Platinum Asset Management Ltd

PTM: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.00	Qrl	Kptxybj

Platinum Asset Management Earnings: Outlook Challenging Given Likely Declining Funds

Shaun Ler

Mar 4, 2024

No-moat Platinum is facing earnings contraction due to prolonged relative underperformance, shrinking revenue, and cost growth. First half fiscal 2024’s underlying net profit after tax fell 5% from the previous corresponding period as revenue declined, reflecting lower funds under management. Profitability in the core funds management division has further deteriorated, with net profit margins now at 34%, down from 36% in the PCP and well below 59% around a decade ago.

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