FID 1.20% $7.61 fiducian group limited

Ann: Fiducian (FID) Investor Presentation H1 2023-24 Results, page-12

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    I would have thought given the excellent track record, offset to some degree by the cyclical nature of the FUM, would warrant a P/UNPAT of about 15x? On that basis something along the lines of $8.10. If you want to then also consider the cash balance then that is worth another $0.60, which makes me about $0.20 more bullish than @madamswer
 
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