PRAEMIUM LIMITED (PPS)
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PPS - PRAEMIUM LIMITED

Year End: June
GICS Industry Group : Software & Services
Debt/EBITDA: 0.11
Index: ALL-ORDS | ALL-TECH

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.475

19 Jul
2024

0.015

OPEN

$0.45

3.26%

HIGH

$0.48

643,317

LOW

$0.45

TARGET
$0.50 5.3% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PPS: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx 3.0 N/A xxx
DPS (cps) xxx 0.0 N/A xxx
EPS Growth xxx - 65.5% N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

0.00

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: 25/07 - ex-div 5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx3.0
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx74.3 M
Book Value Per Share xxxxxxxxxxxxxxx21.5
Net Operating Cash Flow xxxxxxxxxxxxxxx23.4 M
Net Profit Margin xxxxxxxxxxxxxxx20.40 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx14.40 %
Return on Invested Capital xxxxxxxxxxxxxxx13.79 %
Return on Assets xxxxxxxxxxxxxxx10.58 %
Return on Equity xxxxxxxxxxxxxxx14.40 %
Return on Total Capital xxxxxxxxxxxxxxx12.29 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-3.1 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx2 M
Total Debt xxxxxxxxxxxxxxx2 M
Goodwill - Gross xxxxxxxxxxxxxxx48 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx46 M
Price To Book Value xxxxxxxxxxxxxxx3.13

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx8.1 M
Capex % of Sales xxxxxxxxxxxxxxx10.96 %
Cost of Goods Sold xxxxxxxxxxxxxxx50 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx11 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 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

0.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

18/07/2024

3

Downgrade to Hold from Buy

$0.50

5.26%

Praemium’s June Q update was below Ord Minnett's expectations, with the SMA not growing as fast as forecast and Powerwrap experiencing larger outflows.

The SMA platform is not currently providing sufficient momentum to offset outflows from other areas of the business, the broker notes. OneVue and the new investor-directed portfolio service offer growth opportunities, but not in the short term. OneVue needs to be integrated and the new IDPS needs to be launched.

Praemium is unlikely to post material net new business over the next 12 months, Ord Minnett warns. In that context, valuation is likely to remain discounted. Target falls to 50c from 55c, downgrade to Hold from Buy.

EXPERT VIEWS
Display All Commentary

No. Of Recommendations

3
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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Moelis

23/04/2024

1

Buy

$0.67

41.05%

Following "solid" 3Q results for Praemium, Moelis expects the SMA business will continue its strong momentum and notes ongoing transitioning of advisor outflows from Powerwrap are largely factored into the broker's forecasts.

Platform funds under administration (FUA) -ex-OneVue- of $24.3bn rose by 12% year-on-year, with quarterly net flows of $201m. A market movement of $1.1bn in the quarter equated to circa 4.9% of the value of Platform FUA as at December 31 last year.

Management pointed to improved cross-selling from non-custodial virtual managed account (VMA) and virtual managed account  administration services (VMAAS). Also, the successful implementation of new fee schedules was highlighted, effective April 1 this year.

The Buy rating and 67c target are maintained.

FORECAST
Moelis forecasts a full year FY24 dividend of 0.00 cents and EPS of 1.90 cents.
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.20 cents.

Wilsons

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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PPS STOCK CHART