The real value play is playing the trade though ASX - PAC, who owns 4% of GQG and has ~35% of its book value of Boutiques held in GQG.
The upside in PAC is strong given the following:
1. Carrying book value of the net assets was $9.93 as at 31/12/2022. Current price $7.59 and therefore trading at 23% discount to book value.
2. With the recent run in the share price in GQG, it is now well above book value of $1.38 as at 31/12/2022. With the share price at $1.65, that is $32m in asset value uplift or $0.62 a share to PAC.
3. Victory Park is worth considerably more than the US$70m than it outlaid for 25% in 2018 of the business. Victory Park was purchased with FUM of $3.2B and now has $5.5B and will be the groups largest profit contributor in FY24.
4. Pennybacker, Carlisle, Banner Oak & Proterra all have the same momentum in FUM like Victory Park has had, strong growth since those boutiques were purchased.
EX GQG, there would be ~US$100M in uplift in the book value to PAC from their boutiques, plus add in GQG gains post Dec book value, the Net assets of the company start trending towards $13 a share.
PAC has advised that they will be releasing the fair value estimates of each Boutique at the financial results in August, so we will get a better understanding then.
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Last
$2.75 |
Change
-0.020(0.72%) |
Mkt cap ! $8.121B |
Open | High | Low | Value | Volume |
$2.73 | $2.82 | $2.71 | $5.722M | 2.062M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 5677 | $2.75 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.79 | 9386 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5677 | 2.750 |
1 | 1000 | 2.740 |
1 | 1000 | 2.730 |
1 | 7000 | 2.720 |
11 | 154543 | 2.700 |
Price($) | Vol. | No. |
---|---|---|
2.790 | 9386 | 1 |
2.800 | 25529 | 3 |
2.820 | 14355 | 3 |
2.830 | 20038 | 2 |
2.840 | 6000 | 1 |
Last trade - 16.10pm 02/10/2024 (20 minute delay) ? |
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