The timing of Quilter’s listing on the London and Johannesburg stock exchanges later in June could prove a boon for Old Mutual shareholders if the price of peers is any indication. St James’s Place, Quilter’s largest listed competitor, was trading on a one-year forward price-to-earnings multiple of 23 times, said Renier de Bruyn, an investment analyst at Sanlam Private Wealth. A price-to-earnings ratio divides a company’s share price by its earnings per share, indicating the price investors are willing to pay for each rand of a company’s earnings. The higher the multiple, the more investors are willing to pay for the stock, which could indicate that shareholders have high growth expectations for the company. Quilter is the rebranded Old Mutual Wealth, which will be unbundled from the insurance group at the end of June as part of its multiyear managed separation process. Quilter and Old Mutual Limited, which has absorbed Old Mutual Emerging Markets and the group’s majority stake in N...

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