Morningstar

Morningstar, Inc.

Equity Bottom-Up

A transition to a new analyst results in a reduction in narrow-moat Platinum’s fair value estimate to AUD 4.90 per share from AUD 5.50. Although Platinum’s core funds have performed better in the four months to April 30, 2019, we expect the underperformance in the nine months to Dec. 31, 2018 will significantly reduce performance fees in fiscal 2019. That said, the lower fees should be partly offset by a reduction in variable employee expenses. When compared with fiscal 2018, this results in a…

The transition of coverage to a new analyst and a precipitous fall in earnings prompts a reduction in narrow-moat Pendal Group’s fair value estimate to AUD 8.30 from AUD 10.30 per share
We also place Magellan Financial Group Limited and Platinum Asset Management Limited Under Review while we transition coverage to a new analyst.

First-half fiscal 2019 underlying net profit after tax, or NPAT, was 26.6% lower than the previous corresponding period, or pcp. The compounding impact of lower…

Narrow-moat Platinum Asset Management’s first-half fiscal 2019 results were, while underwhelming, in line with recent guidance. Underlying NPAT was down 38% on the previous corresponding period, or pcp, to AUD 65.2 million as closing funds under management, or FUM, fell to AUD 24.1 billion in December from AUD 25.7 billion in June. Positive net inflows of around AUD 700 million weren’t enough to plug the AUD 2.2 billion hole created by investment underperformance over the half year…

Narrow-moat Platinum Asset Management, or Platinum, has reported in-line fiscal 2018 results, albeit characterised by a weaker second half across flows and profitability after a strong first half. Up 2% to AUD 189 million for the full year, net profit after tax came in slightly above our expectation of AUD 184 million, although second-half NPAT was down 15% on the prior corresponding period. The strong outperformance in the first half attracted staff performance bonuses, which were a key driver…

Just as performance and flows were on a recovery path, narrow-moat-rated Platinum Asset Management announced underwhelming funds under management, or FUM, for the month of--and second half of the fiscal year ending--June 2018. The fund manager recorded underperformance against its benchmark for its flagship fund for the month; larger-than-anticipated cash distributions of AUD 1.5 billion; and a decline in overall FUM of AUD 533 million. This resulted in end of fiscal year 2018 FUM of AUD 25.7…

Australia

Platinum Asset Management Limited is a fund management company. The Company specializes in global equities.

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