Ann: Third Quarter FY25 Business Update, page-18

Perpetual (ASX: PPT) has seen broad-based buying from 7 unique directors, across 11 separate transactions, totalling $673,846.

The stock experienced a sharp 15% selloff (26-27 Feb) following the release of its half-year FY25 result. The persistent selling pressure plus recent market volatility has dragged the stock down 32% in the past twelve months.

"Although we can understand the sell-off in PPT stock post result, in our view, it leaves the stock looking inexpensive," said Citi analysts in a note dated 27 February.

"However, looking through this, Corporate Trust should be a relatively high multiple business and Wealth Management should attract a price sufficient to allow Perpetual to extinguish much of its debt, even taking tax into account."

Despite the potential value play, the analysts flagged a broad range of risks including:

• Significant one-off costs
• Market scepticism about the company's ability to deliver on cost savings targets
• Gearing is relatively high and could become more "uncomfortable" if the market were to correct significantly.

The recent selloff has dragged Perpetual shares down to levels not seen since 1998.