I'd have to disagree slightly with your assessment gosouth. Stat NPAT is being held back by the rising amount of acquired amortisation, particularly with the larger MyState acquisition that occurred 18 months ago. The acquired FUA can take 2-3 years before a decent portion of the acquired FUA finds its way into FUAdmin and FUM, which is where they make the profit. So they're wearing the amortisation charge from day 1 while earnings take a little while longer to come through.
Plenty of other businesses refer investors to their NPATA and in FID's case I think that is a reasonable thing too. NPATA rose around 4% in FY20 (only adding back acquired amortisation) and given the market fall in H2 20 that is a credible result. So I have it trading at 15x FY20 NPATA. Obviously with the market bounce back I expect better growth this year
FID Price at posting:
$6.13 Sentiment: None Disclosure: Held
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