Moelis’ Shares Up On ASX After Posting 38% Growth In FY18 EBITDA

MOE

Financial Services Group, Moelis Australia Limited (ASX: MOE) has announced the financial results for the full year period ending 31 December 2018. The company delivered significant growth in most of its financial metrics while at the same time it has strengthened the overall business platform and maintained its unique culture.

The underlying EBITDA growth of the company was 38% in FY 2018 which was on the back of record revenue of $136.3 million and growth of the EBITDA margin from 39% to 42%. The company was able to grow its profitability while, at the same time, investing heavily in people and systems to support long-term growth and sustainability. The net profit after tax stood at $39.3 million for FY18, up by 35% compared to FY17 and subsequently, the EPS increased by 12.0% to $0.257 in FY18. 

The asset management business of the company grew assets under management by approximately $800 million supported by the strategy of co-investment. Strong client inflows were achieved with an almost doubling of the number of clients investing in several funds and the listing of Redcape, the first listed fund of the company on ASX. The AUM (Assets Under Management) of the company stood at $3.7 billion for FY18.

On the balance sheet front, at the end of FY18, the company carried strategic & co-investment positions of $284.1 million and net tangible assets of $217.8 million. This included cash of $86.7 million and represented a net tangible asset increase of approximately 15% on the previous corresponding period.  The net assets of the company stood at $240.8 million, including $86.7 million in cash.

The company has announced to pay a fully paid ordinary dividend of AUD 0.08 on 6 March 2019, with the ex-date and record date being 27 February 2019 and 28 February 2019 respectively. Additionally, Julian Biggins, the director of the company has a change of his indirect holding interest in the company. Julian acquired 28,865 shares through Blossom Group Holdings Pty. Limited as trustee for KOM Investment Trust. Although it is difficult to forecast opportunities, the company remains confident that patience can deliver its shareholders attractive returns over the longer term.

On the price-performance front, the stock of Moelis last traded at $5.020 with an increase of 2.658% during the day’s trade and with a market capitalisation of $761.08 million. The stock has generated a negative YTD return of 1.01% and posted returns of -19.17%, 1.88% and 1.45% over the last six months, three months and one-month period respectively. It has a 52-week high price of $6.80 and a 52-week low price of $4.040 with an average trading volume of ~36,561. The stock is trading at a PE multiple of 20.810x.


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