PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI)
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PNI - PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

FNArena Sector : Wealth Management & Investments

Year End: June

GICS Industry Group : Diversified Financials

Debt/EBITDA: 13.11

Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$20.00 13 Jun 2025	-0.630 OPEN $20.58	-3.05% HIGH $20.65	902,328 LOW $19.64

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$20.00

13 Jun
2025

-0.630

OPEN

$20.58

-3.05%

HIGH

$20.65

902,328

LOW

$19.64

TARGET

$22.80

14.0% upside

Franking for last dividend paid out: 72%

OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDC . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PPS . PPT . PTM . QAL . RPL . RZI . WHF .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	45.8	64.2	xxx
DPS (cps)	xxx	42.0	56.4	xxx
EPS Growth	xxx	16.4%	40.2%	xxx
DPS Growth	xxx	16.7%	34.4%	xxx
PE Ratio	xxx	N/A	31.1	xxx
Dividend Yield	xxx	N/A	2.8%	xxx
Div Pay Ratio(%)	xxx	91.7%	87.9%	xxx

Dividend yield today if purchased 3 years ago: 6.18%

DIVIDEND YIELD CALCULATOR

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	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	45.8
DPS All	xxx	xxx	xxx	xxx	xxx	42.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	56.6 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	235.8
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	76.7 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	159.57 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	20.57 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	16.64 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	15.91 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	20.57 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	1.25 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	5.7 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	2 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	108 M
Total Debt	xxx	xxx	xxx	xxx	xxx	109 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	33 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	6.01

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	0.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.06 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	1 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	48 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	154 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	13/05/2025	1	Outperform	$25.10	25.50%	Macquarie retains an Outperform rating on Pinnacle Investment Management and lowers the target price to $25.10 from $27.37 following a third quarter update. Funds under management (FUM) rose 2.9% to $159.9bn, driven by $6.2bn of net inflows, particularly from retail and international affiliates, observes the broker. While equity market volatility prompted -3% EPS downgrades for FY25 and -7-10% cuts for FY26-30, Pinnacle's investment performance remains robust, in the analyst's opinion. Macquarie highlights 88% of strategies are outperforming benchmarks over five years, around 28% of FUM is eligible to earn performance fees, and over half is at or near high watermark thresholds. Management reiterated confidence in its medium-term outlook, supported by FUM diversification, strong balance sheet flexibility. FORECAST Macquarie forecasts a full year FY25 dividend of 57.30 cents and EPS of 60.70 cents. Macquarie forecasts a full year FY26 dividend of 54.30 cents and EPS of 65.20 cents.
UBS	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

13/05/2025

Outperform

$25.10

25.50%

Macquarie retains an Outperform rating on Pinnacle Investment Management and lowers the target price to $25.10 from $27.37 following a third quarter update.

Funds under management (FUM) rose 2.9% to $159.9bn, driven by $6.2bn of net inflows, particularly from retail and international affiliates, observes the broker.

While equity market volatility prompted -3% EPS downgrades for FY25 and -7-10% cuts for FY26-30, Pinnacle's investment performance remains robust, in the analyst's opinion.

Macquarie highlights 88% of strategies are outperforming benchmarks over five years, around 28% of FUM is eligible to earn performance fees, and over half is at or near high watermark thresholds.

Management reiterated confidence in its medium-term outlook, supported by FUM diversification, strong balance sheet flexibility.

FORECAST
Macquarie forecasts a full year FY25 dividend of 57.30 cents and EPS of 60.70 cents.
Macquarie forecasts a full year FY26 dividend of 54.30 cents and EPS of 65.20 cents.

UBS

xx/xx/xxxx

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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
Jarden	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Wilsons	08/05/2025	1	Overweight	$23.50	17.50%	Pinnacle Investment Management's Q3 update was broadly in line with Wilsons' expectations. The broker notes only $6bn is required in Q4 (market and flows) to hit the broker's FY25 funds under management (FUM) forecast. The broker observes the National Pension Service of Korea is taking a 4.17% stake in Metrics, which it estimates will reduce Pinnacle Investment Management's share of profit from Metrics by -1.46%. Target $23.50. Overweight rating. FORECAST Wilsons forecasts a full year FY25 dividend of 57.00 cents and EPS of 55.50 cents. Wilsons forecasts a full year FY26 dividend of 59.00 cents and EPS of 59.90 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Wilsons

08/05/2025

Overweight

$23.50

17.50%

Pinnacle Investment Management's Q3 update was broadly in line with Wilsons' expectations.

The broker notes only $6bn is required in Q4 (market and flows) to hit the broker's FY25 funds under management (FUM) forecast.

The broker observes the National Pension Service of Korea is taking a 4.17% stake in Metrics, which it estimates will reduce Pinnacle Investment Management's share of profit from Metrics by -1.46%.

Target $23.50. Overweight rating.

FORECAST
Wilsons forecasts a full year FY25 dividend of 57.00 cents and EPS of 55.50 cents.
Wilsons forecasts a full year FY26 dividend of 59.00 cents and EPS of 59.90 cents.

Access Extra Coverage Research History >

PNI STOCK CHART

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Dividend Yield Today On Last Actual Payout :	2.10
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI)
Share Price Analysis and Chart