Pinnacle Investment Management Group Limited

ASX:PNI Stock Report

Market Cap: AU$4.5b

Pinnacle Investment Management Group Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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$22.6) is trading above our estimate of fair value (A$15.88)

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 Ratio49.6x
EarningsAU$90.35m
Market CapAU$4.48b

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 Average45.6x
ARG Argo Investments
26.6xn/aAU$6.7b
GQG GQG Partners
11.5x9.7%AU$6.4b
HMC HMC Capital
62.1x20.5%AU$4.1b
NWL Netwealth Group
82.4x16.5%AU$6.9b
PNI Pinnacle Investment Management Group
49.6x16.8%AU$4.5b

Price-To-Earnings vs Peers: PNI is expensive based on its Price-To-Earnings Ratio (49.6x) compared to the peer average (45.6x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BPH BPH Energy
2.9xn/aUS$8.38m
KBC Keybridge Capital
1.4xn/aUS$6.46m
OEQ Orion Equities
0.7xn/aUS$1.22m
PEQA Pritchard Equity
2.7xn/aUS$861.02k
PNI 49.6xIndustry Avg. 20.5xNo. of Companies8PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PNI is expensive based on its Price-To-Earnings Ratio (49.6x) compared to the Australian Capital Markets industry average (20.5x).

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 Ratio49.6x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: PNI is expensive based on its Price-To-Earnings Ratio (49.6x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).

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$22.60
AU$22.86
+1.1%
18.7%AU$27.25AU$13.40n/a8
Dec ’25AU$23.44
AU$22.86
-2.5%
18.7%AU$27.25AU$13.40n/a8
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$8.50AU$23.447
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

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 02:01
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Pinnacle Investment Management Group Limited is covered by 11 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Russell WrightBarclay Pearce Capital Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Scott MurdochCGS International