PLATINUM ASSET MANAGEMENT LIMITED (PTM)
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PTM - PLATINUM ASSET MANAGEMENT LIMITED

Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 0.03
Index: ASX300 | ALL-ORDS

Platinum Asset Management is an Australian fund manager focussing on international equity investments. It has been listed since 2007. Founder Kerr Neilson, sometimes referred to as the Australian Warren Buffett, officially left the business in August 2020.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.21

01 Dec
2023

-0.020

OPEN

$1.24

-1.63%

HIGH

$1.24

367,959

LOW

$1.20

TARGET
$1.278 5.6% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . AVC . BVS . CGF . CVW . ENN . GDC . GDG . GQG . HMC . HUB . IFL . IRE . JHG . KAM . KSL . LNK . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . QAL . RPL . RZI .
FNARENA'S MARKET CONSENSUS FORECASTS
PTM: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx 14.1 12.1 xxx
DPS (cps) xxx 14.0 12.5 xxx
EPS Growth xxx - 19.6% - 14.0% xxx
DPS Growth xxx - 17.6% - 11.1% xxx
PE Ratio xxx N/A 10.0 xxx
Dividend Yield xxx N/A 10.3% xxx
Div Pay Ratio(%) xxx 99.3% 102.7% xxx

Dividend yield today if purchased 3 years ago: 3.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

11.57

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 31/08 - ex-div 7c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2023 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx14.1
DPS All xxxxxxxxxxxxxxx14.0
Sales/Revenue xxxxxxxxxxxxxxx211.1 M
Book Value Per Share xxxxxxxxxxxxxxx57.7
Net Operating Cash Flow xxxxxxxxxxxxxxx90.6 M
Net Profit Margin xxxxxxxxxxxxxxx38.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx24.81 %
Return on Invested Capital xxxxxxxxxxxxxxx24.65 %
Return on Assets xxxxxxxxxxxxxxx22.88 %
Return on Equity xxxxxxxxxxxxxxx24.81 %
Return on Total Capital xxxxxxxxxxxxxxx34.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx9.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx1 M
Total Debt xxxxxxxxxxxxxxx3 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx186 M
Price To Book Value xxxxxxxxxxxxxxx3.02

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx0.4 M
Capex % of Sales xxxxxxxxxxxxxxx0.17 %
Cost of Goods Sold xxxxxxxxxxxxxxx8 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx88 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx62 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.5

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

12/10/2023

5

Downgrade to Sell from Hold

$0.84

-30.58%

Platinum Asset Management recorded another disappointing month of funds under management, Bell Potter notes, with further outflows of -$173m following -$912m of outflows in August.

Management fee growth is falling and expense growth is rising. Even being generous with assumptions, the broker's modelling implies a zero residual value for the equity. Bell Potter would expect management to reduce expenses to reflect lower revenue although to date this has not been the case.

"Without significant change, PTM is likely to continue to leach value, and ultimately become worthless."

The broker's 84c target, down from $1.45, reflects only the value of the business to a potential acquirer. Downgrade to Sell from Hold.

FORECAST
Bell Potter forecasts a full year FY24 dividend of 11.00 cents and EPS of 9.80 cents.
Bell Potter forecasts a full year FY25 dividend of 9.00 cents and EPS of 8.00 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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PTM STOCK CHART