Perpetual (PPT)
All research reports and stock updates for Perpetual.
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Early Wobbles
In isolation, the 4Q outflow of -$5.1bn is not a complete surprise (mandate losses totalled $2bn, including $1bn in J O Hambro). All divisions suffered from net outflows, including the typically consistent Corporate Trust business.
Pendal cost issues
Perpetual came out with its 3Q23 Business update and gave some insight to how the merger with Pendal has been progressing.
Bigger, but better?
In our view, the PPT/PDL is questionable at best. We see limited strategic/economic merit in the transaction. In the early years, the merger is expected to be dilutive to earnings at an EPS level.
Bigger, but not better
Since announcing the acquisition of Pendal Group (PDL) in August, the Perpetual (PPT) share price has sunk.
Trillion dollar Trust
Perhaps the highlight of Perpetual’s latest quarterly was the milestone of reaching $1 trillion in FUA in the company’s Corporate Trust business.
Reinvented
The growth strategy initiated under a new CEO in 2019 has added several acquisitions with perhaps more to come. Perpetual has a strong brand and a specialised capability in fiduciary duty that will underpin diversified growth that is not entirely dependent on markets.