Can someone correct my figures if they are wrong:
1. 2 years ago, PPT bought PDL's $111bn AUM for $2.5B (price = 2.3% of AUM)
2. Our enterprise value today is $3.3b ($2.5b market cap plus 0.8B debt)
3. We will get worst case $447M ($2.175b - 0.771b debt - 0.435b transaction costs (@ $20% - 0.522 cap gains tax (@30%). This equates to $4.03 p/share...with franking credits).
4. That leaves our Asset Management business (with no debt) worth $2bn on AUM of $227.4B (value = 0.9% of AUM) (or $18 a share)...less thank we paid for half of that AUM 18 months ago.
5. I understand its hard in Funds Management at the moment, but I think the remaining asset management business should be $37-47 a share (1.8%-2.3% of AUM). Add the $4 p/share dividend on corporate trust/WM and we should be $41-51 p/share equivalent in 2 years (excluding any ongoing dividends) after the transaction.
What am I missing?
Can someone correct my figures if they are wrong:1. 2 years ago,...
-
- There are more pages in this discussion • 17 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add PPT (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$21.90 |
Change
0.010(0.05%) |
Mkt cap ! $2.484B | |||
| Open | High | Low | Value | Volume |
| $21.73 | $21.92 | $21.60 | $2.502M | 114.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 1217 | $21.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.90 | 140 | 5 |
View Market Depth
| Last trade - 13.22pm 30/07/2024 (20 minute delay) ? |
| PPT (ASX) Chart |