Perennial Partners is a house of specialist investment teams that partners with investment professionals to pursue investment outcomes in segments where active management can add value.

Perennial Partners

Atlanta Capital Management Company LLC is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Atlanta Capital

Mesa West Capital is a commercial real estate portfolio lender specializing in providing non-recourse first mortgage loans for core/core-plus, value-add and transitional properties throughout the United States. The firm has been active since 2004.

Mesa West Capital

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. This segment also provides sales and trading services, such as sales, financing, prime brokerage, and market-making services in equity and fixed income products consisting of foreign exchange and commodities; corporate and commercial real estate loans, which provides secured lending facilities and financing for sales and trading customers, and asset-backed and mortgage lending; and wealth management services, investment, and research services. The Wealth Management segment offers financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services to individual investors and small to medium-sized businesses and institutions. The Investment Management segment provides equity, fixed income, liquidity, and alternative/other products to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, and third-party fund sponsors and corporations through institutional and intermediary channels. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.

Vikram Raju

Vincent Lupo

Dean G. Witter

Harold Stanley

Richard S. Reynolds

Henry Sturgis Morgan

Morgan Stanley

Investment Management

Perennial Better Future

Perennial Partners | 3,457 followers on LinkedIn. Talented teams, great opportunities. | Perennial Partners is a house of specialist investment teams. We partner with outstanding investment people pursuing great investment outcomes in segments where active management can add meaningful value.

Uncovering great investment opportunities requires talent and focus.

Portfolio Manager at Perennial Value Management

Julian Guido

Portfolio Manager and Legal Principal

James McQueen

Portfolio Manager - Future of Healthcare Fund

Victor Windeyer

Events Manager at Perennial Partners

Emma Hudson

Perennial Partners is pleased that it has been recognised as a Responsible Investment Leader by Responsible Investment Association Australasia (RIAA) for the fifth consecutive year. We are proud to be in the top 20% of investment managers in the research universe as Responsible Investment Leaders. Read more about the announcement: https://lnkd.in/e4GdcjAN #RIAA #RIleaders #ESGinvesting

We are pleased to announce the appointment of Karl Linder who has joined our distribution team as Regional Manager – Southern States Karl brings over 20 years of industry experience, we are excited to have him on board to support our clients and further growth aspirations across these key regions. Please join us in welcoming Karl to the Perennial Distribution Team.

Portfolio Manager, Stephen Bruce , provides a market update and discusses the performance of the Perennial Value Australian Shares Trust for the month of September. https://lnkd.in/g4ua2wWF

We are excited to be participating again at The Inside Network 's Alternatives Symposium at the Hunter Valley on 18 and 19 November. Portfolio Manager, Victor Windeyer , will be presenting on the Future of Healthcare and global listed and unlisted opportunities in this sector. Please click on the below link to register for this event: https://lnkd.in/gC2kJb3Y #futureofhealthcare #alternatives #symposium

We are pleased to have won the Venture Capital – Expansion / Growth Stage Investment of the Year Award at the Australian Investment Council Awards last week for our investment in InstantScripts ! A great recognition for the hard work of our Private Investments team! Congratulations Brendan Lyons , Karen Chan , James McQueen , Andrew Smith , David Muller , Will O'Connell ! Please click the below link for the full list of winners. https://lnkd.in/e34RiJ3D #privateinvestment #privatetopublic #VC

Portfolio Manager, Sam Berridge , provides a market update and discusses the performance of the Perennial Strategic Natural Resources Trust for the month of July. https://lnkd.in/gRPZ3Dyr

We are pleased to announce that as a long term supporter we will be back at the Financial Advice Association Australia (FAAA) Congress this year! We look forward to catching up with and meeting new talented advisers at the #PowerUP Congress.

We finished our Future of Healthcare Fund roadshow in Adelaide today. It was great to see a full house in every city and even better to see such an engage and interested crowd! Well done to Victor Windeyer and Sam Walker, CFA, GAICD on delivering a great presentation! To find out more about the Future of Healthcare Fund, please visit: https://lnkd.in/grM7Ru7j (open to wholesale investors only) #futureofhealthcare #globalknowledgelocaltalent

No better way to kick off our Future of Healthcare Fund roadshow than with a full house in Sydney! Well done to Victor Windeyer and Sam Walker, CFA, GAICD on preparing a great presentation! To find out more about the Future of Healthcare Fund, please visit: https://lnkd.in/grM7Ru7j (open to wholesale investors only) #futureofhealthcare #globalknowledgelocaltalent

Andrew Smith and his team are excited about the coming years in small caps after early signs of a recovery. He spoke to The Australian Financial Review 's Sarah Jones about the Perennial Value Smaller Companies Trust and why he is bullish for the years ahead. https://lnkd.in/g5_YzKGU #smallcap #reportingseason

Metric
Company Name	Perennial Partners	Atlanta Capital	Mesa West Capital	Morgan Stanley
Symbol				MS
MSH ID	AU:NET:PERENNIAL	COM:ATLCAP	COM:MESAWESTCAPITAL	COM:MORGANSTANLEY
Market	PRIVATE	PRIVATE	PRIVATE	STOCKS
Sector	Financial Services & Finance	Financial Services & Finance	Financial Services & Finance	Financial Services
Industry	Investment Management	Asset Management	Real Estate	Financial - Capital Markets
Country	AU	US	US	US
Stage
Employee Count				80K
Website	perennial.net.au	atlcap.com	mesawestcapital.com	morganstanley.com
LinkedIn	perennial-value-management		mesa-west-capital	morgan-stanley
Founders

Metric
Market Cap			168.14B
Enterprise Value
Monthly Web Traffic	1.35K	995	5.11M
Web Traffic Growth	-0.19	-0.59	-0.06
Valuation
Raised Capital

Metric
Revenue				50.67B
Revenue (LTM)
Revenue (NTM)
Gross Profit				50.67B
EBITDA				15.93B
Operating Income				11.67B
Net Income				9.09B
EPS				5.24
Diluted EPS				5.18
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin				0.77
Operating Profit Margin				0.46
EBITDA Margin				0.31
Net Profit Margin				0.19
Return on Equity				0.11
Return on Assets				0.01
Return on Capital Employed				0.02

NET

AU:NET:PERENNIAL

Perennial Partners

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio				14.26
P/B Ratio				1.41
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio				3.44
EV Multiple				31.12

Metric
Days Sales Outstanding				552.51
Days Payables Outstanding				3.29K
Days Inventory Outstanding
Operating Cycle
Cash Conversion Cycle
Asset Turnover				0.05

Metric
Operating Cash Flow				-33.54B
Free Cash Flow				-36.95B
Cash Flow to Debt
Operating Cash Flow/Sales				-0.23
Free Cash Flow Yield				-0.23

Metric
Cash & Equivalents				58.66B
Accounts Receivable				602M
Inventory				-765.38B
Goodwill				16.71B
Debt to Capitalization				0.80
Debt to Assets				0.22
Current Ratio				0.52
Quick Ratio				1.82

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue				0.04
R&D to Revenue
SG&A to Revenue				0.16