Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James, Picking up on your comments on the 3/5/2025, what is your view on the above Now that PPT Perpetual has fallen below your Interested Price level of $17.00 is it now a Buy? MFG Magellan is now a different beast to last year, as it Merged with Barrenjoey and will soon change its Moniker. As always I find your insights of great help.
Hi Richard,
Excuse the brief reply but your question came in after Midday (AEST) on Friday, and the Socceroos were playing!
Perpetual (PPT) has indeed fallen below our “interested” price, but it looks destined to make fresh post-COVID lows with little evident support. Perpetual’s Q3 FY26 update showed AUM continued to decline, with Corporate Trust providing a bright spot. Until outflows stabilise, it’s hard to see the market re-rating the stock even though it appears cheap ~$15 and a yield of around 7.5%.
In terms of Magellan, we have discussed at length in recent weeks, here, we are cautiously bullish around $9.50.
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