Posting just to write down my thoughts.
Whilst it varies, I have FID FUMAA ending at about 11.5bn (fairly sizeable drawdown in FUM in June).
Average FUM throughout the year (June '21 + June '22)/2 = ~11bn
At an estimated $6.8m/$1bn of FUMAA, I get ~75m in revenue.
Net Income (after fees and charges) of 74% = $55.5m
CTI on that of 53% = $29.41m
D&A excl customer amortization is basically 0.
That should leave ~$29m in PBT.
Tax rate of 27.5% = $21m PAT
Current MC = $230m
Cash ~$17m at EOY (guessing, depends on timing of payments, etc)
EV = $213m
Basically trading on 10x EV/FCF from what I can tell. Plenty of room for growth from:
- acquisition of more FUA, then transfering across to management/platform
- recovery across equity/bond markets
- Onboarding external funds onto the platform
Potential loss of earnings from reduction in platform pricing... Unsure how to factor this in as I don't know the pricing structure.
Posting just to write down my thoughts.Whilst it varies, I have...
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Last
$7.55 |
Change
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Mkt cap ! $237.6M | |||
| Open | High | Low | Value | Volume |
| $7.65 | $7.65 | $7.51 | $8.406K | 1.104K |
Buyers (Bids)
| No. | Vol. | Price($) |
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| 1 | 608 | $7.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
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| $7.64 | 3333 | 1 |
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| Last trade - 16.10pm 24/05/2024 (20 minute delay) ? |
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Last
$7.55 |
Change
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| Open | High | Low | Volume | ||
| $7.65 | $7.65 | $7.55 | 200 | ||
| Last updated 15.58pm 24/05/2024 ? | |||||
| FID (ASX) Chart |