $7.59 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $11.00		Change 0.300(2.80%)		Mkt cap ! $574.1M

Open	High	Low	Value	Volume
$10.90	$11.31	$10.75	$6.456M	584.2K

Buyers (Bids)

No.	Vol.	Price($)
1	339	$10.99

Sellers (Offers)

Price($)	Vol.	No.
$11.22	5000	1

View Market Depth

No.	Vol.	Price($)
1	5000	10.950
1	1995	10.910
2	6000	10.900
1	100	10.880
1	150	10.700

Price($)	Vol.	No.
11.220	5000	1
11.260	11313	1
11.750	500	1
11.980	1500	1
14.000	500	1

Last trade - 16.10pm 23/08/2024 (20 minute delay)

PAC (ASX) Chart

Nice bit of enthusiasm today, why not Y'day? or the day B4?

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Nice bit of enthusiasm today, why not Y'day? or the day B4?

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