PPS slipped -2.3% yesterday being dragged lower on overall negative sentiment toward platform providers. We felt PPS delivered a solid 3Q in April enjoying a steady turnaround after selling off its struggling International business. Unlike HUB & NWL we aren’t as concerned by PPS’s valuation of 24x Est FY23 although, PPS clearly doesn’t have the platform or earnings leveraged inherent in its two larger competitors.
- We like PPS and will consider increasing our position if it tests its 2023 lows.
- We have a 4% position in Praemium (PPS) in our Emerging Companies Portfolio.
MM remains long and bullish toward PPS
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