GQG Partners Inc (GQG) is an investment boutique that manages global and emerging market equities for institutions, advisors, and individuals worldwide.
“GQG Partners Inc (GQG) reported a strong and in-line financial year 2023 result, with management fees up16.8%; operating profit up 15.7%; and net profit after tax (NPAT) up 18.7%. The second half of 2023 earnings were up 19.7% half on half,” Raymond said.
GQG’s investment performance has been solid/strong across all strategies.
“This supports flows, which have commenced strongly (US$2.9 billion CY to-date vs US$2.2 billion pcp).
“Recent funds under management (FUM) growth provides near-term earnings growth visibility. “Starting FUM is up18% on average for financial year 2023; current FUM is approximately 30% above.
“GQG still has meaningful growth based on the current fund offerings; with the longer-term requiring effective management of the eventual CIO transition and adding new growth avenues to the business.
“We view the recent re-rate as warranted and valuation still attractive (approx.11.5x FY24 PE).
“We maintain an Add,” Raymond said.
GQG Partners Inc (GQG)
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