Fund manager PPT could now be easily classified as a “yield play” with its forecasted pay out of 6.3% over the next 12-months and its valuation is not too onerous sitting at an estimated 13.9x for 2022. The company delivered a solid quarterly in October which showed FUM (funds under management) rising 2.7% to $101bn while its recent acquisitions of Triullium and Barrow Hanley are bedding down nicely, we felt it was a solid report but the shares have drifted since however around $35 we again see value presenting itself, especially if equities enjoy another solid year – not a foregone conclusion in our opinion.
NB: Perpetual has multiple steams to it’s business including trustee services and a private wealth business.
MM is neutral to positive PPT
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