Pinnacle Investment Management Group Limited

ASX:PNI Stock Report

Market Cap: AU$4.3b

Pinnacle Investment Management Group Valuation

Is PNI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PNI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PNI (A$22.12) is trading above our estimate of fair value (A$12.33)

Significantly Below Fair Value: PNI is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PNI?

Key metric: As PNI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PNI. This is calculated by dividing PNI's market cap by their current earnings.
What is PNI's PE Ratio?
PE Ratio48.5x
EarningsAU$90.35m
Market CapAU$4.25b

Price to Earnings Ratio vs Peers

How does PNI's PE Ratio compare to its peers?

The above table shows the PE ratio for PNI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average49.9x
HMC HMC Capital
74.2x20.5%AU$4.8b
ARG Argo Investments
27.1xn/aAU$6.9b
NWL Netwealth Group
86.7x16.5%AU$7.2b
GQG GQG Partners
11.7x10.2%AU$7.8b
PNI Pinnacle Investment Management Group
48.5x16.8%AU$4.3b

Price-To-Earnings vs Peers: PNI is good value based on its Price-To-Earnings Ratio (48.5x) compared to the peer average (49.9x).

Price to Earnings Ratio vs Industry

How does PNI's PE Ratio compare vs other companies in the AU Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KBC Keybridge Capital
1.4xn/aUS$6.46m
OEQ Orion Equities
0.6xn/aUS$1.22m
QUE Queste Communications
0.8xn/aUS$862.51k
PEQA Pritchard Equity
2.7xn/aUS$861.02k
No more companies available in this PE range
PNI 48.5xIndustry Avg. 20.0xNo. of Companies7PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PNI is expensive based on its Price-To-Earnings Ratio (48.5x) compared to the Australian Capital Markets industry average (20x).

Price to Earnings Ratio vs Fair Ratio

What is PNI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PNI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio48.5x
Fair PE Ratio21.7x

Price-To-Earnings vs Fair Ratio: PNI is expensive based on its Price-To-Earnings Ratio (48.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PNI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$22.12
AU$20.80
-6.0%
17.4%AU$25.00AU$13.40n/a6
Nov ’25AU$19.98
AU$19.69
-1.4%
16.3%AU$23.00AU$12.30n/a7
Oct ’25AU$18.02
AU$17.48
-3.0%
13.5%AU$20.00AU$12.30n/a7
Sep ’25AU$17.49
AU$16.67
-4.7%
18.5%AU$20.00AU$10.98n/a8
Aug ’25AU$16.45
AU$14.33
-12.9%
14.5%AU$17.20AU$10.98n/a8
Jul ’25AU$14.03
AU$13.27
-5.4%
14.1%AU$16.00AU$10.80n/a8
Jun ’25AU$13.18
AU$13.27
+0.7%
14.1%AU$16.00AU$10.80n/a8
May ’25AU$11.28
AU$11.83
+4.8%
9.6%AU$13.50AU$10.64n/a8
Apr ’25AU$11.63
AU$11.83
+1.7%
9.6%AU$13.50AU$10.64n/a8
Mar ’25AU$11.28
AU$11.83
+4.8%
9.6%AU$13.50AU$10.64n/a8
Feb ’25AU$9.98
AU$11.02
+10.4%
11.8%AU$13.50AU$9.35n/a7
Jan ’25AU$10.08
AU$10.33
+2.5%
10.4%AU$11.50AU$8.50n/a7
Dec ’24AU$8.92
AU$10.32
+15.7%
10.3%AU$11.50AU$8.50n/a7
Nov ’24AU$7.87
AU$10.32
+31.1%
10.3%AU$11.50AU$8.50AU$19.987
Oct ’24AU$9.00
AU$10.97
+21.9%
10.7%AU$12.70AU$9.20AU$18.027
Sep ’24AU$9.31
AU$10.97
+17.9%
10.7%AU$12.70AU$9.20AU$17.497
Aug ’24AU$10.64
AU$10.61
-0.3%
9.2%AU$11.70AU$9.20AU$16.457
Jul ’24AU$9.98
AU$10.61
+6.3%
11.2%AU$12.20AU$8.80AU$14.037
Jun ’24AU$8.80
AU$10.66
+21.2%
11.7%AU$12.20AU$8.80AU$13.187
May ’24AU$8.54
AU$10.69
+25.1%
11.5%AU$12.10AU$8.80AU$11.287
Apr ’24AU$7.85
AU$10.73
+36.7%
11.1%AU$12.10AU$8.60AU$11.637
Mar ’24AU$9.16
AU$10.67
+16.5%
10.6%AU$12.10AU$8.60AU$11.288
Feb ’24AU$9.65
AU$11.03
+14.3%
11.0%AU$12.90AU$8.50AU$9.988
Jan ’24AU$8.73
AU$11.35
+30.0%
13.5%AU$14.20AU$8.75AU$10.088
Dec ’23AU$9.29
AU$11.31
+21.7%
15.8%AU$14.20AU$8.00AU$8.928
Nov ’23AU$8.57
AU$11.41
+33.1%
15.7%AU$14.20AU$8.00AU$7.878

Analyst Forecast: Target price is lower than the current share price.

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