25% increase on 4cps dividend = 5cps. Approximately $7m NPATAI...

25% increase on 4cps dividend = 5cps. Approximately $7m NPATA
I would also suggest at least another $1m interest income from cash balance (>$30m)

Furthermore, AMP and IFL are losing advisors rather quickly, and a shift of AFSLs within IFL will likely cause more to leave.
DVR are still in the midst of takeover offers, likely their main focus at the moment.

WTL also integrating a rather ordinary acquisition by all accounts.

Sequoia outperforming the market as a whole:
https://wealthdata.com.au/blog-1/financial-adviser-insights-oct26-2023

"Sequoia Group again top the week’s growth for licensee owners with 5 advisers. It appears that a self licensed AFSL, Poynter Hargraves Financial has called time on their AFSL and moved across to Interprac"


Finally, we've hit the trough on advisor counts (from what I can tell), as all requirements for education/experience are now in force. I expect counts to go up slowly from here. And because of this drop in advisors, I also expect advice to cost more. As the Licensee Services division operates on a % of revenue, their take should increase.

I think it's 50/50 for an upgrade on that $7m NPATA before EOFY.