FID fiducian group limited

Ann: Half Yearly Results and Financial Report (incl Appendix 4D), page-5

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    FUM at $6.776M now if you add Jan update and take $206M not assimilated onto the platform yet.    Full year would look notlook as impressive growth wise as last year but will be a solid result nevertheless given the state ofthe markets.Expecting full year eps UNPAT will come in at  36/37 eps….10% eps growth on 2017. On FY 2019 conservative multiple of 14 gives a $5.20 valuation.  Wildcard is acquisition ramp up with the FUM chunks acquired getting bigger , note the $233M FUM acquired in December. 

 
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