2336 GMT - The share-price rise that followed Perpetual's 1Q update shows how sensitive the stock is to any small change to investors' perception of value, Bell Potter analyst Marcus Barnard says. Retaining his sum-of-parts valuation methodology, Barnard tells clients in a note that he still expects Perpetual's sale of its wealth management and corporate trust businesses to KKR to proceed for the previously agreed A$2.175 billion. That's despite units showing improved funds under management in 1Q. Barnard values Perpetual's asset-management business at 6.5 times Ebitda. Its target price falls 10% to A$24.76 but Bell Potter keeps a buy rating on the stock, which is up 1.1% at A$20.79. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 20, 2024 19:36 ET (23:36 GMT)
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