Hi kmac, when they acquire other financial planning businesses a lot of the consideration is made up of intangibles ie the price they pay over and above hard assets like cash, equipment etc. Since they made several acquisitions during the year, cash was used off their balance sheet and replaced with intangible assets. While this doesn't affect the calculation of book value which includes in tangibles, it reduces the NTA calculation as there is now less tangible assets on the balance sheet
Solid result, was hoping the acquisitions would contribute a bit more second half but looks like we'll have to wait for this year. I think they may need to clarify what OCF run-rate represents
FID Price at posting:
$3.00 Sentiment: None Disclosure: Held
