Platinum Asset Management: Interim result 2015

This quality fund manager has missed high expectations and, with the stock sharply lower, we're upgrading back to Hold.

The market was hoping for something big from Platinum Asset Management’s latest half-year result, but it didn’t get it and has marked the stock down 16%. In fact, net profit actually fell 4% on a 4% rise in revenue due to an absence of performance fees (down from $24m, or 15% of revenue, in the prior period, thereby almost offsetting the 15% rise in management fees due to higher funds under management), cost increases and an increase in the company’s tax rate from 25% to 28%.

Absence of performance fees offsets rise in management fees

Costs and tax rate higher

Upgrading back to Hold


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