AU : Pendal Group - Scaling up in the USA

PDL reported Underlying NPAT of A$82.6m, up 7.8% on pcp (+2% vs forecast). Investment performance across UK/EU has rebounded meaningfully, which should support flows (stem outflows at a minimum) and performance fee prospects. PDL has acquired a US-based manger (“TSW”) for ~A$413m, partly funded by a placement (A$190m) and debt. PDL expect the acquisition to be ‘double digit’ EPS accretive. The acquisition is in-line with PDL’s stated strategy. Trading on ~13x FY22 PE, we continue to see value. Add maintained.

Most Viewed See latest

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers