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Pinnacle Investment Management Group Limited (ASX:PNI) is into the managing of funds. The company has affiliated boutiques, through which, the group offers access to a portfolio of investment managers across a range of complementary investment styles.
On 23 January 2019, the company provided updates to the market related to its half-year results for the six months ended 31 December 2018 wherein the Board intends to announce the audited 1HFY19 performance in late February 2019.
As provided by the company, the net profit after tax from continuing operations for the half year ended 31 December 2018 for the company is expected to be $10.1million, compared with $8.1million in the corresponding prior period, an increase by 24.7% and $23.1million for the 12 months ended 30 June 2018.
Basic earnings per share from continuing operations are expected to be 6.1 cents per share for the half year ended 31 December 2018, compared with 5.0 cents per share in the corresponding prior period and 14.3 cents per share in the 12 months ended 30 June 2018. Diluted earnings per share from continuing operations are expected to be 5.7 cents per share for the half year ended 31 December 2018, as compared to 5.0 cents per share in the corresponding prior period and 13.2 cents per share in the 12 months ended 30 June 2018.
The company conveyed to the shareholders that net profit during the first half of each financial year is typically a smaller proportion of full-year net profit than the second half of the year.
Substantial potential performance fees crystallize on an annual basis and are therefore potentially received in the second half of each financial year, with no accruals recognized in the first half. Also, substantial distribution fees are âsuccessâ related and calculated on an annual basis and therefore potentially received from Affiliates in the second half of each financial year, with no accruals recognized in the first half. Performance fee revenue earned by Affiliates during the half year to 31 December 2018 was only $0.6m, compared with $0.5m on PCP basis and $17.2m on FY18 basis.
The funds under management of the company as at 31 December 2018, from its eleven operating affiliates, stood at $46.7 billion. The company reported an increase in AUM of $8.7 billion or 22.9% during six months from 30 June to 31 December in 2018. In July 2018, $6.8 billion was acquired as FUM. The company had a net fund inflow of $5.0 billion during the six months from 30 June 2018 to 31 December 2018.
The funds grew at a compound annual growth rate of 29.2% p.a. over the last ten years (27.3% excluding Metrics Credit and Omega) and 35.1% p.a. over the last three years (28.6% excluding Metrics Credit and Omega).
Now let us quickly have a look at the Pinnacle Investment Management Group Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at $4.34, a decrease of almost 13.546% during the dayâs trade. It touched a day high of $5.00 and a day low of $4.33, with the open price same as day high price. It has a market capitalization of ~$907.62 million. It has yielded a YTD return of 18.12% and generated a return of 21.84% over the one month. The stock has a 52-week high price of $8.60 and a 52-week low of $3.99 with an average trading volume of 427,332 approximately. The stock is trading at a PE multiple of 34.62x.
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