Regal's purchase of Merricks Capital is a good indicator of the value of ROC as they are in similar business lines in the Australian Market.
So what is the value?
$235M - Regal payment for Merricks Capital $2.9B - Merricks Capital FUM $8.2B - ROC Partners FUM (likely to be more due to initiation of FUM raise) 0.354% - Merricks to ROC FUM ratio $663.84M - ROC business valuation based on % of FUM compared to Merricks purchase price ($235M / 35.4%) 29.7% PAC's ROC Partners ownership $197.16M - ROC Partners fair value of PAC's 29.7% stake
While I don't believe PAC will get this if they sold ROC stake, we need to consider valuations in this space are considerably more than what PAC has printed in latest half year results. This is particularly so for its better performing boutiques.
Best of Luck Lost
PAC Price at posting:
$10.43 Sentiment: Buy Disclosure: Held
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