August 2025

Updating NPAT expectation for FY26 to $20.5 (10% increase) and moving to an EV/NPAT ratio due to high cash.

• NPAT = $20.5
• Target PE = 18
• Cash = $34.9m
• Target MC = $404m
• Target price = $12.80

August 2024

Updating for NPAT expectation of $17m for FY25. 

•  NPAT = $17m
•  Target PE = 18
•  Target MC = $306m
•  Target price = $9.72

April 2024

Started a deep dive on Fiducian Group but valuation is now getting close enough to where I think is on the higher end of fair value so will put Fiducian on the watchlist. Overall, looks like a well run financial services business, returns from funds management over the longer term are very good (relatively). Business has grown revenues and profits steadily over time.

Valuation:

Target PE = 18

NPAT estimate = $15mil

Target MC = $270mil

Valuation = $8.58 per share