Useful report - a lot of good info.
My criticisms:
- they don't use UNAPTA - even though the cash for customer books has already gone out the door (and the dividend policy is based on this, so a better reflection of FCF).
- They haven't adjusted their dividends to reflect payout ratio from UNPATA
(They just paid 18.2c for 1H. It's unlikely they only pay 12c for 2H24)
Nevertheless, they do a great job of pointing out advisory tailwinds.
Thanks for posting @Ivanovich
Fiducian Stock Analysis, page-3
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