First Impression: Perpetual (PPT) FY16 Result

Underlying EBITDA at $208m, 2.0% ahead of our $204m estimate. The key difference in our figures is a beat in Perpetual Investments, where the performance fees in the Equities asset class increased the margin from 81bps in 1H16 to 85bps 2H16). Further there was a one-off $2.5m revenue item in Cash and Fixed Income, which is explained by PPT as such “the increase in revenue was primarily due to one-off revenue of $2.5m from the closure of an internal fund”. | Divisional EBITDA: Perpetual Investments down 8% to $124.9 vs our estimate of $117m; Perpetual Private down 5% to $47.5m - little below our estimate of $49m; Corporate Trust - up 11% $40.6m- largely in line with our estiamte of $40m.