I was lead to believe that shadforths was the most upmarket member of the group, but where did you see that they make all the unpat?
I saw it mentioned in a Dec 2018 article from the Intelligent Investor (see link below) that Shadforth generated a profit of 59m$ in FY16; that doesn’t sound unreasonable, after a pre-acquisition profit of 36m$ (2014) and after the synergies realised over a two-year period.
https://www.intelligentinvestor.com.au/closing-the-door-on-ioof-1900686
So, even if the contribution from Shadforth was 20% lower in FY19 than it was in FY16 (which I think is a very conservative assumption), it would still represent more than 80% of the 58.2m$ FY19 UNPAT reported for the Advice business.
I was lead to believe that shadforths was the most upmarket...
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