PTM now trading at a discount to its peers
I've updated the peer comparison I did six months ago to determine fair value for PTM at the IPO. Average consensus 08PE for the six listed fund managers is 19, PTM trades at 17. I'm not overly surprised PTM has ended up trading at a discount since the performance of its funds has been below par in recent times. Having said that, I still think fair value is $6 - $6.50, trading at a small discount until PTM proves its credentials as a listed fund manager. I also note that the share prices of all the listed fund managers has basically gone nowhere in the past six months.
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