PPT has funds management, trustee, and wealth management arms, the trustee business alone could easily be valued at $1bn yet after the stock’s painful 5-year decline the entire entity only has a market cap. of $1.65bn. For a company that scans cheaply and is under the takeover offer its accompanying 7% fully franked yield is clearly attractive.
- We like the company’s business mix and feel it’s cheap below $30, as do EQT and Regal Partners.
MM is bullish PPT around $29
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