- Pre-tax NTA peaked at $1.58 on 19th Nov 2021. (Discount to share price of 9.2%)
- Latest is $1.13 at 6th May 2022. (Discount to share price of 5.3%)
- Add back 2.7c in divs paid in between and drawdown is 27%!
The grossed up div is 5.4c + 2.32c franking = 7.72c / year. That explains the current low discount but that div is at high risk of being cut if the NTA increase / year can't pay for it. (Big NTA drawdowns will need to be recovered.)
WAM Strategic Value (WAR) held 19m shares as of Nov 2021, having sold 2.7m. WAR won't get anywhere near a premium to bid for PIA, so a likely seller when discount is very low. WAM hasn't built a position in PIA, though it may if volumes allow it.
PIA holders may get lucky if WAM accumulates and bids in the near term but otherwise I see the discount getting much bigger, especially during market selloffs. PIA has been at 20% discounts in recent selloffs.
Ann: Monthly Performance Report - 30 April 2022, page-3
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Last
$1.10 |
Change
-0.015(1.35%) |
Mkt cap ! $281.6M | |||
| Open | High | Low | Value | Volume |
| $1.11 | $1.12 | $1.09 | $515.2K | 469.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 38906 | $1.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.10 | 30284 | 3 |
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| Last trade - 15.58pm 12/07/2024 (20 minute delay) ? |
| PIA (ASX) Chart |