PLATINUM ASSET MANAGEMENT LIMITED (PTM)
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PTM

PTM - PLATINUM ASSET MANAGEMENT LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 0.16
Index: ASX300 | ALL-ORDS

Platinum Asset Management is an Australian fund manager focussing on international equity investments. It has been listed since 2007. Founder Kerr Neilson, sometimes referred to as the Australian Warren Buffett, officially left the business in August 2020.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.55

24 Mar
2025

-0.010

OPEN

$0.55

-1.79%

HIGH

$0.56

3,213,948

LOW

$0.55

TARGET
$0.635 15.5% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PTM: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 8.0 6.4 xxx
DPS (cps) xxx 10.0 24.3 xxx
EPS Growth xxx - 43.6% - 19.5% xxx
DPS Growth xxx - 28.6% 100.0% xxx
PE Ratio xxx N/A 8.9 xxx
Dividend Yield xxx N/A 42.5% xxx
Div Pay Ratio(%) xxx 125.8% 378.9% xxx

Dividend yield today if purchased 3 years ago: 4.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 17.54

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: 12/12 - ex-div 20c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx8.0
DPS All xxxxxxxxxxxxxxx10.0
Sales/Revenue xxxxxxxxxxxxxxx185.6 M
Book Value Per Share xxxxxxxxxxxxxxx56.1
Net Operating Cash Flow xxxxxxxxxxxxxxx79.7 M
Net Profit Margin xxxxxxxxxxxxxxx24.25 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx14.01 %
Return on Invested Capital xxxxxxxxxxxxxxx13.76 %
Return on Assets xxxxxxxxxxxxxxx12.81 %
Return on Equity xxxxxxxxxxxxxxx14.01 %
Return on Total Capital xxxxxxxxxxxxxxx22.41 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx4.3 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx11 M
Total Debt xxxxxxxxxxxxxxx12 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx250 M
Price To Book Value xxxxxxxxxxxxxxx1.85

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1.6 M
Capex % of Sales xxxxxxxxxxxxxxx0.86 %
Cost of Goods Sold xxxxxxxxxxxxxxx9 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx102 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx33 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

-0.5

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

26/02/2025

5

Sell

$0.57

3.64%

UBS highlights Platinum Asset Management's appointment of an external CIO to address poor investment performance but sees heightened near-term outflow risk.

The broker notes cost reductions remain key as fund outflows and declining fee revenue persist, with no terminal value beyond 2030 in its valuation.

Statutory NPAT of $15.9m missed UBS/consensus estimates by -38%, mainly due to -$9.6m in turnaround costs, leading to a lower interim dividend of 1.5c vs. 3.8c forecast.

The balance sheet remains strong with $204m in cash and seed capital, though much is tied to regulatory capital and product launches.

UBS reduces FY25/FY26 EPS forecasts by -28%/-7%, reflecting lower fee margins despite ongoing cost initiatives. The company aims for -$25m in expense reductions, with further initiatives likely.

The price target falls to 57c from 63c, implying an 8.5x FY26 P/E, which UBS sees as expensive given the earnings decline. Sell rating retained.

FORECAST
UBS forecasts a full year FY25 dividend of 25.00 cents and EPS of 6.00 cents.
UBS forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.00 cents.
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

Jarden

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

Goldman Sachs

05/03/2025

5

Sell

$0.65

18.18%

Platinum Investment Management's 1H25 net profit after tax came in ahead of estimates, with revenue in line. Expenses declined -18% year-on-year due to headcount reductions and product rationalisation, Goldman Sachs explains.

The analyst notes fund outflows remain a challenge, with retail now making up 83% of total FUM. Management fee margins improved due to a shift away from low-margin institutional mandates. No performance fees were recorded for the period.

Cost savings remain a focus, with -$15m targeted for FY25 and -$5m for FY26, bringing the total reduction to -$25m. The broker highlights capital is being allocated to fund new product launches, limiting further capital management.

Price target reduced to $0.65. Sell rating retained.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 8.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 6.00 cents and EPS of 6.00 cents.
Access Extra Coverage Research History >

PTM STOCK CHART

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