Bell Potter released an update yesterday afternoon.
Price Target moved down slightly from $14.80 to $14.75
Point to :
Robust net cash position, clean balance sheet (ability to increase payout ratio)
Weakening AUD is a positive, Flows could be turning for JO Hambro - estimate of net flow -$315m in July but offset by +$460m in August.
Positive mark to market - global markets up 7% in AUD terms while ASX flat for Sep qtr.
PDL Price at posting:
$8.73 Sentiment: Hold Disclosure: Held
