Also need to consider:
- FID is carrying $10m surplus cash
- included in the FY15 NPBT will be $1m+ of amortised client portfolio acquisition costs, which should really be added back
- FY16 will see FID revert to recovering 100% of their superannuation service costs (potentially a $1m pre-tax uplift)
- FID is an amazingly capital light business, with minimal CAPEX requirements
- the new FUA acquisitions will add materially to NPAT over time, as the FUA is rolled into FID products (boosting FUM).
...and notwithstanding all of that, FID is still trading at 10 - 11x.
Also need to consider: - FID is carrying $10m surplus cash -...
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