Pinnacle Investment Management Group Ltd

PNI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$35.40	Qcvgnp	Thbfwtdlf

Pinnacle Investment Earnings: Strengths Are Evident but Trading Multiple Is Stretched

Shaun Ler

Aug 2, 2024

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.

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