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Pacific Current Group Ltd
(Sydney:PAC)
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Rating:63Neutral
Price Target:
AU$12.50
▲(12.61% Upside)
Action:Downgraded
Date:08/28/26
The score is driven primarily by mixed financial performance: strong balance sheet positioning and generally positive cash generation are outweighed by highly volatile earnings and a FY2026 downturn. Technicals add modest support with a mild uptrend and neutral momentum. Valuation is constrained by losses (negative P/E) despite a solid dividend yield, while the earnings call is moderately positive due to disciplined capital management and cost actions but tempered by declining underlying income/NPAT and FUM.
Positive Factors
Debt elimination strengthens financial flexibility
Eliminating senior secured debt materially reduces financial risk and recurring interest costs. The stronger capital structure gives PAC greater flexibility to support investee managers, fund opportunities, and return capital through dividends or buybacks.
Negative Factors
Underlying earnings base has contracted sharply
The sharp decline in underlying NPAT and income indicates reduced recurring earnings power after boutique realizations and portfolio reshaping. Unless replacement investments scale successfully, lower operating income may constrain future distributions and internal reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt elimination strengthens financial flexibility
Eliminating senior secured debt materially reduces financial risk and recurring interest costs. The stronger capital structure gives PAC greater flexibility to support investee managers, fund opportunities, and return capital through dividends or buybacks.
Read all positive factors
Pacific Current Group Ltd (PAC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$319.91M
Dividend Yield3.98%
Average Volume (3M)30.95K
Price to Earnings (P/E)―
Beta (1Y)0.03
Revenue Growth-88.55%
EPS Growth-104.51%
CountryAU
Employees5
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.03
Shares Outstanding27,939,648
10 Day Avg. Volume21,385
30 Day Avg. Volume30,952
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.82
Price to Sales (P/S)46.63
P/FCF Ratio30.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.53
Revenue Forecast (FY)AU$21.00M
Pacific Current Group Ltd Business Overview & Revenue Model
Company Description
Pacific Current Group Limited is a global multi-boutique asset management company that oversees investments for a diverse clientele, including both institutional and individual investors. Headquartered in Melbourne, Australia, the firm was rebrand...
How the Company Makes Money
PAC’s earnings are primarily tied to the economics of its ownership interests in fund management businesses and the performance of those investments. Key ways it makes money typically include: (1) share of recurring management and advisory fee inc...
Pacific Current Group Ltd Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: strong execution on capital management (debt elimination, buybacks, dividend increase, cost cuts), improved balance sheet metrics and multi-year NAV performance contrast with materially lower underlying income and NPAT, a reduction in funds under management and greater earnings concentration in interest income. The company has launched a strategic review and received an indicative proposal, indicating proactive steps to bridge the valuation gap and pursue options to unlock shareholder value.Positive Updates
Dividend Increase and Franking
Declared total dividends of AUD 0.48 per share for FY'26, a 12% increase versus the prior period, and including the first franked dividend since 2023 (final partially franked to 17.5%).
Negative Updates
Underlying NPAT and Income Declines
Underlying net profit after tax was AUD 14.8 million, down 43% from AUD 26.0 million in the prior period. Total underlying income fell 48% to AUD 25.1 million, reflecting boutique realizations and reshaped earnings base.
Read all updates
Q4-2026 Updates
Positive
Negative
Dividend Increase and Franking
Declared total dividends of AUD 0.48 per share for FY'26, a 12% increase versus the prior period, and including the first franked dividend since 2023 (final partially franked to 17.5%).
Read all positive updates
Company Guidance
Management guided FY'27 to preserve capital optionality, continue returning capital to shareholders (dividends and on‑market buybacks), target further material expense reduction and sharpen the operating model while a strategic review runs; materially both interest expense and investment‑management fees are expected to roll off entirely in FY'27 following debt repayment and the GQG agreement conclusion. Key metrics underpinning that guidance: FY'26 underlying NPAT of AUD 14.8m (underlying income AUD 25.1m), interest income AUD 16.8m (67% of underlying income), total overheads down 41% to AUD 9.4m, interest expense down to AUD 2.6m (from AUD 6.7m), underlying EPS AUD 0.502 (‑10%) on a 36.8% reduction in weighted average shares, strong cash conversion with underlying pretax cash earnings AUD 14.4m (91% of underlying PBT), total dividends AUD 0.48 per share (interim AUD 0.20 fully franked, final AUD 0.28 franked 17.5%), fair‑value NAV AUD 16.18/share (up 4% YoY; compounded >14% p.a. over 5 years from AUD 8.39), funds under management AUD 26.4bn (from AUD 30bn), cash and short‑term deposits AUD 157.7m (up AUD 19.8m), corporate net assets up AUD 274.9m to ~AUD 419.2m, fair‑value net assets AUD 452m, liabilities down 89% to AUD 8.6m, and buybacks of >2.2m shares for AUD 22.9m (shares on issue down 7% to 27.9m).Pacific Current Group Ltd Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.71M | 128.14M | 104.72M | 44.51M | 43.56M |
| Gross Profit | 15.71M | 122.98M | 101.86M | 40.66M | 40.29M |
| EBITDA | -14.68M | 113.52M | 172.13M | -5.04M | -49.19M |
| Net Income | -1.50M | 58.16M | 110.08M | -15.79M | -35.27M |
Balance Sheet | |||||
| Total Assets | 404.89M | 523.42M | 727.88M | 612.38M | 608.97M |
| Cash, Cash Equivalents and Short-Term Investments | 157.66M | 137.89M | 343.32M | 23.20M | 34.89M |
| Total Debt | 0.00 | 62.09M | 64.01M | 45.62M | 1.43M |
| Total Liabilities | 14.83M | 78.76M | 128.82M | 102.15M | 82.25M |
| Stockholders Equity | 390.06M | 444.66M | 599.06M | 509.52M | 524.81M |
Cash Flow | |||||
| Free Cash Flow | 12.27M | 20.20M | -2.37M | 19.18M | 23.19M |
| Operating Cash Flow | 12.27M | 20.21M | 20.61M | 21.82M | 23.47M |
| Investing Cash Flow | 85.04M | 206.34M | 63.47M | -55.12M | 4.76M |
| Financing Cash Flow | -98.02M | -284.46M | -10.46M | 22.10M | -23.18M |
Pacific Current Group Ltd Technical Analysis
Neutral
11.10
Price Trends
11.47
Negative
11.06
Positive
10.51
Positive
Market Momentum
0.05
Positive
47.21
Neutral
68.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PAC, the sentiment is Neutral. The current price of 11.1 is below the 20-day moving average (MA) of 11.54, below the 50-day MA of 11.47, and above the 200-day MA of 10.51, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 68.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:PAC.
Pacific Current Group Ltd Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$3.23B | 18.28 | 14.31% | 5.99% | -17.31% | -45.44% | |
71 Outperform | AU$2.25B | 25.11 | -1.00% | 6.01% | -16.00% | ― | |
70 Outperform | AU$4.09B | 22.41 | 16.92% | 3.60% | 22.38% | 22.74% | |
69 Neutral | AU$3.46B | 20.96 | 49.77% | 0.92% | 586.06% | 463.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | AU$319.91M | -8.38 | -12.50% | 4.26% | -88.55% | -104.51% |
* Financial Sector Average
AU:PAC
Pacific Current Group Ltd
11.81
1.25
11.79%
AU:MFG
Magellan Financial Group Ltd
9.50
-0.39
-3.97%
AU:PPT
Perpetual Limited
20.23
0.11
0.56%
AU:L1G
Platinum Asset Management Ltd
1.31
0.51
63.53%
AU:PNI
Pinnacle Investment Management Group Limited
17.53
-3.02
-14.68%
Pacific Current Group Ltd Corporate Events
Pacific Current pauses on-market share buy-back program
Aug 27, 2026
Pacific Current Group has notified the market of changes to its on-market share buy-back, which relates to its ordinary fully paid shares listed under the ASX code PAC. The company, an investment management and funds platform operator, uses capita...
Pacific Current Group lodges 2026 governance statement with ASX
Aug 27, 2026
Pacific Current Group Limited has released its 2026 Corporate Governance Statement and accompanying Appendix 4G, meeting Australian Securities Exchange requirements for governance disclosure for the year ended 30 June 2026. The statement, approved...
Pacific Current warns on FUM extrapolation in FY26 results update
Aug 26, 2026
Pacific Current Group has released a FY26 results presentation dated 27 August 2026, outlining its financial year performance and reinforcing that the material is for general information only. The company highlights that funds under management do ...
Pacific Current swings to loss but maintains dividends amid revenue slump
Aug 26, 2026
Pacific Current Group Ltd has reported a sharp deterioration in its financial performance for the year ended 30 June 2026, with revenue from ordinary activities falling to $15.0 million from $41.5 million, a decline of nearly 64%. The group swung ...
Pacific Current launches strategic review after River Capital proposal
Aug 26, 2026
Pacific Current Group has launched a strategic review to explore options to maximise shareholder value, following its transition to a portfolio owner and a period of asset realisations and capital returns. The review will assess pathways to improv...
Pacific Current Group Sets Investor Call for 2026 Full‑Year Results
Aug 24, 2026
Pacific Current Group Limited, a multi‑boutique asset manager with investments in seven specialist firms worldwide, leverages capital, distribution networks and operational support to grow its partners’ businesses and enhance returns f...
Pacific Current Cancels Shares Following On-Market Buy-Back
Jul 9, 2026
Pacific Current Group Ltd has cancelled 51,995 ordinary fully paid shares following an on-market buy-back completed on 3 July 2026. The reduction in issued capital reflects the company’s ongoing capital management strategy, which may enhance...
Pacific Current Updates ASX on Ongoing On-Market Share Buy-Back
Jul 1, 2026
Pacific Current Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares, trading under the code PAC. The update confirms that as of July 1, 2026, the c...
Pacific Current Updates ASX on Progress of On‑Market Share Buy-Back
Jun 25, 2026
Pacific Current Group Ltd has issued an updated notification to the ASX regarding its ongoing on‑market share buy-back program for its fully paid ordinary shares. The company reported that it has repurchased a cumulative total of 2,188,537 s...
Pacific Current Updates Daily On-Market Share Buy-Back Activity
Jun 24, 2026
Pacific Current Group Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares under the code PAC. The latest update records a cumulative total of 2,179,577 shares re...
Pacific Current Continues On-Market Share Buy-Back Program
Jun 23, 2026
Pacific Current Group Ltd has issued an updated notification on its ongoing on-market share buy-back program for its ordinary fully paid shares listed under the ASX code PAC. The latest filing, dated 24 June 2026, confirms that the company repurch...
Pacific Current Continues On‑Market Share Buy‑Back Program
Jun 22, 2026
Pacific Current Group has continued its on‑market share buy‑back program, reporting that it repurchased 7,561 ordinary fully paid shares on the previous trading day, bringing the cumulative total bought back to 2,164,486 shares. The on...
Pacific Current Cancels 215,426 Shares in On-Market Buy-Back
Jun 22, 2026
Pacific Current Group Ltd has cancelled 215,426 ordinary fully paid shares as part of an on-market buy-back completed on June 19, 2026. The reduction in issued capital reflects the company’s ongoing capital management strategy, which can enh...
Pacific Current Continues On-Market Share Buy-Back Program
Jun 16, 2026
Pacific Current Group Ltd has continued its on-market share buy-back program, reporting that it has repurchased a total of 2,161,903 ordinary fully paid shares prior to the latest trading day and an additional 313 shares on the previous day. The d...
Pacific Current continues on‑market buy‑back with daily share repurchases
Jun 4, 2026
Pacific Current Group Ltd, listed on the ASX under ticker PAC, is an investment management firm that primarily partners with and invests in boutique asset managers. Its business model centres on generating long-term value for shareholders through ...
Pacific Current Reports Daily Progress on Ongoing Share Buy-Back
Jun 3, 2026
Pacific Current Group Ltd, the ASX-listed investment management firm trading under ticker PAC, continues to manage its capital structure through an on-market share buy-back of its ordinary fully paid shares. The company has an established program ...
Pacific Current Continues On-Market Share Buy-Back With Daily Updates
Jun 2, 2026
Pacific Current Group Ltd has continued its on-market share buy-back program, disclosing an updated daily notification for the repurchase of its ordinary fully paid shares. The company reported that a total of 1,930,301 securities had been bought ...
Pacific Current Updates Daily On-Market Share Buy-Back Activity
Jun 1, 2026
Pacific Current Group Ltd, the ASX-listed investment management firm trading under ticker PAC, has ordinary fully paid shares as its primary listed security. The company continues to use on-market share buy-backs as a capital management tool, whic...
Pacific Current Tightens Governance With Updated Securities Trading Policy
Jun 1, 2026
Pacific Current Group Limited has formalised a comprehensive securities trading policy that governs how its directors, employees, contractors and certain related parties may deal in the company’s securities and those of other listed entities...
Pacific Current lifts capacity under on‑market share buyback
Jun 1, 2026
Pacific Current Group has updated its on-market share buyback program for its ordinary fully paid shares, increasing the maximum number of securities it is permitted to repurchase. The revised authorization, which amends a buyback first notified i...
Pacific Current steps up on‑market buy-back with daily share repurchases
May 31, 2026
Pacific Current Group Ltd, the ASX-listed investment manager trading under ticker PAC, continues to deploy an on-market buy-back program targeting its ordinary fully paid shares as part of its broader capital management strategy. The company has a...
Pacific Current Reports Daily Progress on On-Market Share Buy-Back
May 28, 2026
Pacific Current Group Ltd has continued its on-market share buy-back program for its ordinary fully paid shares, reporting that it repurchased 33,055 shares on the previous trading day. This brings the total number of shares bought back under the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.