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.
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