You can come up with all sorts of ranges depending if you value it as a sum of parts, a simple PE, or look further and consider what someone may pay for control.
Just this morning we have a bid for HUB that values it at $145m.
HUB has $1.7b on their wrap platform and yes it is growing that number much faster than FID which has $1.2b on their platform.
HUB acquired an advice business in Sept last year with $2.65b FUA. FID has $1.7b FUA
HUB has no funds management arm. FID's Funds management side of the business has $1.4b FUM. In some ways this is double counting, as a large part of the FUA would also be in the FUM, but it represents another level of fees.
HUB is still moving towards positive EBITDA. FID had FY15 underlying EBITDA of $8m.
FID's market cap is $71m, HUB's is $135m but is growing revenue faster.
Just a rough exercise to show what FID could be worth to an acquirer...potentially double it's current share price.
The Overhang Part 5 Elimination Party ?, page-17
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Last
$7.45 |
Change
-0.020(0.27%) |
Mkt cap ! $234.5M | |||
| Open | High | Low | Value | Volume |
| $7.48 | $7.51 | $7.45 | $113.4K | 15.20K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1010 | $7.45 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.50 | 3415 | 2 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FID (ASX) Chart |