PAC 0.00% $6.28 pacific current group limited

BUY BUY BUY. Treasury Group: a baby Perpetual?

  1. 1,816 Posts.
    Have a look! It's capped at around 60M. Their major asset is a 50% stake in Investors Mutual. Funds under management as at 31 March 2002 were 738M. Funds under management a month earlier as at 28 Feb 2002 were 640M... ie an inflow of 100M over the month. The combined inflows over Jan/Feb were $140M which could be split into 60M in Jan and 80M in Feb. There is a clear pattern of accelerating inflows. A former perpeual director (Green) has been appointed as CEO, and seems to have placed his foot on the accelerator. Most funds operations (eg: Perpetual, and the merger between Anz/ING) are valued at 1/10th of total funds under management. Based on the current growth trajectory, it would be reasonable to assume that Investors Mutual will have $2B under management by early 2003, and TRG hold a 50% interest in IM. Thus on based on industry standards, fair value for TRG would be over $100M. Don't forget that IM is starting off a low base, and thus will have faster growth in inflows (on a percentage basis) than existing established players such as Colonial, Perpetual, etc. Jumping on TRG now provides (in my humble opinion) an opportunity to participate in the fastest growing industry in Australia, as a very attractive price. Investors Mutual is a quality product (both their funds have a 5 star rating from Assirt). Compulsory super ensures that the company will continue recieving strong inflows. I've bought for the long term with expectations of EXTRA ORDINARY capial gains over the next few years. Remember: it's better buying bank shares that placing you money in the bank... and this applies even more so to the funds management industry. For proof look at the graph of PPT over the last 5 years. TRG provides an extra ordinary opportunity to participate in extra ordinary gains, at the ground floor. Don't miss this opportunity. IMHO it is a rarely comes along, and is not one to miss.
 
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