PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI)
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PNI

PNI - PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 4.53
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$19.67

21 Oct
2025

0.380

OPEN

$19.70

1.97%

HIGH

$19.93

2,113,985

LOW

$19.33

TARGET
$24.233 23.2% upside
Franking for last dividend paid out: 88%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PPS . PPT . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
PNI: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 63.2 68.3 xxx
DPS (cps) xxx 60.0 60.8 xxx
EPS Growth xxx 38.0% 8.0% xxx
DPS Growth xxx 42.9% 1.3% xxx
PE Ratio xxx N/A 29.5 xxx
Dividend Yield xxx N/A 3.0% xxx
Div Pay Ratio(%) xxx 94.9% 89.1% xxx

Dividend yield today if purchased 3 years ago: 7.53%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.98

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 02/09 - ex-div 26.40c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx63.2
DPS All xxxxxxxxxxxxxxx60.0
Sales/Revenue xxxxxxxxxxxxxxx77.8 M
Book Value Per Share xxxxxxxxxxxxxxx428.5
Net Operating Cash Flow xxxxxxxxxxxxxxx124.3 M
Net Profit Margin xxxxxxxxxxxxxxx172.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx19.56 %
Return on Invested Capital xxxxxxxxxxxxxxx16.91 %
Return on Assets xxxxxxxxxxxxxxx16.35 %
Return on Equity xxxxxxxxxxxxxxx19.56 %
Return on Total Capital xxxxxxxxxxxxxxx2.77 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-1.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx108 M
Total Debt xxxxxxxxxxxxxxx110 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx27 M
Price To Book Value xxxxxxxxxxxxxxx4.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx0.3 M
Capex % of Sales xxxxxxxxxxxxxxx0.42 %
Cost of Goods Sold xxxxxxxxxxxxxxx2 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx53 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx437 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xx-xxxxxxxxxx xx xxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

07/08/2025

2

Downgrade to Accumulate from Buy

$26.30

33.71%

Morgans downgrades Pinnacle Investment Management to Accumulate from Buy, with the stock viewed as richly priced at current levels.

Like other brokers, Morgans pointed to Life Cycle as the standout from FY25 results, with the affiliate receiving inflows of around $14bn in 2H25 and group funds under management rising 15.4% for the second half to $179.4bn.

Inflows for 2H25 were $16.4bn, comprised of $10.2bn in 4Q25 compared to $6.2bn in 1Q25, with retail $3.2bn, international $4bn, and domestic institutional $9.2bn.

Morgans raises its EPS estimates by 2.6% for FY26 and 2.2% for FY27, with net profit growth largely underpinned by Life Cycle revenue contribution.

Target price is raised to $26.30 from $23.80, with expansion offshore viewed as early in its cycle.

FORECAST
Morgans forecasts a full year FY26 dividend of 64.00 cents and EPS of 71.00 cents.
Morgans forecasts a full year FY27 dividend of 75.00 cents and EPS of 82.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

17/09/2025

2

Overweight

$25.40

29.13%

Jarden does not view the recent Lonsec downgrade of Metrics' funds and Macquarie Group ((MQG)) halting new superannuation investments on its Wrap platform as fundamentally undermining the investment thesis for Pinnacle Investment Management.

The announcements pose headwinds with risks to retail and wholesale flows, the analyst highlights, although the Metrics Master Income Trust ((MXT)) and the Direct Income Fund are still rated "recommended", the second highest investment rating possible.

Metrics represents circa 14% of Pinnacle's total FUM and around 12% of organic FUM growth in FY25.

Jarden estimates circa $3.5-$4bn of net flows for Metrics in FY25, or 15% of the group, with 15% derived from retail. The analyst estimates a circa -1% impact to FY26 net profit after tax for every -$1.5bn of less flow to Metrics over the period.

No change to Overweight rating and $25.40 target.

FORECAST
Jarden forecasts a full year FY26 dividend of 71.30 cents and EPS of 69.40 cents.
Jarden forecasts a full year FY27 dividend of 82.30 cents and EPS of 80.10 cents.
Access Extra Coverage Research History >

PNI STOCK CHART

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