PTM has been a shocking performer over the last 12-months but still around $2 the $1.3bn fund manager is trading on a valuation slightly above 10x. With Kerr Neilson no longer steering the ship and the family still owning over 25% of the business, PTM still screen more expensive on from a FUM perspective relative to MFG.
We are neutral the stock operationally but in a similar manner to MFG a buyer might find willing sellers at the correct price.
MM is neutral PTM
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