ASX Small and Mid -Cap Conference

PRESENTER

Paul Gre e nwood , CFA

Managing Director, CEO and CIO

20 Se p te m b e r 2023

Dis c la im e r

The inform ation in this p re se ntation is g e ne ral inform ation ab out Pac ific Curre nt Group ('Pac ific Curre nt' or 'PAC') and is c urre nt only at the d ate of this p re se ntation . In p artic ular, this p re se ntation

§ is not an offe r or re c om m e ndation to purc hase or subsc ribe for se c uritie s in Pac ific Curre nt, nor is it an invitation to any pe rson to ac quire se c uritie s in Pac ific Curre nt;

  • is not pe rsonal advic e and doe s not take into ac c ount the pote ntial and c urre nt individual inve stm e nt obje c tive s or the financ ial situation of inve stors; and
  • c ontains inform ation in sum m ary form and doe s not purport to be c om ple te .

Note that the re lationship be twe e n FUM and the e c onom ic be ne fits re c e ive d by Pac ific Curre nt c an vary dram atic ally base d on e ac h boutique 's fe e le ve ls, PAC's owne rship stake s, and the spe c ific

e c onom ic fe ature s of e ac h re lationship . Ac c ordingly, m anage m e nt c autions against sim ple e xtrapolation base d on FUM update s/ tre nds .

Ce rtain state m e nts in this pre se ntation m ay c onstitute 'forward -looking state m e nts .' Forward - looking state m e nts are ne ithe r prom ise s nor guarante e s and involve known and unknown risks, unc e rtaintie s and othe r fac tors whic h m ay c ause ac tual re sults to vary m ate rially from any

proje c tion, future re sults or pe rform anc e e xpre sse d or im plie d by suc h forward -looking state m e nts .

2

FY23 Ove rvie w

Pac ific Curre nt Group (PAC) is a g lob al inve stor in inve stm e nt m anag e m e nt firm s, with stake s in 16 inve stm e nt firm s ac ross the US, Europ e , Australia and Asia .

PAC's boutique s offe r a dive rse range of inve stm e nt produc ts ac ross m ultiple asse t c lasse s, de live ring sustainab le and g rowing m anage m e nt fe e s and signific ant pote ntial for pe rform anc e fe e inc om e . This dive rsific ation re duc e s PAC's re lianc e on e quity m arke t re turns to drive re ve nue s and profits .

Op e ra tio na l Hig hlig hts

  • FUM gre w 16% (21% AUD) to US$136.1b (A$204.3b) in FY23.

Ne t flows have be e n positive for 26 c onse c utive quarte rs

  • Owne rship Adjuste d FUM g re w 9% (13% AUD), from US$12.9b to US$14.1b
  • Inve ste d US$30m in Cordille ra Inve stm e nt Partne rs
  • Sold inte re st in Prote rra Asia (a subsidiary of Prote rra Inve stm e nt Partne rs) for US$8.3m
  • Conside rable progre ss m ade toward se c uring e xte rnal c apital to m anage

Fina nc ia l Hig hlig hts

  • Boutique c ontributions, e x MTM, inc re ase d 2% (10% AUD). Manage m e nt fe e growth of 13% (22% AUD) was partially offse t by a 22% (16% AUD) de c line in pe rform anc e fe e s

§ Corporate re ve nue s de c line d from US$2.9m to US$0 .9m , as

  • a re sult of fe we r produc ts in fundraising m ode

  • NPAT de c line d 11% (4% AUD), large ly due to
    re duc e d c orporate re ve nue s and growth in inte re st e xpe nse
  • Re ve nue s im pac te d by fundraising de lays, whic h pushe d

som e re ve nue s from FY23 to FY24. Profits also im pac te d b y d rawing on de bt fac ility 5 m onths be fore de ploying c apital

  • Divide nd of A$0 .23 pe r share that is 67% franke d
  • PAC's NAV adjuste d for its fair value e stim ate s e xc e e ds statutory book value by A$2.04 pe r share

Lo o king Ahe a d

§ An ac quisition of PAC is possible base d on UBS-le d proc e ss

c urre ntly unde rway. Diffic ult to fore c ast like ly outc om e of this proc e ss at this tim e

  • For FY24, PAC e xpe c ts substantial growth in re ve nue s and profits due to inc re ase d c ontributions from VPC,
    Pe nnybac ke r, IFP, Banne r Oak, GQG and annualisation of Cordille ra inve stm e nt
  • PAC e xpe c ts A$2b - $5b of gross ne w c om m itm e nts in FY24, e x GQG

§ Attrac tive pipe line with at le ast one signific ant inve stm e nt e xpe c te d im m ine ntly

3

FY2 3 Und e rlying Re s ults

Strong growth in m anage m e nt fe e

re ve nue s, partially offse t by de c line in pe rform anc e fe e re ve nue s

FY2 3

FY2 2

FY2 3

FY2 2

Co m m e n ts

(A$ m )

(A$ m )

(US$ m )

(US$ m )

Boutique management fees

39.7

32.5

26.7

23.6

Growth drive n by annualisation of Banne r Oak and GQG, as

we ll as ne w inve stm e nt in Cordille ra

Boutique pe rform anc e fe e s

12.2

14.5

8.2

10 .5

Le d by VPC, SCI, and Roc

Boutique unre alise d MTM

(1.7)

(1.2)

(1.1)

(0 .8)

Non-c ash ite m , prim arily re late d to VPC balanc e she e t

ite m s

Boutiq ue c ontrib utions

50 .2

45.8

33.8

33.3

2.4% growth (10% AUD) e x MTM

Corporate re ve nue

1.3

4.0

0 .9

2.9

Re duc e d c om m ission re ve nue s due to c urre nt fundraising

c yc le s and foc us on raising c apital for PAC to m anage

Corporate ove rhe ads

16.1

14.1

10 .8

10 .2

T&E inc re ase d YoY; FX im pac t to A$ ove rhe ads

Corp o rate c ontrib utio n

(14.8)

(10 .1)

(9 .9)

(7.3)

Und e rlying EBITDA

35.4

35.8

23.9

25.9

Und e rlying NPAT

26 .1

27.1

17.5

19 .7

De bt fac ility inte re st e xpe nse of A$3.2m re duc e d NPAT in

FY23, though tax burde n de c line d

Unde rlying e arnings pe r share

51 c e nts

53 c e nts

34 c e nts

39 c e nts

Divide nds pe r share

38 c e nts

38 c e nts

-

-

Ne t Asse t Value p e r share

$9 .88

$10 .26

$6 .58

$7.08

De c re ase is m ainly re late d to GQG share pric e

m ove m e nt and Ae the r im pairm e nt

Note s: Unde rlying re sults illustrate d in table above are unaudite d and non-IFRS financ ial m e asure s use d by PAC to m anage its busine ss .

For pre se ntation of EBITDA, the prior pe riod c om parative s are adjuste d to e nsure c onsiste nc y.

4

Build ing Va lue fo r Sha re ho ld e rs

NAV vs Fair Value NAV vs Share Pric e (p e r share)

14

11.09

11.15

11.76

11.92

12

10

8.25

8.53

8.30

8.01

8.64

8.40

8.39

AUD

8

7.31

7.32

7.41

6

6.56

6.30

6.16

6.92

4

5.39

5.48

5.81

4.55

2

7.05

8.26

8.04

7.70

8.09

7.59

7.92

10 .31

10 .26

9.93

9.88

-

NAV/ share

FV Inc re m e nt

Share Pric e

  • IFRS re quire s PAC to use a varie ty of ac c ounting tre atm e nts, re sulting in som e asse ts re porte d at fair value in PAC's

statutory ac c ounts, while othe rs are initially re porte d at inve stm e nt c ost and c an only be writte n down but not up

  • Ac c ordingly, PAC's re porte d statutory NAV is signific antly lowe r than its NAV using PAC's fair value e stim ate s . As at 30

June , PAC's fair value adjuste d NAV of A$11.92 pe r share e xc e e ds its statutory NAV by A$2.04 pe r share

§ PAC be lie ve s the re m ay be furthe r upside to its fair value e stim ate s should portfolio c om panie s e ngage in any c orporate transac tion

Affilia te

Fair value (A$m )*

Book value (A$m )

Fair value up lift (A$m )

$144.0m

$80 .4m

$63.6m

$76.0m

$31.0m

$45.0m

$25.6m

$10 .0m

$15.6m

Othe r

$123.3m

$112.7m

$10 .6m

b outiq ue s

Total

A$368.9m

A$234.1m

A$134.8m

Inc re ase to d e fe rre d tax liab ility

($29 .7m )

Ne t fair value uplift

A$105.1m

Ne t fair value uplift pe r share

+A$2.04 per share

*Re fe r to the Unde rstanding Fair Value NAV slide in the Appe ndic e s

5

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Pacific Current Group Ltd. published this content on 20 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2023 22:34:04 UTC.