What does MM think about Pendal (PDL) full year results?
PDL -0.22%: Putting the three way takeover tussle to one side, Pendal (PDL) reported full year results this morning that were solid, all key metrics were in line to slightly above market expectations with revenue of up 8% to $629.7m and underlying profit up 17%. The dividend of 3.5cps for the half was below 22cps expected however the dividend comes off the cash component of the Perpetual bid so it’s net net neutral, as we suspect they would pay the difference out if the deal falls over. On the earnings call this morning, Pendal CEO Nick Good was stressed multiple times that the deal with Perpetual was a “legally binding contract”, that he didn’t anticipate any problems with the Pendal shareholder vote and both teams were “moving forward with the path laid out”.
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