Stock PTM PLATINUM INVESTMENT MANAGEMENT LIMITED
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Financials Platinum Investment Management Limited

Equities

PTM

AU000000PTM6

Investment Management & Fund Operators

Market Closed - Australian S.E.
Other stock markets
 07:10:42 26/04/2024 BST 		5-day change 1st Jan Change
1.07 AUD -5.31% Intraday chart for Platinum Investment Management Limited +0.47% -19.55%
04-08 Platinum Investment Management's Managed Funds Decline as of End-March MT
03-18 Platinum Investment Management Limited(ASX:PTM) dropped from FTSE All-World Index CI

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,829 2,169 2,845 1,008 999.5 604 - -
Enterprise Value (EV) 1 2,716 2,023 2,709 835.8 816.7 443.5 442.6 442.6
P/E ratio 17.9 x 13.9 x 17.5 x 9.98 x 12.4 x 10.3 x 11.6 x 12.5 x
Yield 5.57% 6.43% 4.89% 9.77% 8.05% 10.1% 8.37% 8.13%
Capitalization / Revenue 9.58 x 7.61 x 10.6 x 3.99 x 4.93 x 3.43 x 3.98 x 4.07 x
EV / Revenue 9.2 x 7.1 x 10.1 x 3.31 x 4.03 x 2.52 x 2.92 x 2.98 x
EV / EBITDA 12.4 x 9.53 x 11.4 x 4.92 x 7.77 x 5.42 x 6.42 x 7.07 x
EV / FCF 16.5 x 14.4 x 19.3 x 6.83 x 9.84 x 6.39 x 8.33 x 9.52 x
FCF Yield 6.07% 6.94% 5.19% 14.6% 10.2% 15.7% 12% 10.5%
Price to Book 8.82 x 6.91 x 8.31 x 3.08 x 3.05 x 1.94 x 1.93 x 1.93 x
Nbr of stocks (in thousands) 583,207 581,583 579,482 579,222 574,406 564,478 - -
Reference price 2 4.850 3.730 4.910 1.740 1.740 1.070 1.070 1.070
Announcement Date 20/08/19 26/08/20 25/08/21 24/08/22 23/08/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 295.2 285 269.2 252.7 202.7 176.1 151.8 148.4
EBITDA 1 219.5 212.2 237.1 169.8 105.2 81.88 68.9 62.57
EBIT 1 218.8 208.4 233.9 146.9 116.9 78.96 65.6 60.45
Operating Margin 74.11% 73.14% 86.86% 58.13% 57.67% 44.83% 43.22% 40.73%
Earnings before Tax (EBT) 1 222.9 220.8 234.2 146.7 116.8 93.26 76.14 71.81
Net income 1 157.7 155.6 163.3 101.5 80.85 59.88 54.22 51
Net margin 53.4% 54.6% 60.64% 40.17% 39.89% 34% 35.73% 34.36%
EPS 2 0.2703 0.2676 0.2800 0.1743 0.1399 0.1036 0.0923 0.0859
Free Cash Flow 1 165 140.4 140.5 122.4 82.99 69.44 53.14 46.47
FCF margin 55.88% 49.28% 52.17% 48.46% 40.95% 39.43% 35.01% 31.31%
FCF Conversion (EBITDA) 75.14% 66.17% 59.25% 72.1% 78.92% 84.81% 77.12% 74.27%
FCF Conversion (Net income) 104.64% 90.24% 86.04% 120.64% 102.65% 115.96% 98% 91.13%
Dividend per Share 2 0.2700 0.2400 0.2400 0.1700 0.1400 0.1080 0.0896 0.0870
Announcement Date 20/08/19 26/08/20 25/08/21 24/08/22 23/08/23 - - -
1AUD in Million2AUD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S2 2025 S1 2025 S2 2026 S1 2026 S2
Net sales 1 153.6 140.1 130.9 138.3 133.6 119.1 99.26 103.4 84.27 77.16 75.2 73.72 -
EBITDA 1 106.8 105.4 95.55 106.4 92.12 77.69 52.61 52.55 36.8 36.8 38.2 - -
EBIT 1 104.3 104.1 93.35 104.8 90.67 61.33 54.11 62.76 24.66 30.06 33.41 31.89 -
Operating Margin 67.9% 74.34% 71.29% 75.8% 67.87% 51.51% 54.52% 60.7% 29.27% 38.96% 44.43% 43.25% -
Earnings before Tax (EBT) 1 113 107.8 129.3 104.9 85.46 61.26 54.05 62.72 41.43 36.5 41.71 37.23 37.7
Net income 1 79.1 76.54 90.42 72.84 59.97 41.52 37.56 43.29 21.34 31.6 32.9 30.5 -
Net margin 51.5% 54.64% 69.06% 52.67% 44.88% 34.88% 37.84% 41.87% 25.32% 40.95% 43.75% 41.37% -
EPS 2 0.1360 0.1316 0.1550 0.1250 0.1036 0.0717 0.0643 0.0756 0.0337 0.0420 0.0480 0.0400 -
Dividend per Share 2 0.1300 0.1100 0.1200 0.1200 0.1000 0.0700 0.0700 0.0700 0.0400 0.0450 0.0500 0.0500 -
Announcement Date 21/02/20 26/08/20 23/02/21 25/08/21 23/02/22 24/08/22 22/02/23 23/08/23 - - - - -
1AUD in Million2AUD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 113 146 136 172 183 160 161 161
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 165 140 140 122 83 69.4 53.1 46.5
ROE (net income / shareholders' equity) 48% 48.6% 49.4% 30.5% 24.8% 19% 16.8% 15.6%
ROA (Net income/ Total Assets) 39.9% 44.5% 44.3% 27.7% 23.1% 18.9% 16% 16.7%
Assets 1 394.7 349.7 368.8 366 350.3 316.5 339.6 306.3
Book Value Per Share 2 0.5500 0.5400 0.5900 0.5600 0.5700 0.5500 0.5500 0.5500
Cash Flow per Share 2 0.2900 0.2500 0.2400 0.2100 0.1400 0.1300 0.1000 0.0900
Capex 1 1.37 2.26 0.04 0.22 0.36 1.17 1.46 1.61
Capex / Sales 0.46% 0.79% 0.02% 0.09% 0.18% 0.66% 0.96% 1.08%
Announcement Date 20/08/19 26/08/20 25/08/21 24/08/22 23/08/23 - - -
1AUD in Million2AUD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Platinum Investment Management Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
10
Last Close Price
1.07 AUD
Average target price
1.101 AUD
Spread / Average Target
+2.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Wealth Management
  1. Stock Market
  2. Equities
  3. PTM Stock
  4. Financials Platinum Investment Management Limited