Declared Dividend • Mar 02
First half dividend increased to AU$0.20 Dividend of AU$0.20 is 33% higher than last year. Ex-date: 4th March 2026 Payment date: 9th April 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not adequately covered by cash flows (95% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Feb 27
First half 2026 earnings released: AU$0.39 loss per share (vs AU$1.92 profit in 1H 2025) First half 2026 results: AU$0.39 loss per share (down from AU$1.92 profit in 1H 2025). Net loss: AU$11.7m (down 112% from profit in 1H 2025). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
Pacific Current Group Limited Announces a Fully Franked Ordinary Interim Dividend for the Six Months Ended December 31, 2025, Payable on 9 April 2026 On 23 February 2026, Pacific Current Group Limited announced a fully franked ordinary interim dividend of 20.00 cents per share (25 February 2025: unfranked 15.00 cents per share) in respect of the six months ended December 31, 2025. The interim dividend for the 2026 financial year will not be eligible for the Dividend Reinvestment Plan. Record date is 5 March 2026 and Payment date is 9 April 2026. Ex Date is March 4, 2026. New Risk • Feb 25
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Dividend is not well covered by cash flows (96% cash payout ratio). Major Estimate Revision • Feb 25
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$27.6m to AU$23.4m. EPS estimate fell from AU$0.61 to AU$0.55 per share. Net income forecast to shrink 72% next year vs 24% growth forecast for Capital Markets industry in Australia . Consensus price target down from AU$11.30 to AU$10.40. Share price was steady at AU$10.04 over the past week. Recent Insider Transactions • Nov 04
Independent Non-Executive Chairman recently bought AU$102k worth of stock On the 28th of October, Justin Arter bought around 10k shares on-market at roughly AU$10.18 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Justin's only on-market trade for the last 12 months. Announcement • Oct 15
Pacific Current Group Limited (ASX:PAC) announces an Equity Buyback for 2,000,000 shares, representing 6.63% for AUD 20 million. Pacific Current Group Limited (ASX:PAC) announces a share repurchase program. Under the offer, the company will repurchase up to 2,000,000 shares, representing 6.63% of it's share capital for AUD 20 million worth of it's shares. The shares will be purchased at AUD 10 per share. The repurchase program is valid till October 29, 2026. As of October 15, 2025, the company has 30,153,859 shares issued and outstanding. Declared Dividend • Aug 28
Final dividend of AU$0.28 announced Shareholders will receive a dividend of AU$0.28. Ex-date: 5th September 2025 Payment date: 10th October 2025 Dividend yield will be 3.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (35% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 46% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Aug 26
Price target decreased by 11% to AU$11.30 Down from AU$12.70, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of AU$11.18. Stock is up 0.7% over the past year. The company is forecast to post earnings per share of AU$0.61 for next year compared to AU$1.25 last year. Reported Earnings • Aug 26
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: AU$1.25 (down from AU$2.13 in FY 2024). Revenue: AU$128.1m (down 39% from FY 2024). Net income: AU$58.2m (down 47% from FY 2024). Profit margin: 45% (down from 53% in FY 2024). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is expected to decline by 58% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Australia are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jun 20
Pacific Current Group Announces Board Changes, Effective July 1, 2025 Pacific Current Group has announced the appointment of Justin Arter as the incoming chair. He is to take over the position from July 1, 2025, succeeding Tony Robinson. Arter was previously chief executive of Australian superfund Cbus for 3 years until May 2023. Recent Insider Transactions • Apr 03
Independent Non-Executive Director recently bought AU$113k worth of stock On the 28th of March, Joanne Dawson bought around 10k shares on-market at roughly AU$11.66 per share. This transaction increased Joanne's direct individual holding by 4x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$675k more in shares than they bought in the last 12 months. Recent Insider Transactions • Mar 20
Acting CEO & Executive Director recently bought AU$58k worth of stock On the 14th of March, Michael Clarke bought around 5k shares on-market at roughly AU$11.62 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 07
Non Executive Chairman of the Board recently sold AU$846k worth of stock On the 3rd of March, Antony Robinson sold around 71k shares on-market at roughly AU$11.95 per share. This transaction amounted to 100% 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 Antony's only on-market trade for the last 12 months. Declared Dividend • Mar 03
First half dividend of AU$0.15 announced Dividend of AU$0.15 is the same as last year. Ex-date: 4th March 2025 Payment date: 10th April 2025 Dividend yield will be 3.2%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 97% over the next 3 years. Since a fall of 89% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Major Estimate Revision • Feb 26
Consensus revenue estimates decrease by 19%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$30.2m to AU$24.5m. EPS estimate increased from AU$0.362 to AU$2.39 per share. Net income forecast to grow 5.6% next year vs 14% growth forecast for Capital Markets industry in Australia. Consensus price target broadly unchanged at AU$12.90. Share price was steady at AU$12.05 over the past week. Announcement • Dec 03
Abacus Life, Inc. (NasdaqCM:ABL) completed the acquisition of Carlisle Management Company from Pacific Current Group Limited (ASX:PAC), Jose Esteban Casares and others. Abacus Life, Inc. (NasdaqCM:ABL) agreed to acquire Carlisle Management Company from Pacific Current Group Limited (ASX:PAC), Jose Esteban Casares and others for approximately $150 million on July 18, 2024. A cash consideration will be paid by Abacus Life, Inc. Carlisle shareholders will receive consideration in the form of the Company’s common stock and the Company’s Fixed Rate Senior Unsecured Notes due in 2028 representing approximately 62.3 % and 37.7 % of the purchase price. Transaction is subject to regulatory approval. As of November 7, the deal is expected to close by the end of the fourth quarter. As of November 26, 2024, The transaction has received regulatory non-objection from the Luxembourg Commission de Surveillance du Secteur Financier (“CSSF”) for the acquisition of Carlisle Management Company S.C.A. Following the approval from CSSF, the transaction is expected to close on December 2, 2024.
Dynasty Investment Bank acted as financial advisor to Abacus Life, Inc. White & Case LLP and Elvinger, Hoss & Prussen acted as legal advisor to Abacus Life, Inc. ArentFox Schiff LLP and Arendt & Medernach SA acted as legal advisor to Carlisle Management Company. Manorhaven Capital LLC acted as financial advisor to Carlisle Management Company.
Abacus Life, Inc. (NasdaqCM:ABL) completed the acquisition of Carlisle Management Company from Pacific Current Group Limited (ASX:PAC), Jose Esteban Casares and others on December 2, 2024. A portion of the Stock Consideration and the New Notes equal to 10% of the Base Purchase Price was placed in escrow for 18 months following the Closing Date to fund payments for the purchase price adjustment and certain post-closing indemnification obligations. At completion, PAC received 1.97 million newly issued Abacus bonds with a total aggregate face value of $49.2 million and bearing an interest rate of 9.875% and 1.36 million shares of Abacus common stock. PAC received 90% of the total value at closing. The bonds will not be subject to restrictions, while the equity will become tradable (in full) on 4 July 2025. The remaining 10% of the total proceeds will be held back on a pro-rata basis (bonds and stock) for 18 months from closing and will be freely tradable upon receipt. Despite the holdback, PAC will be entitled to earnings on these securities during the 18 months post-closing. Major Estimate Revision • Aug 29
Consensus revenue estimates fall by 23% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$38.5m to AU$29.7m. EPS estimate fell from AU$0.401 to AU$0.352 per share. Net income forecast to shrink 85% next year vs 27% growth forecast for Capital Markets industry in Australia . Consensus price target up from AU$11.65 to AU$12.50. Share price rose 5.0% to AU$11.23 over the past week. Price Target Changed • Aug 28
Price target increased by 7.3% to AU$12.50 Up from AU$11.65, the current price target is an average from 2 analysts. New target price is 9.8% above last closing price of AU$11.38. The company is forecast to post earnings per share of AU$0.35 for next year compared to AU$2.13 last year. Declared Dividend • Aug 27
Final dividend of AU$0.23 announced Dividend of AU$0.23 is the same as last year. Ex-date: 4th September 2024 Payment date: 3rd October 2024 Dividend yield will be 3.4%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but not adequately covered by cash flows (97% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 86% over the next 3 years. Since a fall of 80% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Aug 23
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: AU$2.13 (up from AU$0.31 loss in FY 2023). Revenue: AU$208.8m (up AU$177.9m from FY 2023). Net income: AU$110.1m (up AU$125.9m from FY 2023). Profit margin: 53% (up from net loss in FY 2023). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 72%. Revenue is expected to decline by 81% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Australia are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Aug 14
Janus Henderson Group plc (NYSE:JHG) entered into a definitive agreement to acquire 55% stake in Victory Park Capital Advisors, LLC (VPC). Janus Henderson Group plc (NYSE:JHG) entered into a definitive agreement to acquire 55% stake in Victory Park Capital Advisors, LLC (VPC) on August 12, 2024. The Acquisition consideration comprises a mix of cash and unregistered shares of JHG common stock. Pursuant to the Purchase Agreement, JHG will deliver at closing approximately 964,058 shares of Common Stock as partial consideration for the Acquisition. In addition, subject to the achievement of certain revenue targets, JHG will deliver a mix of cash and Common Stock earnout consideration, including up to approximately $27,843,750 in Common Stock, to be payable in 2027. Existing VPC owners will retain 45% ownership interest at closing. VPC will retain its brand and continue to operate as a standalone company and affiliate of JHG. Richard Levy, CEO, CIO & Founder and Brendan Carroll, Senior Partner & Co-Founder will continue to lead the business. There will be no changes to VPC senior management, employees or day-to-day operations. The acquisition is expected to close in the fourth quarter of 2024 and is subject to customary closing conditions, including regulatory approvals. The Acquisition is expected to be neutral-to-accretive to earnings per share in 2025.
Ardea Partners LP served as exclusive financial advisor to Victory Park Capital Advisors. Kirkland & Ellis LLP acted as a legal advisor to Victory Park Capital Advisors. Sheppard, Mullin, Richter & Hampton LLP acted as a legal advisor to Janus Henderson Group. Announcement • Jul 20
Abacus Life, Inc. (NasdaqCM:ABL) agreed to acquire Carlisle Management Company for $200 million. Abacus Life, Inc. (NasdaqCM:ABL) agreed to acquire Carlisle Management Company for $200 million on July 18, 2024. A cash consideration will be paid by Abacus Life, Inc. Carlisle shareholders will receive consideration in the form of $73.5 million in par value of Abacus bonds and 9.3 million Abacus common stock, which are subject to closing adjustments and certain performance threshold. Transaction is subject to regulatory approval.
Dynasty Investment Bank acted as financial advisor to Abacus Life, Inc. White & Case LLP and Elvinger, Hoss & Prussen acted as legal advisor to Abacus Life, Inc. ArentFox Schiff LLP and Arendt & Medernach SA acted as legal advisor to Carlisle Management Company. Manorhaven Capital LLC acted as financial advisor to Carlisle Management Company. New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (332% payout ratio). Large one-off items impacting financial results. Announcement • May 22
GQG Partners Inc. (ASX:GQG) completed the acquisition of an unknown minority stake in Proterra Investment Partners and Cordillera Investment Partners and Avante Capital from Pacific Current Group Limited (ASX:PAC). GQG Partners Inc. (ASX:GQG) entered into an agreement to acquire unknown minority stake in Proterra Investment Partners and Cordillera Investment Partners and Avante Capital from Pacific Current Group Limited (ASX:PAC) for $71.3 million on March 15, 2024. Following the completion of the Acquisition, Mr. Greenwood will co-lead the PCS business and investment team with current GQG Managing Director Mike Daley. Mr. Daley and Mr. Greenwood previously worked together for over a decade at PAC and its predecessor, Northern Lights Capital Group. The Acquisition is subject to satisfaction of certain conditions include the approval of PAC’s shareholders at a general meeting, receipt of certain consents and/or waivers from other interest holders in the boutiques, and receipt of certain regulatory approvals. expected to be financed by a debt facility of the GQG Partners Inc and is expected to close in the first half of calendar 2024. Flagstaff Partners Pty Ltd acted as financial advisor, Allens and Sidley Austin acted as a legal counsel to Pacific Current Group Limited (ASX:PAC). GQG Partners Inc. (ASX:GQG) completed the acquisition of an unknown minority stake in Proterra Investment Partners and Cordillera Investment Partners and Avante Capital from Pacific Current Group Limited (ASX:PAC) on May 20, 2024. Major Estimate Revision • Apr 19
Consensus revenue estimates decrease by 43% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$112.1m to AU$64.3m. EPS estimate unchanged from AU$1.27 per share at last update. Capital Markets industry in Australia expected to see average net income growth of 36% next year. Consensus price target of AU$11.25 unchanged from last update. Share price was steady at AU$10.11 over the past week. Major Estimate Revision • Mar 09
Consensus EPS estimates increase by 36%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$92.3m to AU$89.6m. EPS estimate rose from AU$0.638 to AU$0.865. Net income forecast to grow 534% next year vs 33% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$11.35 to AU$11.00. Share price fell 6.9% to AU$9.65 over the past week. Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.15 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 11 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of Australian dividend payers (6.4%). In line with average of industry peers (3.8%). Reported Earnings • Feb 26
First half 2024 earnings released: EPS: AU$0.23 (vs AU$0.20 loss in 1H 2023) First half 2024 results: EPS: AU$0.23 (up from AU$0.20 loss in 1H 2023). Revenue: AU$64.0m (up AU$60.6m from 1H 2023). Net income: AU$11.7m (up AU$21.7m from 1H 2023). Profit margin: 18% (up from net loss in 1H 2023). Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Declared Dividend • Feb 26
First half dividend of AU$0.15 announced Dividend of AU$0.15 is the same as last year. Ex-date: 6th March 2024 Payment date: 11th April 2024 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (332% earnings payout ratio). However, it is covered by cash flows (67% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 269% to bring the payout ratio under control. EPS is expected to grow by 85% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Feb 23
Price target increased by 8.5% to AU$11.45 Up from AU$10.55, the current price target is an average from 2 analysts. New target price is 15% above last closing price of AU$9.92. The company is forecast to post earnings per share of AU$0.61 next year compared to a net loss per share of AU$0.31 last year. Board Change • Feb 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Lead Independent Director Gilles Guérin was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 13
Pacific Current Group Limited Appoints Michael Clarke as Non-Executive Director, Effective 14 February 2024 Pacific Current Group Limited announced that Michael Clarke has been appointed as a Non-Executive Director of Pacific Current with effect from 14 February 2024. Mr. Clarke has over 30 years' experience in asset management in both Australia and overseas. He has held various roles including responsibility for managing equity, fixed income and currency portfolios and building asset management businesses. His most recent leadership role was Chief Executive (acting) of Challenger Funds Management, based in Sydney. Prior to that, he was Managing Director of Russell Investments' institutional business in Australia and New Zealand, Director of Strategy and International at AMP Capital Investors, Chief Executive and Chief Investment Officer at Goldman Sachs JBWere Asset Management, Investment Director at EquitiLink Australia, and Division Director at Macquarie Bank. Mr. Clarke is currently a Director of Perpetual Equity Investment Company Limited and a member of PIC's Nomination & Corporate Governance and Audit & Risk Committees. Mr. Clarke holds a Bachelor of Engineering in Electrical Engineering (Hons) from UNSW and a Master of Business Administration from the University of Sydney. Announcement • Nov 21
Pacific Current Group Limited Announces the Retirement of Jeremiah (Jerry) Chafkin as Non-Executive Director, Effective 17 November 2023 Pacific Current Group Limited announced the retirement of Jeremiah (Jerry) Chafkin as a Non-Executive Director, effective 17 November 2023. Mr. Chafkin joined the Board in April 2019 and has served as a member of the BoardRemuneration, Nomination & Governance Committee and the Board Audit & Risk Committee since that time. More recently Mr. Chafkin has been Co-Chair of the Independent Board Committee (IBC) which has overseen the Strategic Transaction process. Announcement • Nov 17
GQG Partners Inc. (ASX:GQG) cancelled the acquisition of Pacific Current Group Limited (ASX:PAC) from River Capital Pty Ltd. and others GQG Partners Inc. (ASX:GQG) agreed to acquire Pacific Current Group Limited (ASX:PAC) from River Capital Pty Ltd. and others for AUD570 million on November 1, 2023. GQG Partners will be subject to a number of preconditions, including satisfactory completion of due diligence, the execution of binding transaction documents and receipt of GQG Partners board approval and PAC board approval. Any transaction would also be subject to conditions, including, amongst other things, the support of PAC shareholders and receipt of required regulatory and other approvals.GQG Partners Inc. (ASX:GQG) cancelled the acquisition of Pacific Current Group Limited (ASX:PAC) from River Capital Pty Ltd. and others on November 16, 2023. Announcement • Nov 03
GQG Partners Inc. (ASX:GQG) agreed to acquire Pacific Current Group Limited (ASX:PAC) from River Capital Pty Ltd. and others for AUD570 million. GQG Partners Inc. (ASX:GQG) agreed to acquire Pacific Current Group Limited (ASX:PAC) from River Capital Pty Ltd. and others for AUD570 million on November 1, 2023. GQG Partners will be subject to a number of preconditions, including satisfactory completion of due diligence, the execution of binding transaction documents and receipt of GQG Partners board approval and PAC board approval. Any transaction would also be subject to conditions, including, amongst other things, the support of PAC shareholders and receipt of required regulatory and other approvals. Announcement • Sep 20
Pacific Current Group Limited (ASX:PAC) entered into an agreement to acquire 24.9% stake in Avante Capital Partners for $40 million. Pacific Current Group Limited (ASX:PAC) entered into an agreement to acquire 24.9% stake in Avante Capital Partners for $40 million on September 19, 2023. The consideration involves $15m paid at closing, $13m paid one year after closing, and up to an additional $12 million subject to growth milestones. Avante will continue to be overseen by its founders and principals and there will be no changes to its strategies or day-to-day operations. The acquisition is approved by Pacific's board. The transaction is expected to close in September 30, 2023. Ardea Partners LP acted as financial advisor to Avante. Upcoming Dividend • Aug 30
Upcoming dividend of AU$0.23 per share at 3.4% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 12 October 2023. The company is not currently making a profit and its cash payout ratio is 86%. Trailing yield: 3.4%. Lower than top quartile of Australian dividend payers (7.1%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: AU$0.31 loss per share (improved from AU$0.69 loss in FY 2022). Net loss: AU$15.8m (loss narrowed 55% from FY 2022). Revenue missed analyst estimates by 41%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Aug 25
Pacific Current Group Limited Announces Ordinary Fully Paid Dividend for the Six Months Ended June 30, 2023, Payment Date of October 12, 2023 Pacific Current Group Limited announced Ordinary Fully Paid dividend of AUD 0.23000000 for the six months ended June 30, 2023. Ex Date of September 6, 2023, Record Date of September 7, 2023 and Payment Date of October 12, 2023. Announcement • Jul 28
Regal Funds Management Pty Limited (ASX:RPL) entered into a confidential and non-binding indicative proposal to acquire Pacific Current Group Limited (ASX:PAC) for AUD 577 million. Regal Funds Management Pty Limited (ASX:RPL) entered into a confidential and non-binding indicative proposal to acquire Pacific Current Group Limited (ASX:PAC) for AUD 577 million on July 24, 2023. Regal Partners Limited will pay 2.2 shares in ASX-listed GQG Partners Inc. (ASX: GQG) plus AUD 7.50 in cash per Pacific Current share. The Proposal is subject to a number of conditions, including satisfactory completion of due diligence, the execution of binding transaction documents and approval by the Boards of both Regal and Pacific Current. Any transaction would also be subject to conditions, including approval by Pacific Current’s shareholders, in addition to required regulatory and court approvals and others as agreed between Regal and Pacific Current. Price Target Changed • May 08
Price target decreased by 7.9% to AU$9.42 Down from AU$10.24, the current price target is an average from 2 analysts. New target price is 33% above last closing price of AU$7.09. Stock is down 3.0% over the past year. The company is forecast to post earnings per share of AU$0.35 next year compared to a net loss per share of AU$0.69 last year. Upcoming Dividend • Mar 01
Upcoming dividend of AU$0.15 per share at 5.5% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 13 April 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 5.5%. Lower than top quartile of Australian dividend payers (7.0%). Higher than average of industry peers (3.9%). Reported Earnings • Feb 25
First half 2023 earnings released: AU$0.20 loss per share (vs AU$0.33 loss in 1H 2022) First half 2023 results: AU$0.20 loss per share (improved from AU$0.33 loss in 1H 2022). Net loss: AU$10.0m (loss narrowed 39% from 1H 2022). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target decreased to AU$10.19 Down from AU$11.30, the current price target is an average from 2 analysts. New target price is 26% above last closing price of AU$8.10. Stock is up 12% over the past year. The company is forecast to post earnings per share of AU$0.51 next year compared to a net loss per share of AU$0.69 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). Non-Executive Director Jerry Chafkin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Oct 06
Price target decreased to AU$10.19 Down from AU$11.30, the current price target is an average from 2 analysts. New target price is 37% above last closing price of AU$7.44. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of AU$0.52 next year compared to a net loss per share of AU$0.69 last year. Upcoming Dividend • Aug 31
Upcoming dividend of AU$0.23 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 11 October 2022. The company is not currently making a profit and its cash payout ratio is 80%. Trailing yield: 4.2%. Lower than top quartile of Australian dividend payers (6.6%). In line with average of industry peers (3.9%). Reported Earnings • Aug 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: AU$0.69 loss per share (down from AU$0.34 profit in FY 2021). Net loss: AU$35.3m (down 303% from profit in FY 2021). Revenue missed analyst estimates by 1,039%. Earnings per share (EPS) also missed analyst estimates by 397%. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Aug 26
Pacific Current Group Limited Announces Dividend for the six months ended June 30, 2022, Payable on October 11, 2022 Pacific Current Group Limited announced dividend of AUD 0.23000000 per share for the six months ended June 30, 2022, payable on October 11, 2022. Record date is September 8, 2022 and ex-date is September 7, 2022. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). Non-Executive Director Jerry Chafkin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Recent Insider Transactions • Mar 08
Non Executive Chairman of the Board recently bought AU$114k worth of stock On the 1st of March, Antony Robinson bought around 15k shares on-market at roughly AU$7.58 per share. This was the largest purchase by an insider in the last 3 months. This was Antony's only on-market trade for the last 12 months. Reported Earnings • Mar 01
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: AU$0.33 loss per share (down from AU$0.23 profit in 1H 2021). Net loss: AU$16.6m (down 242% from profit in 1H 2021). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 328%, compared to a 3.4% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • Feb 27
Price target increased to AU$11.30 Up from AU$10.30, the current price target is provided by 1 analyst. New target price is 55% above last closing price of AU$7.27. Stock is up 38% over the past year. The company is forecast to post a net loss per share of AU$0.12 compared to earnings per share of AU$0.35 last year. Announcement • Feb 26
Pacific Current Group Limited Announces Ordinary Fully Paid Dividend for the Six Months Ended December 31, 2021, Payable on April 14, 2022 Pacific Current Group Limited announced ordinary fully paid dividend of AUD 0.15000000 for the six months ended December 31, 2021. Record date is March 04, 2022. Ex-date is March 03, 2022. The dividend will be payable on April 14, 2022. Announcement • Jan 05
Pacific Current Group Limited (ASX:PAC) acquired Banner Oak Capital Partners, LP for $40 million. Pacific Current Group Limited (ASX:PAC) acquired Banner Oak Capital Partners, LP for $40 million on January 4, 2022. PAC is making an initial investment of $35.0 million. The agreement also includes an earn out provision that could result in Banner Oak receiving additional consideration of up to $5.0 million. PAC has acquired a passive, non-voting minority interest. The transaction will have no impact on the day-to-day management or operations of Banner Oak. Berkshire Global Advisors acted as financial advisor to Banner Oak Capital Partners, LP.
Pacific Current Group Limited (ASX:PAC) completed the acquisition of Banner Oak Capital Partners, LP on January 4, 2022. Board Change • Oct 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Jerry Chafkin was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 17% share price gain to AU$7.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 21x in the Capital Markets industry in Australia. Total returns to shareholders of 17% over the past three years. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS AU$0.34 (vs AU$0.36 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: AU$49.2m (down 31% from FY 2020). Net income: AU$17.4m (up AU$34.9m from FY 2020). Profit margin: 35% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Funds under management (FUM) Beginning of period: AU$93.3b End of period: AU$142.3b Net inflows/outflows: AU$34.5b inflow Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 24
Price target decreased to AU$6.70 Down from AU$7.47, the current price target is provided by 1 analyst. New target price is 19% above last closing price of AU$5.65. Stock is up 33% over the past year. Major Estimate Revision • Mar 24
Consensus revenue estimates increase to AU$66.3m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from AU$50.9m to AU$66.3m. EPS estimate increased from AU$0.43 to AU$0.51 per share. Net income forecast to grow 707% next year vs 34% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$7.47 to AU$6.70. Share price was steady at AU$5.65 over the past week. Reported Earnings • Mar 03
First half 2021 earnings released: EPS AU$0.23 (vs AU$0.19 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: AU$29.0m (down 30% from 1H 2020). Net income: AU$11.6m (up AU$20.5m from 1H 2020). Profit margin: 40% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 95% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 17
New 90-day low: AU$5.92 The company is down 4.0% from its price of AU$6.14 on 19 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: AU$6.42 The company is up 1.0% from its price of AU$6.36 on 16 October 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 2.0% over the same period. Announcement • Dec 30
Pacific Current Group Limited (ASX:PAC) entered into an agreement to acquire unknown minority stake in Astarte Capital Partners Llp for £4.4 million. Pacific Current Group Limited (ASX:PAC) entered into an agreement to acquire unknown minority stake in Astarte Capital Partners Llp for £4.4 million on December 29, 2020. Pacific Current Group Limited is investing £4.4 million, both to provide operating capital to Astarte Capital Partners Llp and buy-out passive shareholders. Approximately £1.54 million from the consideration may be deferred until July 2021. In exchange for its
investment, Pacific Current Group Limited will receive approximately 40% of Astarte’s net income. The transaction is subject to regulatory approval in the United Kingdom, which is expected to be obtained within the next four to six weeks. Is New 90 Day High Low • Dec 07
New 90-day high: AU$6.40 The company is up 6.0% from its price of AU$6.03 on 08 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 9.0% over the same period. Announcement • Nov 02
Pacific Current Group Limited Appoints Ashley Killick as Chief Financial Officer Pacific Current Group Limited announced the appointment of Ashley Killick as Chief Financial Officer with effect from 31 October 2020. Mr. Killick has held the role of Interim Chief Financial Officer since March 2019. Mr. Killick has over twenty years' experience in senior finance and accounting roles in various industries, including financial services, and was formerly a partner at PricewaterhouseCoopers. Is New 90 Day High Low • Oct 09
New 90-day high: AU$6.37 The company is up 19% from its price of AU$5.35 on 10 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 5.0% over the same period. Recent Insider Transactions • Oct 02
Non Executive Chairman of the Board recently bought AU$58k worth of stock On the 28th of September, Antony Robinson bought around 10k shares on-market at roughly AU$5.85 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$377k. Antony has been a buyer over the last 12 months, purchasing a net total of AU$245k worth in shares. 
