Ann: Fiducian to acquire MyState's financial planning business, page-11

Not sure if they would get to 20x UNPAT , think 17/18 at the max. Agree next year could be 48 cent cash eps. The annualized eps growth over 5 years up to 2018 has been 23% so agree it's deserving of a PE of 20x. Market must be factoring in the risk of a 15% pullback in the market. However the ramping up of the size of their acquisitions to increase their FUM at an ideal time (prices are low) is hedging against the market pullback risk. Worth $8 and agree it will run hard once the stock overhang from what looks like to me a fund selling is cleared.