Pinned valuation:
August 2024
Updating for NPAT expectation of $17m for FY25.
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
The price looks to be dropping after shares were accumulated in the run-up to the FY dividend ex-date.
Valuation is not compelling, but still looks good on a multi-year outlook.