FID 2.53% $7.31 fiducian group limited

Agreed with all of this. Also consider that net cash is ~$22m at...

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    Agreed with all of this. Also consider that net cash is ~$22m at the moment. EV = $164m

    Even if they just repeat the $8.1m PAT for 2H (they'll do much better judging by FUAdm, FUM and staffing numbers), you'll end up at $16.3m UNPAT.
    9-10x EV/FCF is basically the current pricing.

    Given historical performance, that seems insane to me.
 
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