Pinnacle Investment Management Group Ltd
PNI: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$75.30 | Ymwqbzz | Gvfgmhjml |
Pinnacle Investment Earnings: Strengths Are Evident but Trading Multiple Is Stretched
Narrow-moat Pinnacle’s fiscal 2024 results exceeded our expectations, with net profit after tax of AUD 90 million surpassing our forecast of AUD 74 million. Stronger-than-expected net inflows for retail and international funds under management, higher-than-expected fee margins, and an unexpected improvement in operating leverage led to an affiliate NPAT of AUD 223 million, more than 10% above our prior forecast.