ASX:VG1

Stock Analysis Report

VGI Partners Global Investments

Executive Summary

VGI Partners Global Investments Limited provides investors with the opportunity to access the investment strategy of VGI Partners.

Rewards

Trading at 15.8% below its fair value

Earnings grew by 65.3% over the past year

Risk Analysis

High level of non-cash earnings

Less than 3 years of financial data is available

Shareholders have been diluted in the past year



Snowflake Analysis

Good value with poor track record.

Share Price & News

How has VGI Partners Global Investments's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VG1 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.5%

VG1

2.6%

AU Capital Markets

2.0%

AU Market


1 Year Return

-3.1%

VG1

22.7%

AU Capital Markets

19.8%

AU Market

Return vs Industry: VG1 underperformed the Australian Capital Markets industry which returned 23.2% over the past year.

Return vs Market: VG1 underperformed the Australian Market which returned 19.4% over the past year.


Shareholder returns

VG1IndustryMarket
7 Day0.5%2.6%2.0%
30 Day-2.2%4.2%3.3%
90 Day-3.9%6.0%5.8%
1 Year-1.1%-3.1%28.3%22.7%25.2%19.8%
3 Yearn/a93.7%68.7%39.6%20.9%
5 Yearn/a193.5%131.3%61.8%25.3%

Price Volatility Vs. Market

How volatile is VGI Partners Global Investments's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is VGI Partners Global Investments undervalued compared to its fair value and its price relative to the market?

15.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VG1 (A$2.21) is trading below our estimate of fair value (A$2.63)

Significantly Below Fair Value: VG1 is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: VG1 is good value based on its PE Ratio (12.3x) compared to the Capital Markets industry average (22.7x).

PE vs Market: VG1 is good value based on its PE Ratio (12.3x) compared to the Australian market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate VG1's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: VG1 is good value based on its PB Ratio (1x) compared to the AU Capital Markets industry average (2x).


Next Steps

Future Growth

How is VGI Partners Global Investments forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

6.7%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as VGI Partners Global Investments has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has VGI Partners Global Investments performed over the past 5 years?

65.3%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: VG1 has a high level of non-cash earnings.

Growing Profit Margin: VG1's current net profit margins (51.1%) are lower than last year (51.2%).


Past Earnings Growth Analysis

Earnings Trend: Unable to establish if VG1's year-on-year earnings growth rate was positive over the past 5 years as it has been trading publicly for less than 3 years.

Accelerating Growth: Unable to compare VG1's past year earnings growth to its 5-year average as it has been trading publicly for less than 3 years.

Earnings vs Industry: VG1 earnings growth over the past year (65.3%) exceeded the Capital Markets industry 3.3%.


Return on Equity

High ROE: VG1's Return on Equity (5.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is VGI Partners Global Investments's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: VG1 has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if VG1's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: VG1's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if VG1 has a sufficient allowance for bad loans.

Low Risk Liabilities: VG1 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if VG1 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: VG1 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if VG1 has an appropriate level of bad loans.


Next Steps

Dividend

What is VGI Partners Global Investments's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.3%markettop25%5.4%industryaverage3.6%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate VG1's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate VG1's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if VG1's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VG1's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of VG1's dividend in 3 years as they are not forecast to pay a notable one for the Australian market.


Next Steps

Management

What is the CEO of VGI Partners Global Investments's salary, the management and board of directors tenure and is there insider trading?

2.5yrs

Average board tenure


CEO

VGI Partners Global Investments has no CEO, or we have no data on them.


Board Age and Tenure

2.5yrs

Average Tenure

Experienced Board: VG1's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: VG1 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyAU$11,10014 Jan 20
VGI Partners Limited
EntityCompany
Shares5,000
Max PriceAU$2.22
BuyAU$114,15913 Jan 20
VGI Partners Limited
EntityCompany
Shares52,268
Max PriceAU$2.18
BuyAU$76,85012 Jan 20
VGI Partners Limited
EntityCompany
Shares35,000
Max PriceAU$2.20
BuyAU$66,00008 Jan 20
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.20
BuyAU$55,32506 Jan 20
VGI Partners Limited
EntityCompany
Shares25,000
Max PriceAU$2.21
BuyAU$33,37505 Jan 20
VGI Partners Limited
EntityCompany
Shares15,000
Max PriceAU$2.23
BuyAU$22,40002 Jan 20
VGI Partners Limited
EntityCompany
Shares10,000
Max PriceAU$2.24
BuyAU$22,45001 Jan 20
VGI Partners Limited
EntityCompany
Shares10,000
Max PriceAU$2.24
BuyAU$101,05630 Dec 19
VGI Partners Limited
EntityCompany
Shares45,000
Max PriceAU$2.25
BuyAU$33,73529 Dec 19
VGI Partners Limited
EntityCompany
Shares15,000
Max PriceAU$2.25
BuyAU$44,75023 Dec 19
VGI Partners Limited
EntityCompany
Shares20,000
Max PriceAU$2.24
BuyAU$56,42522 Dec 19
VGI Partners Limited
EntityCompany
Shares25,000
Max PriceAU$2.26
BuyAU$68,10018 Dec 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.27
BuyAU$114,79016 Dec 19
Lawrence Myers
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares50,000
Max PriceAU$2.30
BuyAU$135,97116 Dec 19
VGI Partners Limited
EntityCompany
Shares60,000
Max PriceAU$2.27
BuyAU$91,28015 Dec 19
VGI Partners Limited
EntityCompany
Shares40,000
Max PriceAU$2.28
BuyAU$40,82712 Dec 19
VGI Partners Limited
EntityCompany
Shares17,909
Max PriceAU$2.28
BuyAU$113,89511 Dec 19
VGI Partners Limited
EntityCompany
Shares50,000
Max PriceAU$2.28
BuyAU$69,05108 Dec 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.30
BuyAU$103,39705 Dec 19
VGI Partners Limited
EntityCompany
Shares45,000
Max PriceAU$2.30
BuyAU$69,00003 Dec 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.30
BuyAU$73,33302 Dec 19
VGI Partners Limited
EntityCompany
Shares32,196
Max PriceAU$2.28
BuyAU$69,20128 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.31
BuyAU$68,36127 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.28
BuyAU$67,92926 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.26
BuyAU$113,04025 Nov 19
VGI Partners Limited
EntityCompany
Shares50,000
Max PriceAU$2.26
BuyAU$226,60024 Nov 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.27
BuyAU$136,37421 Nov 19
VGI Partners Limited
EntityCompany
Shares60,000
Max PriceAU$2.27
BuyAU$64,06919 Nov 19
VGI Partners Limited
EntityCompany
Shares28,151
Max PriceAU$2.28
BuyAU$31,98919 Nov 19
Noel J. Whittaker
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares13,969
Max PriceAU$2.29
BuyAU$68,55018 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.29
BuyAU$68,10017 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.27
BuyAU$67,28714 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.24
BuyAU$67,10113 Nov 19
VGI Partners Limited
EntityCompany
Shares30,000
Max PriceAU$2.24
BuyAU$89,52412 Nov 19
VGI Partners Limited
EntityCompany
Shares40,000
Max PriceAU$2.24
BuyAU$123,23311 Nov 19
VGI Partners Limited
EntityCompany
Shares55,000
Max PriceAU$2.24
BuyAU$101,30410 Nov 19
VGI Partners Limited
EntityCompany
Shares45,000
Max PriceAU$2.25
BuyAU$100,75007 Nov 19
VGI Partners Limited
EntityCompany
Shares45,000
Max PriceAU$2.24
BuyAU$89,76006 Nov 19
VGI Partners Limited
EntityCompany
Shares40,000
Max PriceAU$2.24
BuyAU$123,18905 Nov 19
VGI Partners Limited
EntityCompany
Shares55,000
Max PriceAU$2.24
BuyAU$213,44604 Nov 19
VGI Partners Limited
EntityCompany
Shares95,000
Max PriceAU$2.25
BuyAU$161,30815 Oct 19
VGI Partners Limited
EntityCompany
Shares70,000
Max PriceAU$2.30
BuyAU$79,66214 Oct 19
VGI Partners Limited
EntityCompany
Shares34,380
Max PriceAU$2.32
BuyAU$103,95513 Oct 19
VGI Partners Limited
EntityCompany
Shares45,000
Max PriceAU$2.31
BuyAU$184,76810 Oct 19
VGI Partners Limited
EntityCompany
Shares80,000
Max PriceAU$2.31
BuyAU$264,89409 Oct 19
VGI Partners Limited
EntityCompany
Shares114,608
Max PriceAU$2.31
BuyAU$40,91929 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares17,453
Max PriceAU$2.34
BuyAU$156,61529 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares66,801
Max PriceAU$2.34
BuyAU$28,40726 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares12,120
Max PriceAU$2.34
BuyAU$108,72926 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares46,390
Max PriceAU$2.34
BuyAU$58,98925 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares25,250
Max PriceAU$2.34
BuyAU$225,78225 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares96,645
Max PriceAU$2.34
BuyAU$273,62024 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares115,975
Max PriceAU$2.36
BuyAU$71,48724 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares30,300
Max PriceAU$2.36
BuyAU$392,53623 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares166,230
Max PriceAU$2.36
BuyAU$102,55623 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares43,430
Max PriceAU$2.36
BuyAU$124,21722 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares52,521
Max PriceAU$2.37
BuyAU$475,43522 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares201,021
Max PriceAU$2.37
BuyAU$182,98719 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares77,771
Max PriceAU$2.35
BuyAU$700,38119 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares297,667
Max PriceAU$2.35
BuyAU$355,74418 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares151,503
Max PriceAU$2.35
BuyAU$1,361,59318 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares579,870
Max PriceAU$2.35
BuyAU$71,39917 Sep 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares30,300
Max PriceAU$2.36
BuyAU$273,28317 Sep 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares115,975
Max PriceAU$2.36
BuyAU$234,98012 Sep 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.35
BuyAU$235,05011 Sep 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.35
BuyAU$117,00011 Sep 19
David Jones
EntityIndividual
Role
Chairman of the Board
Non-Independent Chairman
Shares50,000
Max PriceAU$2.34
BuyAU$233,51010 Sep 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.34
BuyAU$233,25009 Sep 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.33
BuyAU$231,82008 Sep 19
VGI Partners Limited
EntityCompany
Shares100,000
Max PriceAU$2.32
BuyAU$50,38008 Sep 19
Noel J. Whittaker
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22,000
Max PriceAU$2.29
BuyAU$101,75113 Aug 19
VGI Partners Limited
EntityCompany
Shares43,936
Max PriceAU$2.32
BuyAU$128,60107 Aug 19
VGI Partners Limited
EntityCompany
Shares55,000
Max PriceAU$2.34
BuyAU$233,00007 Aug 19
Lawrence Myers
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares100,000
Max PriceAU$2.33
BuyAU$79,63027 Jun 19
Lawrence Myers
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares34,472
Max PriceAU$2.31
BuyAU$61,11127 Jun 19
VGI Partners Limited
EntityCompany
Shares26,455
Max PriceAU$2.31
BuyAU$105,37324 Jun 19
Noel J. Whittaker
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares45,031
Max PriceAU$2.34
BuyAU$135,48824 Jun 19
David Jones
EntityIndividual
Role
Chairman of the Board
Non-Independent Chairman
Shares57,901
Max PriceAU$2.34
BuyAU$36,33624 Jun 19
Lawrence Myers
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares15,528
Max PriceAU$2.34
BuyAU$646,69424 Jun 19
Douglas Tynan
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares276,365
Max PriceAU$2.34
BuyAU$2,488,44724 Jun 19
Robert Luciano
EntityIndividual
Role
Member of the Board of Directors
Non-Independent Director
Shares1,063,439
Max PriceAU$2.34

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 43.3%.


Management Team

  • Adam Philippe

    Chief Operating Officer of VGI Partners Pty Limited

    • Ingrid Groer

      Investor Relations Manager

      • Tenure: 0.6yrs
    • Ian Cameron

      CFO & Company Secretary


      Board Members

      • David Jones (54yo)

        Non-Independent Chairman

        • Tenure: 2.6yrs
      • Noel J. Whittaker

        Independent Director

        • Tenure: 2.5yrs
        • Compensation: AU$55.00k
      • Robert Luciano

        Non-Independent Director

        • Tenure: 2.6yrs
      • Douglas Tynan

        Non-Independent Director

        • Tenure: 2.6yrs
      • Lawrence Myers

        Independent Director

        • Tenure: 2.5yrs
        • Compensation: AU$55.00k
      • Adelaide McDonald

        Independent Director

        • Tenure: 0.5yrs

      Company Information

      VGI Partners Global Investments Limited's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: VGI Partners Global Investments Limited
      • Ticker: VG1
      • Exchange: ASX
      • Founded: 2017
      • Industry: Asset Management and Custody Banks
      • Sector: Diversified Financials
      • Market Cap: AU$899.296m
      • Shares outstanding: 406.92m
      • Website: https://www.vgipartnersglobal.com

      Location

      • VGI Partners Global Investments Limited
      • 39 Phillip Street
      • Sydney
      • New South Wales
      • 2000
      • Australia

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      VG1ASX (Australian Securities Exchange)YesOrdinary SharesAUAUDSep 2017
      VG1CHIA (Chi-X Australia)YesOrdinary SharesAUAUDSep 2017

      Biography

      VGI Partners Global Investments Limited provides investors with the opportunity to access the investment strategy of VGI Partners. Its investment portfolio comprises global listed securities, holding a combination of long and short positions, and cash. The company was incorporated in 2017 and is based in Sydney, Australia. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/18 10:41
      End of Day Share Price2020/01/17 00:00
      Earnings2019/06/30
      Annual Earnings2019/06/30


      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.