FID 3.31% $7.50 fiducian group limited

Ann: Appendix 4C quarterly & Update, page-7

  1. 3,565 Posts.
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    FUMAA is higher now than ever, albeit with inflation ramping up some expenses.

    Even so, this has some big tailwinds. As more funds move across from FUAdvice to Platform/Management, GP grows very quickly. Even $150m (5%) on the platform side adds ~$250k GP.
    Similarly, a 3% FUM growth adds ~$300k GP.

    The advice segment should certainly be GP profitable, or at least flat.

    I expect this to trade at 11-12x(ish) UNPAT on a run-rate basis, with reasonable tailwinds from the acquisition and industry in general still to come.

    Last edited by Klogg: 18/05/23
 
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