Why do you like Pendal (PDL)?
“Pendal is one of the major fund managers. It reported 3Q21 FUM (funds under management) of $106.7bn. This was up 4.9% on the second quarter and 19.3% on the corresponding quarter in FY20.
“While Group net outflows were A$0.7bn, this included a large (AS1.9bn) cash product outflow in the traditional Pendal business. The international business owned by Pendal (JOHCM) recorded inflows of A$0.8bn, another quarter of stable performance.
“Pendal Australia will record performance fees of A$16.4m, a solid outcome.”
How is it priced?
“Pendal is looking attractive, trading on a PE multiple of 15x forecast FY22 earnings. We continue to see value. Add maintained.”
Pendal (PDL)
Source: Google
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