PPS 1.72% 57.0¢ praemium limited

PPS 5 year Target Price $5/Share, page-15

  1. 177 Posts.
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    Seems like asset managers tend to be valued between 1.5% and 3.5% their FAU. PPS is growing a lot faster than the AM industry but let's use 2.5%.

    The Int'l business has $5bn in FAU. 2.5% of $5bn is $125m. Not sure if there's some tax leakage but if say PPS retain $25m to fund AUS biz and distribute $100 to shareholders, then we would get a nice c18% distribution ($100m over current market cap).

    Does anyone disagree with the above?
 
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