Impressive turnaround at Perpetual

We have been impressed by the turnaround at Perpetual (PPT) driven by the transformation 2015 program, with the Trust company integration also tracking in line with targets. However, while management appears to have done a good job in simplifying the organisation and restoring focus, we think the low hanging fruit is now largely gone with management needing to prove up PPT’s growth strategy to justify a further re-rating. We re-initiate coverage and with updated views available via the Blog (VIEW LINK)