Who are L1 Group Limited's main competitors?

Named competitors: Pinnacle Investment Management (PNI.AX), Magellan Financial Group (MFG.AX), Perpetual (PPT.AX). The cockpit's measured peer set (industry) also includes Shaanxi International Trust (000563.SZ), Zhejiang Orient (600120.SS), Rathbones (RAT.L), ANIMA (ANIM.MI), Pinnacle Investment Management (PNI.AX), GCM Grosvenor (GCMG).

Is L1 Group Limited expensive compared with its peers?

On forward p/e it trades at 22.1× against a peer median of 15.4×, 3rd most expensive of 20 in its peer set.

How has L1 Group Limited stock performed?

Over six months to 6 Nov 2026 the shares returned +5.1% against -6.7% for the median peer; over one year +18.6%.

← CockpitCompetitor Analysis › L1G.AX L1 Group LimitedOpen in the cockpit ↗

L1 Group LimitedL1G.AXCompetitor analysis, valuation and peers

Australia · AUD·Financials›Investment Managers

Australian listed asset manager formed by the 2025/26 merger of Platinum Asset Management and L1 Capital, running equities and alternatives funds.

≈ An Australian boutique asset-management holding companyMomentum strong 77

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$2.19B

US dollars, full cap

Free float

27%

of shares outstanding

$/day

$1.68M

20-day average traded

Fwd P/E

22.1×

forward earnings

ROIC−WACC

n/a

WACC 12.3%

Hurdle

n/a

no reverse DCF

Next earnings

116 days

2 Mar 2027

Close · AUDA$1.25

1D-2.4%

1W+7.3%

1M+6.9%

3M+12.2%

6M+5.1%

YTD+16.9%

1Y+18.6%

ATR %3.7%

52w lowhigh9.1% off high

What L1 Group Limited does

Australian listed asset manager formed by the 2025/26 merger of Platinum Asset Management and L1 Capital, running equities and alternatives funds.

Earns management fees as a share of the funds it runs and performance fees when funds beat their benchmarks, so market levels, fund flows and relative performance all move income. Platinum's international funds and L1's funds, which can short stocks, bring two distinct approaches under one roof.

In one line: An Australian boutique asset-management holding company.

Products and services

Platinum international equity funds
L1 Capital long/short & real assets funds
Listed investment companies

Customers

Retail and wholesale investors
Superannuation funds
Family offices

Where it sits in the supply chain

Asset management
Active equities & alternatives
Listed fund manager

What could go right

Funds-under-management growth from performance
Merger cost synergies

What could go wrong

Active-manager fee/flow pressure
Integration execution risk

Moat: narrow (brand, scale). Established fund brands and track records aid distribution, but performance-driven flows are fickle.

Headquarters: Sydney, Australia · Founded: 2025

Named competitors

Pinnacle Investment Management PNI.AX
Magellan Financial Group MFG.AX
Perpetual PPT.AX

L1 Group Limited at a glance

Size L1 Group Limited (L1G.AX) is an Australia Financials company (Investment Managers) with a market value of $2.19B, the 114th largest of 316 Australia companies the cockpit tracks. Shares closed at A$1.25 on 6 Nov 2026.

Performance Over six months the shares gained 5.1%, against -6.7% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 21 in its peer set.

Growth Revenue grew 586.1% over the last twelve months (peer median +7.6%); the operating margin is 82.4% (peer median 33.4%).

Valuation It trades at 22.1× forward earnings against a peer median of 15.4× (3rd most expensive of 20).

Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: L1 Group Limited against the median of its 20 peers (local-currency closes).

L1 Group Limited financials

Reported figures in AUD; fiscal year ends 2026-06-30. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	A$935M	A$935M	A$172M	A$186M	A$211M
Revenue growth	—	+444%	-7%	-12%	—
Gross profit	A$917M	A$917M	A$168M	A$176M	A$203M
EBITDA	A$778M	A$778M	A$120M	A$77.3M	A$117M
Net income	A$145M	A$145M	A$81.1M	A$45.0M	A$80.9M
Free cash flow	A$379M	A$379M	A$89.6M	A$78.1M	A$90.2M
Capital expenditure	A$3.68M	A$3.68M	A$140,000	A$1.59M	A$363,000
Total debt	n/a	A$16.7M	A$90.0M	A$12.3M	A$3.25M

Quarterly statements and history in the cockpit →

L1 Group Limited competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. L1 Group Limited is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. L1 Group Limited is the large dot.

L1 Group Limited competitors and peer comparison

Head to head with its named competitors (L1G.AX vs PNI.AX vs MFG.AX vs PPT.AX)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
L1 Group Limited L1G.AX	$2.19B	+5%	+586%	82%	22.1×	n/a
Pinnacle Investment Management PNI.AX	$2.54B	+2%	+22%	10%	19.2×	n/a
Magellan Financial MFG.AX	n/a	-11%	n/a	n/a	n/a	n/a
Perpetual PPT.AX	$1.42B	+11%	-16%	10%	12.5×	n/a

How L1 Group Limited compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

L1 Group Limited against its 20 peers (data as of 6 Nov 2026)
Measure	L1G.AX	Peer median	Rank in peer set
1-month return	+6.9%	-2.2%	6th highest of 21
6-month return	+5.1%	-6.7%	5th highest of 21
Distance from 52-week high	-9.1%	-24.1%	2nd highest of 21
Revenue growth (TTM)	+586.1%	+7.6%	highest of 20
Operating margin	82.4%	33.4%	highest of 19
Forward P/E	22.1×	15.4×	3rd most expensive of 20

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
L1 Group Limited L1G.AX	Australia	$2.19B	+5%	+586%	82%	22.1×	n/a	n/a
Shaanxi International Trust 000563.SZ	China	$2.19B	-12%	-15%	60%	n/a	n/a	n/a
Zhejiang Orient 600120.SS	China	$2.22B	-22%	-87%	n/a	15.5×	n/a	n/a
Rathbones RAT.L	United Kingdom	$2.42B	-8%	+5%	26%	9.9×	n/a	n/a
ANIMA ANIM.MI	Italy	$2.42B	-5%	+1%	28%	7.6×	n/a	n/a
Pinnacle Investment Management PNI.AX	Australia	$2.54B	+2%	+22%	10%	19.2×	n/a	n/a
GCM Grosvenor GCMG	United States	$2.57B	+11%	+8%	28%	12.6×	n/a	n/a
Ashmore ASHM.L	United Kingdom	$1.83B	-4%	+2%	62%	28.6×	n/a	n/a
Barrenjoey BJY.AX	Australia	$1.74B	+1%	-17%	25%	15.4×	n/a	n/a
Caida Securities 600906.SS	China	$2.78B	-11%	+10%	36%	19.7×	n/a	n/a
WisdomTree WT	United States	$2.94B	+2%	+45%	40%	15.4×	n/a	n/a
Sprott SII.TO	Canada	$2.96B	-17%	+88%	38%	25.6×	n/a	n/a
AJ Bell AJB.L	United Kingdom	$3.04B	+13%	+19%	42%	19.2×	n/a	n/a
Patria Investments PAX	United States	$1.55B	-23%	+9%	36%	6.8×	n/a	n/a
AllianceBernstein Holding L.P AB	United States	$3.14B	-13%	n/a	n/a	9.6×	n/a	n/a
Antin Infrastructure Partners ANTIN.PA	France	$1.52B	-25%	-12%	48%	13.4×	n/a	n/a
Artisan Partners Asset Management APAM	United States	$3.17B	+3%	+6%	36%	10.6×	n/a	n/a
Acadian Asset Management AAMI	United States	$3.23B	+33%	+25%	27%	15.4×	n/a	n/a
Tikehau Capital SCA TKO.PA	France	$3.24B	-10%	+32%	31%	10.7×	n/a	n/a
JF SmartInvest 9636.HK	Hong Kong	$1.47B	-36%	-23%	-5%	18.8×	n/a	n/a
Quilter QLT.L	United Kingdom	$3.30B	+5%	+191%	3%	15.0×	n/a	n/a

Questions

Who are L1 Group Limited's main competitors?: Named competitors: Pinnacle Investment Management (PNI.AX), Magellan Financial Group (MFG.AX), Perpetual (PPT.AX). The cockpit's measured peer set (industry) also includes Shaanxi International Trust (000563.SZ), Zhejiang Orient (600120.SS), Rathbones (RAT.L), ANIMA (ANIM.MI), Pinnacle Investment Management (PNI.AX), GCM Grosvenor (GCMG).
Is L1 Group Limited expensive compared with its peers?: On forward p/e it trades at 22.1× against a peer median of 15.4×, 3rd most expensive of 20 in its peer set.
How has L1 Group Limited stock performed?: Over six months to 6 Nov 2026 the shares returned +5.1% against -6.7% for the median peer; over one year +18.6%.