Full-year results at Alternative Investment Market-listed Premier Asset Management (PAM) didn’t add much to last month’s trading update, on which basis we tipped the stock (Buy, 202p, 7 November 2017). In the two months after the September year-end, assets under management at the equity and multi-asset fund manager have pushed on from £6.1bn to £6.3bn.
IC TIP:
Buy
at
212p
The rising assets drove net management fees up more than a fifth to £40.9m. Excluding a range of exceptionals, underlying pre-tax profits were up 39 per cent to £14.7m.
Analysts at Liberum expect adjusted pre-tax profits of £19.2m in the year to September 2018, giving EPS of 14.9p (from £14.8m and 11.7p in FY2017).
PREMIER ASSET MANAGEMENT (PAM) | ||||
ORD PRICE: | 212p | MARKET VALUE: | £224m | |
TOUCH: | 211-213p | 12-MONTH HIGH: | 212p | LOW: 124p |
DIVIDEND YIELD: | 3.8% | PE RATIO: | 25 | |
NET ASSET VALUE: | 43p | NET CASH: | £15.8m* |
Year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
2013** | 27.3 | -6.4 | na | na |
2014** | 30.7 | -2.8 | na | na |
2015** | 35.8 | -0.8 | -48.4 | na |
2016 | 39.1 | 2.5 | 71.7 | nil |
2017 | 46.0 | 11.5 | 8.5 | 8.0 |
% change | +18 | +354 | -88 | - |
Ex-div: | 07 Dec | |||
Payment: | 05 Jan | |||
*Excludes trading account balances **Pre-IPO figures. Premier joined Aim in Oct 2016 |