TBF have written a nice bit on PFG in their monthly newsletter and value the coy at 34c!!
Very interesting coy and long term growth looks promising.
Extract from their newsletter:
"PFG ticks many of the boxes of the kind of business we look to invest in – a company
that has undergone a strategic shift and is now growing strongly, management and board
with large equity ownership, 80% recurring revenue base, a business that generates cash and
has low capex requirements, a sector with positive tailwinds, no brokerage coverage yet and
finally significantly undervalued. TBF estimates that PFG will earn between 2.2 cents to 2.4
cents EPS in FY2018 placing the stock on PER multiple of circa 8x and a fully franked yield of 5%.
Comparable peers such as Kelly Partners (KPG), Easton Investments (EAS), Centerpoint Alliance
(CAF) and Count Plus (CUP) all trade on PER multiples of 15-20x. We value PFG at 34 cents."
(20min delay)