Hi @deepgrowthWe have all had stabs at that over the last few...

Hi @deepgrowth

We have all had stabs at that over the last few years and believe the portfolio valuations will increase further once revenue and earnings growth is demonstrated now.

At under $6 per share PAC was a bargain. To increase PAC’s share price they need to increase growth at a faster pace. This way PAC valuation will increase to a similar level as Pinnacle. PAC will also need to set up the fund it said it was going to set up prior to takeover.

At the moment, PAC share price is a proxy of GQG share price. GQG is a much cleaner way to invest in Fund Management industry.

I was anticipating a fair bit more recognised revenue growth, but certain things keep appearing with its boutiques. VPC building another business stream called Triumph will add to growth over future years and may impact PAC management statement from last year that VPC earning contributions will surpass GQG.

Another being Banner Oaks write off based on no further investments from its one client. The pressure is on to get other customers into that business before CY25. If you look at this the valuation is nil over time and PAC invested $AUD55M.

Pennybacker growth was exceptional. This is what is required from VPC, Proterra, ROC and Carlisle to boost PAC’s valuation. All the Tier 1 boutiques at a minimum.

At the moment still pondering what watershed year means.

Best of Luck
Lost