Ann: FY2019 Results Announcement and Investor Presentation, page-6

Hi JCoure

I agree. This is what anaysts at Ords and Wilsons were forecasting for 2020 not 2019 full year, PAC is now a year ahead and the growth is unlikely to stop. Due to organic growth and another investment before the end of the year, we should see another jump in revenues.

Now the share price/market cap. Comparing to PNI metrics:
1) Less revenue - PNI $54.2M PAC $62.9M, investment strategy paying off (it has taken a while)
2) Lower revenue growth - PNI ($41.4M to $54.2M=30.9%) compared to PAC ($46.4M to $62.9M=35.5%)
3) Lower dividend - 9.5c versus 15c
4) Lower cash at bank - PNI $26.72M compared to PAC $68.3M (ability to fund further quality growth)

I could go on. The reason I compare the two is that they are relatively similar businesses and now PAC is growing again have comparative growth rates. This should then translate into similar market capitalisation.

PNI -
Shares on issue 182,868,287
Share Price $4.41
Market Capitalisation $806,449,145.67‬

PAC -
Shares on issue 47,642,367
Share Price $5.67
Market Capitalisation $270,132,220.89

Assuming PAC similar market capitalisation with PNI share price will be:
$806M divided by 47,642,367 = $16.92 #ihaverosecolouredglasseson

I think it is reasonable to assume this price can be achieved this year due to demonstrated growth and the continued growth this coming financial year due to the amount of capital able to be invested in a business. There are head winds in global markets, but that will make PAC more attractive given its funding of boutique funds in niche strategies that do not 100% correlate to Equity Markets.

Best of Luck
Lost