Perpetual Limited

CHIA:PPT Stock Report

Market Cap: AU$2.4b

Perpetual Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: PPT (A$21.67) is trading below our estimate of fair value (A$35.62)

Significantly Below Fair Value: PPT is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As PPT is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PPT. This is calculated by dividing PPT's market cap by their current revenue.
What is PPT's PS Ratio?
PS Ratio1.8x
SalesAU$1.36b
Market CapAU$2.39b

Price to Sales Ratio vs Peers

How does PPT's PS Ratio compare to its peers?

The above table shows the PS ratio for PPT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average12.1x
MFF MFF Capital Investments
3.7xn/aAU$2.4b
IFL Insignia Financial
1.1x-8.9%AU$2.2b
BKI BKI Investment
20.4xn/aAU$1.4b
AUI Australian United Investment
23.3xn/aAU$1.3b
PPT Perpetual
1.8x2.9%AU$2.4b

Price-To-Sales vs Peers: PPT is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (12.1x).

Price to Sales Ratio vs Industry

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

23 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.5.5x5.7%
PPT Perpetual
 1.8x2.9%US$1.54b
IFL Insignia Financial
1.1x-8.9%US$1.40b
MAF MA Financial Group
1.1x-32.2%US$699.41m
PPT 1.8xIndustry Avg. 5.5xNo. of Companies22PS0816243240+
23 CompaniesEstimated GrowthMarket Cap
Industry Avg.5.5x12.4%
PPT Perpetual
 1.8x62.1%US$1.54b
No more companies

Price-To-Sales vs Industry: PPT is good value based on its Price-To-Sales Ratio (1.8x) compared to the Australian Capital Markets industry average (5.5x).

Price to Sales Ratio vs Fair Ratio

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

PPT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: PPT is good value based on its Price-To-Sales Ratio (1.8x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

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 PPT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$21.67
AU$23.11
+6.7%
5.7%AU$24.76AU$20.60n/a10
Nov ’25AU$20.26
AU$23.11
+14.1%
5.7%AU$24.76AU$20.60n/a10
Oct ’25AU$18.67
AU$23.92
+28.1%
15.3%AU$33.92AU$20.60n/a11
Sep ’25AU$19.61
AU$24.09
+22.8%
14.8%AU$33.92AU$21.20n/a11
Aug ’25AU$21.88
AU$24.74
+13.1%
13.4%AU$33.92AU$21.75n/a11
Jul ’25AU$21.43
AU$25.98
+21.2%
11.0%AU$33.92AU$23.25n/a10
Jun ’25AU$21.60
AU$25.93
+20.1%
11.1%AU$33.92AU$23.25n/a10
May ’25AU$23.39
AU$26.86
+14.8%
9.8%AU$33.92AU$24.50n/a9
Apr ’25AU$25.02
AU$26.74
+6.9%
10.6%AU$33.92AU$22.30n/a10
Mar ’25AU$24.38
AU$26.76
+9.8%
10.6%AU$33.92AU$22.30n/a10
Feb ’25AU$25.38
AU$26.82
+5.7%
5.8%AU$28.67AU$23.00n/a9
Jan ’25AU$25.46
AU$26.14
+2.7%
6.4%AU$28.67AU$23.50n/a9
Dec ’24AU$22.51
AU$25.72
+14.2%
8.6%AU$28.00AU$22.10n/a11
Nov ’24AU$19.18
AU$25.72
+34.1%
8.6%AU$28.00AU$22.10AU$20.2611
Oct ’24AU$20.98
AU$27.06
+29.0%
7.5%AU$30.50AU$23.50AU$18.6711
Sep ’24AU$21.16
AU$28.21
+33.3%
15.2%AU$40.84AU$23.50AU$19.6112
Aug ’24AU$25.26
AU$30.79
+21.9%
11.2%AU$40.84AU$26.00AU$21.8812
Jul ’24AU$25.90
AU$31.03
+19.8%
11.0%AU$40.84AU$26.60AU$21.4313
Jun ’24AU$24.48
AU$31.03
+26.8%
11.0%AU$40.84AU$26.60AU$21.6013
May ’24AU$24.93
AU$30.72
+23.2%
11.9%AU$40.84AU$26.00AU$23.3913
Apr ’24AU$22.02
AU$30.52
+38.6%
11.7%AU$40.84AU$26.00AU$25.0213
Mar ’24AU$24.57
AU$30.52
+24.2%
11.7%AU$40.84AU$26.00AU$24.3813
Feb ’24AU$25.36
AU$29.98
+18.2%
9.8%AU$36.09AU$26.30AU$25.3812
Jan ’24AU$24.76
AU$30.28
+22.3%
14.5%AU$38.73AU$22.00AU$25.4612
Dec ’23AU$25.22
AU$30.33
+20.3%
15.1%AU$38.73AU$22.00AU$22.5111
Nov ’23AU$25.31
AU$30.54
+20.6%
16.0%AU$38.80AU$22.00AU$19.1812

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

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