Hi Lost and SP007.
Just a point when calculating the PE of the of PACs other boutiques (ex GQG)
In your above figures PACs total overheads have been deducted from that groups earnings and nothing against GQG.
Last revenues exGQG were $30.5m which would be approx $25 npat or 49cps. Less PACs net overheads is where the 31cps figure has originated.
That group are probably going to contribute an extra 10cps this year after tax. I believe way under valued.
With the Banner Oak implied 6x NPBT price range. There could be some exaggeration there. PAC will be receiving a bigger share of the profits until that milestone is meet ,suggesting no growth for PAC even if Banner Oak is growing.
PAC has actually paid 6x distribution not 6x earnings. Hopefully they grow quickly so distribution can increase
Just my thoughts happy to be corrected.
Cheers Greg
Updated perspective on PAC Valuation (ex-GQG) - $8.375 is revised price, page-6
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