Buy Or Sell Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to AU$15.91. The fair value is estimated to be AU$19.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 30% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Apr 24
Pinnacle Investment Management Group Limited (ASX:PNI) completed the acquisition of remaining 79.2% stake Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others. Pinnacle Investment Management Group Limited (ASX:PNI) agreed to acquire remaining 79.2% stake Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others for AUD 180 million on February 2, 2026. A total of 10,546,794 PNI fully paid ordinary shares will be held in voluntary escrow and released progressively after Completion, with 3,639,722 shares released after 12 months, a further 3,639,722 after two years, 612,628 after three years, 612,628 after four years, and the remaining 2,042,094 shares after five years.
There are no changes to Pacific’s leadership under CEO, Matthew Lamb, its management team or employees. Pacific’s partners remain focused on the firm’s goals, priorities and clients. Its investment teams maintain their independent investment integrity, with no change to their processes and continued alignment with the success of their strategies.
Completion of the transaction is subject to approvals of the United Kingdom Financial Conduct Authority and the Dubai Financial Services Authority. As of April 20, 2026, The transaction received approval from both the United Kingdom Financial Conduct Authority and the Dubai Financial Services Authority. Completion of the Transaction is expected to occur on 24 April 2026.
Kris Rogers, Kate Featherstone and Angela Rawlins of Gowling WLG (UK) LLP acted as legal advisor for Pacific Asset Management.
Pinnacle Investment Management Group Limited (ASX:PNI) completed the acquisition of remaining 79.2% stake Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others on April 24, 2026. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$16.47, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Capital Markets industry in Australia. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$16.39 per share. Buy Or Sell Opportunity • Mar 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to AU$12.72. The fair value is estimated to be AU$15.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 191% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Upcoming Dividend • Feb 24
Upcoming dividend of AU$0.29 per share Eligible shareholders must have bought the stock before 02 March 2026. Payment date: 20 March 2026. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Australian dividend payers (6.0%). In line with average of industry peers (3.7%). Declared Dividend • Feb 09
First half dividend reduced to AU$0.29 Dividend of AU$0.29 is 12% lower than last year. Ex-date: 2nd March 2026 Payment date: 20th March 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (137% cash payout ratio). The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. EPS is expected to grow by 68% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 04
First half 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2026 results: EPS: AU$0.30 (down from AU$0.37 in 1H 2025). Revenue: AU$46.1m (up 67% from 1H 2025). Net income: AU$67.3m (down 11% from 1H 2025). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 21% per year. Announcement • Feb 04
Pinnacle Investment Management Group Limited (ASX:PNI) acquired remaining majority stake Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others. Pinnacle Investment Management Group Limited (ASX:PNI) acquired remaining majority stake Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others on February 2, 2026. There are no changes to Pacific’s leadership under CEO, Matthew Lamb, its management team or employees. Pacific’s partners remain focused on the firm’s goals, priorities and clients. Its investment teams maintain their independent investment integrity, with no change to their processes and continued alignment with the success of their strategies.
Pinnacle Investment Management Group Limited (ASX:PNI) completed the acquisition of remaining majority stake in Pacific Asset Management LLP from Pacific Investments and the Beckwith family office and others on February 2, 2026. Buy Or Sell Opportunity • Oct 22
Now 22% overvalued Over the last 90 days, the stock has fallen 7.8% to AU$20.14. The fair value is estimated to be AU$16.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Oct 13
Pinnacle Investment Management Group Limited Announces Executive Changes, Effective 13 October 2025 Pinnacle Investment Management Group Limitedadvises that Mr. Calvin Kwok has resigned as Company Secretary effective 13 October 2025. The Company announced the appointment of Mr. Terence Kwong as Company Secretary effective immediately. Terence joined the Company in 2017. Prior to joining the Company, Terence practised as a solicitor at Clayton Utz and Clifford Chance LLP in Sydney and London, specialising in financial services, funds management, mergers and acquisitions and private equity. Terence holds a Bachelor of Laws (Hons I) and Bachelor of Science from the University of Sydney. Announcement • Sep 27
Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 31, 2025 Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 31, 2025. Location: at australia square, level 7, 264 george street, nsw 2000, Australia Upcoming Dividend • Aug 25
Upcoming dividend of AU$0.27 per share Eligible shareholders must have bought the stock before 01 September 2025. Payment date: 19 September 2025. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Australian dividend payers (5.6%). Lower than average of industry peers (3.3%). Declared Dividend • Aug 07
Final dividend of AU$0.032 announced Shareholders will receive a dividend of AU$0.032. Ex-date: 1st September 2025 Payment date: 19th September 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.5% to bring the payout ratio under control. EPS is expected to grow by 41% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 06
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: AU$0.63 (up from AU$0.46 in FY 2024). Revenue: AU$65.5m (up 34% from FY 2024). Net income: AU$134.4m (up 49% from FY 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (AU$77m sold). Recent Insider Transactions • Jun 26
Founder recently sold AU$77m worth of stock On the 24th of June, Ian Macoun sold around 4m shares on-market at roughly AU$19.50 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ian's only on-market trade for the last 12 months. Buy Or Sell Opportunity • May 02
Now 20% overvalued Over the last 90 days, the stock has fallen 28% to AU$18.47. The fair value is estimated to be AU$15.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Price Target Changed • Apr 14
Price target decreased by 7.8% to AU$22.20 Down from AU$24.07, the current price target is an average from 7 analysts. New target price is 32% above last closing price of AU$16.85. Stock is up 51% over the past year. The company is forecast to post earnings per share of AU$0.65 for next year compared to AU$0.46 last year. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$18.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Capital Markets industry in Australia. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$16.43 per share. Upcoming Dividend • Feb 27
Upcoming dividend of AU$0.33 per share Eligible shareholders must have bought the stock before 06 March 2025. Payment date: 21 March 2025. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Australian dividend payers (6.2%). Lower than average of industry peers (3.2%). Major Estimate Revision • Feb 11
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from AU$61.8m to AU$63.6m. EPS estimate increased from AU$0.606 to AU$0.671 per share. Net income forecast to grow 14% next year vs 21% growth forecast for Capital Markets industry in Australia. Consensus price target up from AU$23.78 to AU$25.31. Share price fell 2.4% to AU$24.56 over the past week. Announcement • Feb 09
Pinnacle Investment Management Group Limited (ASX:PNI) announces an Equity Buyback for 15,000 shares, representing 0.006619% for AUD 0.3 million. Pinnacle Investment Management Group Limited (ASX:PNI) announces a share repurchase program. Under the offer, the company will repurchase up to 15,000 shares, representing .0.007% of issued share for AUD 0.3 million. The shares will be repurchased at a price AUD 20.3 per shares. The Shares will be purchased from a former employee who is no longer entitled to the shares in accordance with the terms of the plan. The repurchased shares will be cancelled. As of February 7, 2025, the company 226,632,168 shares issued. Declared Dividend • Feb 06
First half dividend increased to AU$0.33 Dividend of AU$0.33 is 112% higher than last year. Ex-date: 6th March 2025 Payment date: 21st March 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 05
First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2025 results: EPS: AU$0.37 (up from AU$0.15 in 1H 2024). Revenue: AU$27.6m (up 17% from 1H 2024). Net income: AU$75.7m (up 150% from 1H 2024). Revenue missed analyst estimates by 24%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. New Risk • Nov 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Nov 22
Pinnacle Investment Management Group Limited (ASX:PNI) reached an agreement to acquire 22.50% stake in VSS Holdings LLC for $60.5 million. Pinnacle Investment Management Group Limited (ASX:PNI) reached an agreement to acquire 22.50% stake in VSS Holdings LLC for $60.5 million on November 20, 2024. Pinnacle will acquire a 22.5% stake in VSS for $60.5 million comprising (i) $50.8 million for Pinnacle’s stake in VSS asset management business and (ii) $9.7 million for Pinnacle’s share of VSS fund investments. In a same but related transaction, Pinnacle also reached an agreement to acquire Pacific Asset Management LLP for £25.75 million. The acquisition price for the investment is subject to certain conditions based on the success of the raising of the new VSS Structured Capital Fund V. Pinnacle is raising $400 million via a fully underwritten placement of new fully paid ordinary shares in Pinnacle to institutional and sophisticated investors AUD$143 million to fund the strategic investments in VSS and PAM. Announcement • Nov 21
Pinnacle Investment Management Group Limited has completed a Follow-on Equity Offering in the amount of AUD 400.00001 million. Pinnacle Investment Management Group Limited has completed a Follow-on Equity Offering in the amount of AUD 400.00001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,704,434
Price\Range: AUD 20.3
Discount Per Security: AUD 0.3248
Transaction Features: Subsequent Direct Listing Price Target Changed • Oct 28
Price target increased by 13% to AU$19.69 Up from AU$17.48, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of AU$19.48. Stock is up 153% over the past year. The company is forecast to post earnings per share of AU$0.55 for next year compared to AU$0.46 last year. Buy Or Sell Opportunity • Oct 25
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to AU$19.32. The fair value is estimated to be AU$15.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Oct 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to AU$18.74. The fair value is estimated to be AU$15.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Sep 23
Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 25, 2024 Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 25, 2024. Location: level 26, 264 george street, nsw 2000, Australia Announcement • Sep 10
Viburnum Funds Pty Ltd. proposed to acquire remaining 64.4% stake in GTN Limited (ASX:GTN) from Perennial Value Management Limited, Spheria Asset Management Pty Ltd, Mercer Investments (Australia) Limited, Macquarie Group Limited (ASX:MQG), Pinnacle Investment Management Group Limited (ASX:PNI) and Microequities Asset Management Group Limited (ASX:MAM) and others for AUD 59.9 million. Viburnum Funds Pty Ltd. proposed to acquire remaining 64.4% stake in GTN Limited (ASX:GTN) from Perennial Value Management Limited, Spheria Asset Management Pty Ltd, Mercer Investments (Australia) Limited, Macquarie Group Limited (ASX:MQG), Pinnacle Investment Management Group Limited (ASX:PNI) and Microequities Asset Management Group Limited (ASX:MAM) and others for AUD 59.9 million on September 9, 2024. A cash consideration valued at AUD 0.465 per share will be paid by Viburnum Funds Pty Ltd.
Craig Coleman is a Director of Viburnum Funds and a non-executive director of GTN. Robert Martino is a Partner at Viburnum Funds and was appointed as an alternate director of GTN.
Consideration is in the form of Viburnum Funds Pty Ltd's own funds.
GTN Limited's board of director's recommends that shareholders Reject that offer by Taking No Action at this stage.
Allier Capital Pty Ltd acted as financial advisor for Viburnum Funds Pty Ltd. DLA Piper Australia Pty Ltd acted as legal advisor for Viburnum Funds Pty Ltd. Link Market Services Limited acted as registrar for Viburnum Funds Pty Ltd. Upcoming Dividend • Aug 26
Upcoming dividend of AU$0.074 per share Eligible shareholders must have bought the stock before 02 September 2024. Payment date: 20 September 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Australian dividend payers (6.3%). Lower than average of industry peers (3.3%). Declared Dividend • Aug 03
Final dividend of AU$0.074 announced Shareholders will receive a dividend of AU$0.074. Ex-date: 2nd September 2024 Payment date: 20th September 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is covered by cash flows (86% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.9% to bring the payout ratio under control. EPS is expected to grow by 47% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Aug 02
Price target increased by 7.7% to AU$14.78 Up from AU$13.73, the current price target is an average from 8 analysts. New target price is 14% below last closing price of AU$17.14. Stock is up 75% over the past year. The company is forecast to post earnings per share of AU$0.54 for next year compared to AU$0.46 last year. Reported Earnings • Aug 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: AU$0.46 (up from AU$0.39 in FY 2023). Revenue: AU$49.0m (up 7.6% from FY 2023). Net income: AU$90.4m (up 18% from FY 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Price Target Changed • Jul 05
Price target increased by 7.4% to AU$13.73 Up from AU$12.78, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of AU$14.32. Stock is up 55% over the past year. The company is forecast to post earnings per share of AU$0.40 for next year compared to AU$0.39 last year. Price Target Changed • May 15
Price target increased by 8.1% to AU$12.78 Up from AU$11.83, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of AU$12.93. Stock is up 46% over the past year. The company is forecast to post earnings per share of AU$0.39 for next year compared to AU$0.39 last year. Buy Or Sell Opportunity • May 08
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to AU$12.61. The fair value is estimated to be AU$10.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 3.0%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • Feb 29
Upcoming dividend of AU$0.16 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 22 March 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Australian dividend payers (6.4%). Lower than average of industry peers (3.8%). Declared Dividend • Feb 03
First half dividend of AU$0.16 announced Shareholders will receive a dividend of AU$0.16. Ex-date: 7th March 2024 Payment date: 22nd March 2024 Dividend yield will be 3.3%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has increased by an average of 33% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.6% to bring the payout ratio under control. EPS is expected to grow by 48% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 02
First half 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2024 results: EPS: AU$0.15 (down from AU$0.16 in 1H 2023). Revenue: AU$23.7m (up 4.0% from 1H 2023). Net income: AU$30.2m (flat on 1H 2023). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Jan 11
Pinnacle Investment Management Group Limited to Report Q2, 2024 Results on Feb 01, 2024 Pinnacle Investment Management Group Limited announced that they will report Q2, 2024 results on Feb 01, 2024 Buying Opportunity • Oct 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be AU$10.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • Aug 21
Upcoming dividend of AU$0.20 per share at 3.8% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 15 September 2023. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 3.8%. Lower than top quartile of Australian dividend payers (7.2%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 03
Full year 2023 earnings released: EPS: AU$0.39 (vs AU$0.40 in FY 2022) Full year 2023 results: EPS: AU$0.39. Revenue: AU$45.5m (down 1.1% from FY 2022). Net income: AU$76.5m (flat on FY 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Capital Markets industry in Australia. Upcoming Dividend • Feb 23
Upcoming dividend of AU$0.16 per share at 3.3% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 17 March 2023. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Australian dividend payers (6.9%). Lower than average of industry peers (3.8%). Reported Earnings • Feb 02
First half 2023 earnings released: EPS: AU$0.16 (vs AU$0.21 in 1H 2022) First half 2023 results: EPS: AU$0.16 (down from AU$0.21 in 1H 2022). Revenue: AU$22.8m (up 5.5% from 1H 2022). Net income: AU$30.5m (down 24% from 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Announcement • Feb 02
Pinnacle Investment Management Group Limited Announces Ordinary Dividend for the Six Months Ended December 31, 2022, Payable on March 17, 2023 Pinnacle Investment Management Group Limited announced ordinary dividend of AUD 0.15600000 per share for the six months ended December 31, 2022, payable on March 17, 2023 with record date on March 2, 2023. Ex Date is March 1, 2023. Announcement • Jan 31
Pinnacle Investment Management Group Limited (ASX:PNI) announces an Equity Buyback for 50,000 shares, representing 0.02% for AUD 0.43 million. Pinnacle Investment Management Group Limited (ASX:PNI) announces a share repurchase program. Under the offer, the company will repurchase up to 50,000 shares, representing . The shares will be repurchased at a price AUD 8.65 per shares. The Shares will be purchased from a former employee who is no longer entitled to the shares in accordance with the terms of the plan. As of January 30, 2023, the company 201,264,056 shares issued. Announcement • Dec 13
Pinnacle Investment Management Group Limited Announces the Retirement of Gerard Bradley AO as Director, Effective 1 January 2023 Further to the announcement at the recent Annual General Meeting that Mr. Gerard Bradley AO would not be seeking re-election to the Board of Pinnacle Investment Management Group Limited (Pinnacle) in 2023, Pinnacle wishes to advise that Mr. Gerard Bradley AO has confirmed that his retirement as a director will be effective 1 January 2023. Price Target Changed • Nov 16
Price target decreased to AU$11.41 Down from AU$12.33, the current price target is an average from 8 analysts. New target price is 20% above last closing price of AU$9.54. Stock is down 48% over the past year. The company is forecast to post earnings per share of AU$0.39 for next year compared to AU$0.40 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Non-Executive Independent Director Lorraine Berends was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 29
Price target decreased to AU$11.41 Down from AU$12.33, the current price target is an average from 8 analysts. New target price is 46% above last closing price of AU$7.80. Stock is down 55% over the past year. The company is forecast to post earnings per share of AU$0.39 for next year compared to AU$0.40 last year. Announcement • Oct 27
Pinnacle Investment Management Group Limited Announces the Retirement of Gerard Bradley as Non-Executive Director Pinnacle Investment Management Group Limited announced that Mr. Gerard Bradley AO has advised the Company of his intention to retire as a Non-Executive Director (NED) during 2023. This will allow a period for orderly succession and recruitment of a suitable replacement NED. Announcement • Oct 10
Pinnacle Investment Management Group Limited Announces Retirement of Adrian Whittingham as Director Pinnacle Investment Management Group Limited announced that Adrian Whittingham will retire as a Director at the end of the upcoming Annual General Meeting (AGM) to be held on 14 November 2022, and from his executive position with Pinnacle on 31 December 2022. Adrian has been a senior executive of the Company since 2007 and has served as an Executive Director since 2016. Adrian has been a key member of the small team which built Pinnacle from when he joined as an equity partner of an early-stage company in 2007, to the current time. Adrian's key focus was building Pinnacle's retail distribution function from scratch and managing that function for over a decade. More recently, his focus has been on Pinnacle's offshore expansion efforts. Buying Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be AU$12.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • Aug 22
Upcoming dividend of AU$0.17 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 16 September 2022. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Australian dividend payers (6.3%). Lower than average of industry peers (3.8%). Price Target Changed • Aug 04
Price target increased to AU$12.10 Up from AU$11.18, the current price target is an average from 7 analysts. New target price is 11% above last closing price of AU$10.94. Stock is down 30% over the past year. The company is forecast to post earnings per share of AU$0.40 for next year compared to AU$0.40 last year. Announcement • Aug 03
Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 27, 2022 Pinnacle Investment Management Group Limited, Annual General Meeting, Oct 27, 2022. Reported Earnings • Aug 03
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: AU$0.40 (up from AU$0.38 in FY 2021). Revenue: AU$46.0m (up 42% from FY 2021). Net income: AU$76.4m (up 14% from FY 2021). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Over the next year, revenue is expected to shrink by 9.8% compared to a 2.1% decline forecast for the funds industry in Australia. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Announcement • Aug 02
Pinnacle Investment Management Group Limited Announces Final Dividend for the Year 2022, Payable on September 16, 2022 Pinnacle Investment Management Group Limited announced final dividend is 17.5 cents for the year 2022. Ex-dividend date final dividend is August 29, 2022. Final Dividend record date is August 30, 2022. Final Dividend payment date is September 16, 2022. Buying Opportunity • Jul 25
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be AU$11.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Price Target Changed • Jul 08
Price target decreased to AU$11.21 Down from AU$12.55, the current price target is an average from 7 analysts. New target price is 35% above last closing price of AU$8.32. Stock is down 27% over the past year. The company is forecast to post earnings per share of AU$0.40 for next year compared to AU$0.38 last year. Announcement • Jul 07
Pinnacle Investment Management Group Limited to Report Q4, 2022 Results on Aug 03, 2022 Pinnacle Investment Management Group Limited announced that they will report Q4, 2022 results on Aug 03, 2022 Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to AU$8.18, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Capital Markets industry in Australia. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$12.22 per share. Price Target Changed • Jul 06
Price target decreased to AU$12.03 Down from AU$12.98, the current price target is an average from 7 analysts. New target price is 58% above last closing price of AU$7.60. Stock is down 33% over the past year. The company is forecast to post earnings per share of AU$0.40 for next year compared to AU$0.38 last year. Buying Opportunity • Jun 29
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be AU$9.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. Price Target Changed • Jun 09
Price target decreased to AU$12.98 Down from AU$14.12, the current price target is an average from 7 analysts. New target price is 73% above last closing price of AU$7.52. Stock is down 28% over the past year. The company is forecast to post earnings per share of AU$0.41 for next year compared to AU$0.38 last year. Buying Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be AU$9.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Price Target Changed • May 10
Price target decreased to AU$13.41 Down from AU$14.96, the current price target is an average from 7 analysts. New target price is 61% above last closing price of AU$8.34. Stock is down 16% over the past year. The company is forecast to post earnings per share of AU$0.41 for next year compared to AU$0.38 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. Non-Executive Independent Director Lorraine Berends was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be AU$13.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 34% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Upcoming Dividend • Feb 24
Upcoming dividend of AU$0.17 per share Eligible shareholders must have bought the stock before 03 March 2022. Payment date: 18 March 2022. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Australian dividend payers (5.4%). In line with average of industry peers (3.6%). Price Target Changed • Feb 18
Price target decreased to AU$15.36 Down from AU$16.74, the current price target is an average from 7 analysts. New target price is 45% above last closing price of AU$10.58. Stock is up 11% over the past year. The company is forecast to post earnings per share of AU$0.44 for next year compared to AU$0.38 last year. Buying Opportunity • Feb 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be AU$13.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% per annum over the last 3 years. Earnings per share has grown by 36% per annum over the last 3 years. Major Estimate Revision • Feb 09
Consensus revenue estimates increase by 20% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from AU$36.3m to AU$43.6m. EPS estimate increased from AU$0.42 to AU$0.43 per share. Net income forecast to grow 22% next year vs 17% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$16.74 to AU$15.59. Share price fell 2.9% to AU$11.40 over the past week. Reported Earnings • Feb 04
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: EPS: AU$0.21 (up from AU$0.17 in 1H 2021). Revenue: AU$21.6m (up 50% from 1H 2021). Net income: AU$40.1m (up 32% from 1H 2021). Revenue exceeded analyst estimates by 49%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 20%, compared to a 3.6% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 33% per year. Announcement • Feb 02
Pinnacle Investment Management Group Limited Declares Interim Dividend the Half Year Ended 31 December 2021, Payable on 18 March 2022 Pinnacle Investment Management Group Limited declared a fully franked interim dividend of 17.5 cents (up 50% from 11.7 cents in the prior corresponding period) and will be payable on 18 March 2022 to shareholders registered on the record date of 4 March 2022. Buying Opportunity • Jan 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be AU$14.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% per annum over the last 3 years. Earnings per share has grown by 31% per annum over the last 3 years. Announcement • Nov 25
Pinnacle Investment Management Group Limited (ASX:PNI) acquired 25% stake in Five V Capital. Pinnacle Investment Management Group Limited (ASX:PNI) acquired 25% stake in Five V Capital on November 24, 2021. The purchase is being funded by a AUD 105 million capital raise.
Pinnacle Investment Management Group Limited (ASX:PNI) completed the acquisition of 25% stake in Five V Capital on November 24, 2021. Recent Insider Transactions • Nov 25
Non-executive Independent Chairman recently bought AU$97k worth of stock On the 24th of November, Alan James Watson bought around 6k shares on-market at roughly AU$16.09 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$213k. This was Alan James' only on-market trade for the last 12 months. Announcement • Nov 24
Pinnacle Investment Management Group Limited announced that it has received AUD 105.21 million in funding Pinnacle Investment Management Group Limited announced a fully underwritten institutional private placement of 6,300,000 shares at a price of AUD 16.70 per share for gross proceeds of AUD 105.21 million on November 24, 2021. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to AU$15.30, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 20x in the Capital Markets industry in Australia. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$12.74 per share. Upcoming Dividend • Aug 23
Upcoming dividend of AU$0.17 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 17 September 2021. Trailing yield: 2.0%. Lower than top quartile of Australian dividend payers (5.1%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 05
Full year 2021 earnings released: EPS AU$0.38 (vs AU$0.19 in FY 2020) Full year 2021 results: Revenue: AU$32.5m (up 45% from FY 2020). Net income: AU$67.0m (up 107% from FY 2020). Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 35% per year. Price Target Changed • Aug 05
Price target increased to AU$12.97 Up from AU$11.58, the current price target is an average from 3 analysts. New target price is 13% below last closing price of AU$14.85. Stock is up 178% over the past year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to AU$14.85, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 22x in the Capital Markets industry in Australia. Total returns to shareholders of 169% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$9.00 per share. Major Estimate Revision • May 31
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from AU$28.5m to AU$31.7m. EPS estimate unchanged at AU$0.33. Net income forecast to grow 35% next year vs 35% growth forecast for Capital Markets industry in Australia. Consensus price target of AU$11.40 unchanged from last update. Share price was steady at AU$10.33 over the past week.