Morningstar

Pinnacle Investment Management Group Ltd PNI

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Stock XASX Rating as of
A$18.09 −0.23 (1.26%)
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As of Delayed Price Post-Trading: A$18.09 0.00

Company Report

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Pinnacle's Fundamentals Solid but Trading Multiples Stretched

Shaun Ler

Pinnacle Investment Management provides seed and working capital, marketing and distribution services, business support and responsible entity services to a network of boutique managers--which it terms as "affiliates." Apart from charging fees for its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. As of June 2024, Pinnacle has 15 affiliates under its network with around AUD 110 billion in FUM.

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Price vs Fair Value

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PNI is trading at a 851% premium.
Price
A$18.32
Fair Value
A$34.30
Uncertainty
High
1-Star Price
A$72.18
5-Star Price
A$1.62
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Pinnacle is known as a high-quality growth partner for well-performing boutique managers. There is potential for further earnings upside through increased distribution and new boutiques.

Bears

Pinnacle’s boutiques are typically smaller (that is, have less FUM) than stand-alone listed managers, meaning there is greater risk for them to be nonviable if there is a major fall in capital markets or large client redemption.

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Trading Information

Previous Close Price
A$18.32
Day Range
A$18.00–18.30
52-Week Range
A$7.43–18.34
Bid/Ask
A$18.00 / A$18.12
Market Cap
A$3.68 Bil
Volume/Avg
542,403 / 572,207

Key Statistics

Price/Earnings (Normalized)
39.31
Price/Sales
64.25
Dividend Yield (Trailing)
2.29%
Dividend Yield (Forward)
2.29%
Total Yield
2.29%

Company Profile

Pinnacle Investment Management Group is an Australia-based multi-affiliate investment management firm. The principal activities of the firm are equity, seed capital and working capital, and providing distribution services, business support, and responsible entity services to a network of boutique asset managers, termed as "affiliates." Apart from deriving revenue from its services, Pinnacle also earns a share of profits from its affiliates via holding equity interests in them. The business is growing rapidly with number of boutiques and FUM growing to 15 and around AUD 110 billion in June 2024, respectively, from seven and AUD 23 billion in December 2016.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Growth
Total Number of Employees
118
Website
https://www.pinnacleinvestment.com

Competitors

Valuation

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Metric
PNI
PTM
PPT
Price/Earnings (Normalized)
 39.3112.089.36
Price/Book Value
 7.972.041.15
Price/Sales
 64.253.581.57
Price/Cash Flow
 37.789.686.91
Price/Earnings
PNI
PTM
PPT

Financial Strength

Metric
PNI
PTM
PPT
Quick Ratio
 ——0.36
Current Ratio
 ——0.52
Interest Coverage
 ——−5.78
Quick Ratio
PNI
PTM
PPT

Profitability

Metric
PNI
PTM
PPT
Return on Assets (Normalized)
 16.21%12.80%5.54%
Return on Equity (Normalized)
 20.92%14.00%9.71%
Return on Invested Capital (Normalized)
 ——7.88%
Return on Assets
PNI
PTM
PPT

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