Seeking Alpha

Summary

I wrote up Pzena Investment Management (PZN) a couple of months ago where I forecasted at least a 47% upside move in the shares. The shares recently hit that target in less than four months as investors realized how undervalued the shares traded. Today, while the low-hanging fruit of that undervaluation has largely been picked, the company is still not being priced for any future growth in AUM.

2013 Results

The company reported full-year 2013 revenues of $95.8 million, up from $76.3 million the year before, for growth of 25.5%. Fourth-quarter revenue of $28.7 million rose 19.6% from $24 million in the sequential quarter and 49% from the year-ago period. Any way you slice it, they...

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