Selected Reads

Smartkarma

Equity Bottom-Up

Hello Podcast listeners, Today is a very special episode with John Quealy, CIO and PM of the ESG Global Equity Strategy at Trillium. John oversees the management of all investment strategies and portfolio construction at Trillium. Before this, John worked at Canaccord Genuity in Equity Research where he was a Managing Director, in Sustainability and Industrial Technology Sectors. John earned his BS in Accounting and Philosophy from Boston College. In today’s episode we discuss his approach to…

Morningstar

Morningstar, Inc.

A moderate increase in our equity market growth assumptions because of a lower interest rate outlook prompts an upgrade in narrow-moat Perpetual’s fair value estimate to AUD 40.00 per share, from AUD 37.20. Higher equity markets have the compounding effect of contributing to funds under management, or FUM, growth in its core investments division and market-related revenue growth in its private division. Nevertheless, we expect the positive contribution from higher markets to be tempered by…

A major rebound in Australia’s equity market from its precipitous fall in the December 2018 quarter sees a moderate uplift in narrow-moat Perpetual’s fair value estimate to AUD 37.20 per share from AUD 36.30. Australia’s All Ordinary Index has staged a strong comeback since its precipitous circa 10% fall in the December 2018 quarter to be currently about 8% higher. Higher markets than we previously expected should see improved earnings in the second half of fiscal 2019 from the disappointing…

The precipitous fall in the Australian All Ordinaries Index since June 30, 2018, and the expectation of future tightening of credit drives a reduction in narrow-moat Perpetual Ltd.'s fair value estimate to AUD 36.30 per share from AUD 44.50. We now forecast underlying net profit after tax, or NPAT, for fiscal 2019 of AUD 120.7 million, down from our previous forecast of AUD 136 million and fiscal 2018 NPAT of AUD 139.0 million. At our fair value estimate the stock trades on a fiscal 2019 P/E…

Narrow-moat Perpetual’s fair value estimate increases moderately to AUD 44.50 per share from AUD 43.90 following in-line fiscal 2018 results. Its fair value increase is mainly driven by the time value of money, with the group’s underlying net profit after tax, or NPAT, of AUD 139.0 million consistent with our forecast of AUD 138.7 million. As expected, earnings growth was generated by its private segment (23% of fiscal 2018 group profit before tax) and its corporate trust segment (21% of PBT)…

Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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