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