UNPAT is 7% higher than the previous record high first half in FY22 (market sell off and price reductions took their toll in FY23).
Stock is down 30% since then however (was c$8.20 post 1H FY22 result).
Jan 24 Spot FUM and FUA is also about 7% higher than the 1H FY24 average suggesting more upside to annualised UNPAT even in the absence of further flows (which while they have slowed are still positive which is better than can be said for PPS and many peers).
Back of the envelope I have this thing trading barely over c10x annualised UNPAT (if apply a 10% increase for higher FUM/FUA levels vs. 1H24 UNPAT of $8.22m vs a market cap of $184m).
Surely due a decent bounce from here.
FID Price at posting:
$5.85 Sentiment: Buy Disclosure: Held
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