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
-0.030(1.08%) |
Mkt cap ! $8.121B |
Open | High | Low | Value | Volume |
$2.80 | $2.80 | $2.74 | $3.973M | 1.442M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 13673 | $2.74 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.75 | 1124 | 1 |
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No. | Vol. | Price($) |
---|---|---|
6 | 13673 | 2.740 |
7 | 21470 | 2.730 |
7 | 16620 | 2.720 |
5 | 49640 | 2.710 |
6 | 17774 | 2.700 |
Price($) | Vol. | No. |
---|---|---|
2.750 | 1124 | 1 |
2.760 | 12887 | 1 |
2.770 | 1069 | 1 |
2.780 | 9323 | 2 |
2.790 | 2000 | 1 |
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