Share Name Share Symbol Market Type Share ISIN Share Description
Premier Asset LSE:PAM London Ordinary Share GB00BZB2KR63 ORD 0.02P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 260.00p 258.00p 262.00p 260.00p 260.00p 260.00p 15,040 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 46.0 11.5 8.5 30.5 275.08

Premier Asset Share Discussion Threads

Showing 26 to 50 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
10/1/2018
15:10
FWIW, I don't have access to the full-text of the report but I got a notification from Research Tree of a Liberum note with the headline "Strong Q1'18 trading update in line with our forecasts"
gsbmba99
10/1/2018
13:06
Hypothetically speaking, if one applied the 32% first quarter dividend YoY growth to last year's total dividend of 8p one would arrive at 10.56p which would be, I believe, very consistent with consensus.
gsbmba99
10/1/2018
10:14
Happy to incite :-) Just looking through spreadsheet again. Net management fee margin was 73.9bps for 9/17. Using average AuM for Q1FY18, net revenue should be about £11.6m. Using full year 9/17 "clean" operating profit margin (operating profit (excl trail commission and amort of acquired intangible assets) divided by management fee less trail commission ie net mangement fee) of 35%, "clean" operating profit should have been in the region of £4.05m.
gsbmba99
10/1/2018
09:03
gsbmba99 - Very helpful. I appreciate your incite. I am happy to hold.
martinthebrave
10/1/2018
08:36
I'm not entirely sure what to make of the divi. It is, after all, +32% on last year which should be encouraging. The divi policy is for three quarterly divis representing approx half and a final representing approx half. So, on a strict interpretation, that leads to 1.65p * 6 = 9.9p. However, last year the strict interpretation led you to project 7.5p and it turned out to be 8p because the final was 4.25p instead of 1.25p*3=3.75p. I'm still encouraged by the divi growth even if it doesn't quite align with broker forecast at the moment. I haven't met the management team but my sense, from reading relatively cautious outlook comments in the middle of this market is that they are being conservative. The AuM growth is good and it should lead, assuming it continues, to good financial performance.
gsbmba99
10/1/2018
08:27
Martin, drawing conclusions on Rev, PBT, EPS is really difficult for PAM on the basis of an AuM update. If you look through the accounts, you'll notice that PAM statutory revenue is inflated by the collection of trail commissions on pre-RDR share class holdings. It's about £5m/year. The trail commissions then get paid out to the brokers as a cost. As a result, there's about £5m coming in and going out that distort the comparisons. Rev growth looks flatter than net revenue growth because trail commissions are reducing over time. Cost growth looks flatter than costs excl trail commissions because trail commissions are reducing. I would tend to focus on YoY growth in AuM (23.8%) as this should drive net revenue growth of 23.8% (assuming no erosion of net revenue margin). With a bit of margin expansion (revenue growth > cost growth), PBT can grow faster than net revenue. Net revenue margin actually increased by a couple of bps in 9/17. For what it's worth, net revenue for Q1FY18 should be about £11.75m using 75bps and average AuM for the period.
gsbmba99
10/1/2018
07:58
gsbmba99 - The performance seems strong but I find this update pretty difficult to compare to forecast Rev, PBT, EPS etc. The f'cast Divi is 10.62p. You are closer to this, do you have any views?
martinthebrave
10/1/2018
07:24
AuM update with first quarter dividend announcement. FYQ118 period end AuM of £6.45bn +23.8% on prior year, an increase of £1.24bn. That £1.24bn derived from £397.1m of market performance and £842.7m of net sales. Net sales of £236.4m is the fourth strongest quarter. In 6 of last 7 quarters, gross sales have exceeded £0.5bn. First quarter divi of 1.65p (ex 1 Feb, pay 2 Mar) a bit less than I had been anticipating. It points to 9.9p using a 1.65p * 6 "formula" though the total divi last year was better than this "formula" would have indicated because the final divi was larger.
gsbmba99
02/1/2018
21:11
Yes, a very strong start to the new year for fund management groups. Markets at all time highs is probably the reason. Nice for me though as fund management groups are my favourite sector by far!
topvest
02/1/2018
16:45
Nice rise today and good to see momentum continuing. I bought in on 6th Dec at 212 after this share popped up on my screen and fundamentals looked good. Nice divi too! Onwards and upwards.
villarich
19/12/2017
21:02
Good to see another shareholder on the board. Good timing. Always nice to get in immediately before a bit of a re-rating. It is, as someone else said previously, remarkably quiet given the 2017 share price performance.
gsbmba99
19/12/2017
19:29
Hi gsbmba99, joined you here on 11th Dec 209p. Very happy so far as my timing for once was to perfection! Appreciate your posts.
martinthebrave
19/12/2017
19:10
PAM fund factsheets (excl listed ITs) have been updated to end November. Sum of fund AuM as at 30 Nov is £5,979.8 as compared to £5,931.3 as at 31 Oct which is +£48.5m or +0.82%. Cumulative increase since 30 Sep is £229.8m or 4%. AuM increased at 16 of 23 funds (Multi-Asset Absolute Return was flat). Looks reasonable in the circumstances. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows.
gsbmba99
30/11/2017
08:36
Results look good. Final dividend 4.25p and total dividend for the FY17 year of 8p are 0.5p better than the 1.25*3*2=7.5p dividend policy would have indicated. Net management fee margin +0.4bps is encouraging. Underlying PBT CAGR of 36.4% since FY15 is very strong, resulting from revenues growing much faster than costs. MIFIDII research costs to be absorbed for all funds (except equity) but not material.
gsbmba99
20/11/2017
12:15
PAM fund factsheets (excl listed ITs) have been updated to end October. Sum of fund AuM as at 31 Oct is £5,931.3 as compared to £5,750.0 as at 30 Sep which is +£181.3m or +3.15%. AuM increased at 22 of 23 funds (Corporate Bond Monthly Income was flat). Looks like a strong month. Strategic High Income Bond looks to have closed some time in August with last reported AuM of £8.9m as at end July. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows.
gsbmba99
10/10/2017
06:58
Q4 trading update out. Q4 AuM of nearly £6.1bn +21.8% YoY. Q4 net sales of £205.2m is the 8th best quarter in the last 5 years. Full year net sales of £747m declined for the second consecutive year. Gross sales have been >£0.5bn each quarter this year which would be really encouraging if it weren't for the level of redemptions. It seems a powerful distribution platform if they could get more of their customers to hold the funds for longer.
gsbmba99
06/10/2017
16:07
Probably people looking forward to 2018 multiples since asset management not reliant on surge of activity immediately prior to period end. I've been experimenting with tracking the month end values of the funds they manage from the fund fact sheets. By my calculations, the fund level AuM was +£121m in Jul and +£76m in Aug to £5.845bn. That's +3.5% since 30 Jun (towards the lower end of annualised growth in the last 15 quarters) but it's during peak holiday period so hopefully September was stronger. Fund level AuM is the sum total of the net assets of each of the funds plus the gross assets of Premier Energy & Water Trust and Acorn Income but excludes third party/segregated mandates (most recently disclosed as £148.7m on 30 Jun 16). Fund level AuM doesn't distinguish between net new money and market performance.
gsbmba99
06/10/2017
14:44
A very quiet board. A nice breakout today.
saucepan
11/7/2017
19:37
Yes, all good.
topvest
11/7/2017
06:34
3rd quarter trading update. Net inflows of £230.8m in calendar Q2. YoY growth in AuM of £1.248bn or 27.2% compared to 30 Jun 16. About equal contributions to 12m AuM growth of net inflows (£636.5m) and investment performance (£611.4m). 17 straight quarters of net inflows. 3 months ending June was 6th highest inflows of the last 17, about 15% below record of £272.7m in calendar Q315. Looks pretty good especially considering that Woodford Income Focus Fund is now about £700m and many of their funds will have competed for assets against him.
gsbmba99
07/7/2017
07:46
Liontrust published their quarterly AuM statement yesterday. "UK Retail net inflows of £177 million, second highest quarterly UK Retail net inflow for over seven years" Sounds like retail inflows were very strong in calendar Q2. Potentially good news for PAM? We should find out shortly.
gsbmba99
24/5/2017
07:24
1H results out (Http://www.investegate.co.uk/premier-am-group-plc--pam-/rns/half-year-results/201705240700090324G/). Adjusted PBT +32.6 on 1H16. Adj. Revenue +14.1% and admin costs +8.1%. PBT margin 28.8% in 1H17 versus 24.8% last year. Looks like they need +30% 2H17 adjusted PBT to hit the £13.95m forecast. AUM entering 2H17 is 21.7% higher than last year so need good inflows and/or operating leverage.
gsbmba99
17/5/2017
10:46
Relatively small but consistent progress being made here. 3 year CAGR (9/13-9/16) of operating profit (pre-exceptional, pre-amortisation) of 37% on current year PE of 13. Seems uncommonly good value relative to other asset managers.
gsbmba99
05/5/2017
05:48
Are there forecasts for 9/19E for Revenue, PBT, EPS, DPS? Or do they just have FY and FY+1 out there?
gsbmba99
26/4/2017
07:09
Nice under the radar stock this. Fantastic margins, little working capital needed means high payouts to shareholders.
spoole5
Chat Pages: 2  1
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