# FID - Fiducian Group



## piggybank (2 January 2014)

FPS Annual Report to shareholders - 2013

http://stocknessmonster.com/news-item?S=FPS&E=ASX&N=763521


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## Jai Singh (16 August 2014)

*FPS - Fiducian Portfolio Services Limited*

Acquisition of $66Mln Funds Under Advice took place in May 14. Existing Funds Under Advice at time of acquisition was reported as $1.275Bln. This represents a 5% increase Funds Under Advice before market revaluation.


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## Jai Singh (16 August 2014)

*Re: FPS - Fiducian Portfolio Services Limited*

Financial Year 2013 Data

PAT +$3.27Mln.

Amortisation from client portfolios acquisition costs +$438K.

Normalised PAT +$3.7Mln.

Market Capitalisation $52Mln

LT Bank Debt - Nil

Cash +$9,440

Residual NTA +2,467


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## System (27 February 2015)

On February 25th, 2015, Fiducian Portfolio Services Limited (FPS) was removed from the ASX's official list following the admission of Fiducian Group Limited (FID), the successor entity of the Company to the official list.


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## rcm617 (27 August 2015)

*Re: FPS - Fiducian Portfolio Services Limited*



Jai Singh said:


> Financial Year 2013 Data
> 
> PAT +$3.27Mln.
> 
> ...




Interesting to compare figures from todays results with these results.
PAT $4.662m 
Amortisation plus restructuring costs $1.126m 
Normalised NPAT  $5.748 
Market Capitalisation  $57m
LT bank debt Nil 
Cash $12.374m
Seems very cheap on these comparisons, with EV hardly changed despite much improved NPAT. Dividend yield of 5.6% full franked.


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## skc (27 August 2015)

*Re: FPS - Fiducian Portfolio Services Limited*



rcm617 said:


> Interesting to compare figures from todays results with these results.
> PAT $4.662m
> Amortisation plus restructuring costs $1.126m
> Normalised NPAT  $5.748
> ...




I have a small holding on this. It has one of the lowest valuation for companies in this space but still has pretty good growth.

Unfortunately the lack of liquidity means building a larger stake is difficult and requires a lot of confidence.


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## VSntchr (27 August 2015)

*Re: FPS - Fiducian Portfolio Services Limited*



skc said:


> I have a small holding on this. It has one of the lowest valuation for companies in this space but still has pretty good growth.
> 
> Unfortunately the lack of liquidity means building a larger stake is difficult and requires a lot of confidence.



One of the advantages of a smaller sized portfolio is that these liquidity issues are less of a factor. I like this one and have a decent chunk in it. Another great result...but there has been a persistent seller(s) around 1.90...so I dont expect fireworks. Good steady growth seems to be the motto for these guys.


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## rcm617 (28 August 2015)

*Re: FPS - Fiducian Portfolio Services Limited*



VSntchr said:


> One of the advantages of a smaller sized portfolio is that these liquidity issues are less of a factor. I like this one and have a decent chunk in it. Another great result...but there has been a persistent seller(s) around 1.90...so I dont expect fireworks. Good steady growth seems to be the motto for these guys.




Looks like he is still active, so doubled up my holding this morning after the great FY results. Seems far to cheap with the low multiples, consistent growth and great forecasts.


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## rcm617 (22 September 2015)

Looks like we might have finally cleared that persistent seller. Will be interesting to see how the stock goes from here.


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## rcm617 (25 November 2015)

rcm617 said:


> Looks like we might have finally cleared that persistent seller. Will be interesting to see how the stock goes from here.




Hit $2.52 today, so about 30% in two months. Still cheap at these prices when compared to some of the other financial stock around. Sellers very sparse on the ground.


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## rcm617 (26 April 2017)

Still growing steadily, according to the quarterly OCF up 42% year to date. Share price steadily improving. Still seems to be under the radar with most investors.
Changed its name to Fiducian Group FID a couple of years ago. Anyone know how to update that here?


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## skc (26 April 2017)

rcm617 said:


> Still growing steadily, according to the quarterly OCF up 42% year to date. Share price steadily improving. Still seems to be under the radar with most investors.
> Changed its name to Fiducian Group FID a couple of years ago. Anyone know how to update that here?




I don't why they are still issuing 4C quarterly. It's reserved for small cash burn start up companies but I guess the transparency is good. 

It's chugging along solidly so happy to hold and see where it might go. 

The thread title has already been changed so not sure what update you are referring to.


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## rcm617 (27 April 2017)

skc said:


> I don't why they are still issuing 4C quarterly. It's reserved for small cash burn start up companies but I guess the transparency is good.
> 
> It's chugging along solidly so happy to hold and see where it might go.
> 
> The thread title has already been changed so not sure what update you are referring to.



Was still under FPS when I posted, so PM'd Joe to change it.
Certainly very solid and should keep growing steadily in the future. Probably the share that gives me least worries in my portfolio.


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## Klogg (27 April 2017)

rcm617 said:


> Was still under FPS when I posted, so PM'd Joe to change it.
> Certainly very solid and should keep growing steadily in the future. Probably the share that gives me least worries in my portfolio.




This one haunts me. I did all the work back when Acorn (I think) were unloading, and there was a parcel of sufficient size at around $2.40. But no, I had to be stubborn and stick to nothing above $2.25...

FID is very well run, and their funds have decent performance from memory. Not to mention they clip the ticket on FUAdmin using their platform, FUAdvice for the financial planners and FUM when you have money managed by them.


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## JTLP (9 June 2017)

Just curious on this one, they seem to outperform a lot of their peers quite easily on the yearly charts (I've looked at EQT, CVW and IFL for example). CVW has performed OK but nowhere near as well as FID.

Any reason why? Are they more prudent than others?


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## rcm617 (9 June 2017)

JTLP said:


> Just curious on this one, they seem to outperform a lot of their peers quite easily on the yearly charts (I've looked at EQT, CVW and IFL for example). CVW has performed OK but nowhere near as well as FID.
> 
> Any reason why? Are they more prudent than others?



Had a quick superficial look at the other three you mentioned, FID has the lowest PE ratio of the four and seems to have the best growth prospects.


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## skc (9 June 2017)

rcm617 said:


> Had a quick superficial look at the other three you mentioned, FID has the lowest PE ratio of the four and seems to have the best growth prospects.




They are also vastly different in size. FID has market cap ~$100m, IFL is 22x bigger. It's easier to grow from a small base. Get 5 new good advisors and that's a meaningful growth for FID, whilst it wouldn't move the dial for IFL.


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## VSntchr (9 June 2017)

The upcoming quarter could be a bit of an outlier for financial planners given some of the legislation around SMSF contributions. 
FID has had some impressive growth in FUM lately, will be interesting to see how their plan plays out over the next few years. 
Given IFL has stated their growth is to come from the wealth/advice segment you'd think that someone like FID would be a clear target, however with Indy Singh owning 33% that might be a bit tricky.


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## rcm617 (29 November 2017)

Has advanced nicely from around $4.00 since the last post to $5.40 now.
Interesting to compare FID with the recently listed NWL, with market caps of $170 million and $1.3 billion respectively. 
Normalised NPAT for the last three years for FID were 5.748, 7.036 and 8.71 million.
For NWL the figures were 9.938, 13.945 and 16.824 million.


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## rcm617 (14 February 2019)

Still growing NPAT by 15 % compared to last HY despite difficult market conditions in the last half year. They also announced last week that their business is unaffected by the RC.


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## rnr (23 February 2019)

Is FID set to bounce back from around the $4.93 - $5.05 range.
The ATH is $5.59.
As a word of caution - Volume is very low (MA15 is just over 30K).


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## Ann (23 February 2019)

Rob, what is FIDs sector?


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## rnr (24 February 2019)

Ann said:


> Rob, what is FIDs sector?




Hi Ann,
Had a bit of a fossick and from what I could gather it is included in the Financials Sector.


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## Ann (24 February 2019)

I am watching the $XXJ closely Rob, it is just under but touching the 200 day SMA. I am thinking if this fails to push above then it may take a few financials down with it. If it gets above and stays above the 200DSMA then it could give some of the financials a bit of a kick up as well, this included.
FID appears to be running pretty hard, it has just fallen back from a double top from August 2018 and it has another double top to overcome from back in November 2017.
The NVI (thank you for the heads-up on this it is awesome!) is certainly looking very good the PVI is looking as though none of the prats want in any more and the Twiggs Money Flow appears to have flattened off a bit, which is interesting with the stock flying high as it is.

I did a very brief bit of FA on this, couldn't find what their actual holdings are with a quick glance but I did find how their various portfolios are doing. I am not great at this stuff but to my uneducated FA eye it looks as though they aren't doing all that well but I may be misreading. I also wonder how their fees for management stack up against a simple ETF.

Results to 31 January 2019

...and a chart


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## rcm617 (18 April 2019)

Reported cashflow for the third Q19 this morning. Revenue and Cashflow tracking about 10% above the first 3 quarters last year. Revenue at $42.388m compared with $37.18 last year and operating cashflow at $7.911m compared with $7.119m last year for the 3 quarters. Small decrease in their growth rate but probably not to bad considering the tough environment in the last six months.


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## rcm617 (9 July 2019)

Seems to be taking off again after consolidating since the lift after HY 19 results. Looking back at the chart over the last few years most of the gains in shareprice seem to be around results time.


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## Porper (9 July 2019)

Thinly traded but the Cup & Handle has triggered...or I should say Cup without Handle...yet.  Target $7.70. Nice risk reward.

I hold.


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## finicky (23 March 2020)

In for another nibble of FID, 1,000 shares @ 3.21
Two directors still solidly buying, including announcements today and Friday.
I am clueless as to how heavy the hit to their funds under admin, advice, and management will be but they'll be around to pick up the pieces (of other funds) sounds like a right comment to me.
The chart's giving no guidance that I can see I must admit, and I suspect lower is possible, just assuaging my need to do something.


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## Smurf1976 (18 August 2020)

Up 14.9% yesterday on a positive news announcement from the company.

Whether the price pulls back or not, it's now near the all time high, remains to be seen but so far, so good.

Disclosure: I've been in and out of this stock several times, currently holding.


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## finicky (26 May 2021)

Here's a nice simple graphic let out in their preso today. Another strong candidate for me in a crash.

2,000 shares held


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## finicky (16 August 2021)

Good FY21 results from FID
A couple of directors bought shares relentlessly in the depths of the 2020 kuflu

Held


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## Dona Ferentes (22 October 2021)

*James Marlay ( Livewire Markets ) : *"Now, Roger, our first stock today is Fiducian Group. It’s a bit of a special one for Livewire’s readers because Ivan, who is one of our regular readers, said it’s been one of the absolute standout dividend stocks in his portfolio over the last seven or eight years. I think it’s been compounding 18 per cent dividend growth since 2013. Are you a *buy, hold or sell *on Fiducian?

*Roger Montgomery ( MIM) :* _"Well, for the reasons your subscriber said it’s a hold. If you own it, you don’t mind owning it. We live in a post-Royal Commission world – most financial services firms are moving away from vertical integration. I’ve seen it first-hand when we are on the road meeting with advisers. And this company appears to be navigating that change pretty well, despite being vertically integrated. Funds under advice are on track to nearly double over the last five years, revenue’s been growing at about 12 per cent over the last four years, and EPS is up 16 per cent a year. So, I can understand why the dividend has been going up at the rate you mentioned, James._
_
"Now, some reckon the company doesn’t have the scale to compete in the industry. But I know the founders of this business and I reckon this is all about relationships. They’ve got a 35 per cent stake in the business; they are clearly passionate, they are clearly aligned with shareholders. And for the same reason, I wouldn’t buy it for corporate action, but the platform and the multi-manager funds management business is very, very attractive, so it’s a hold._

*James Marlay (Livewire Markets ) :* "Simon are you a buy, hold or sell on Fiducian?

*Simon Conn ( Investors Mutual ) :* "_It’s a hold at these current prices. It’s trading on over 20 times last year’s profit. It’s been positioned well by Indy Singh and the team. So, really strong founder management, strong investment performance that they have driven out of their multi-manager business. But a lot of good news is priced in. And I think they have benefited from the dislocation we have seen from the Royal Commission. So maybe going forward, its growth may slow to some extent. Particularly with equity markets being at fairly elevated levels, that always makes you cautious with businesses that are linked to financial markets."_


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## finicky (3 November 2021)

FID picking up a large 'funds under advice' business from a credit union. FID seems well regarded and will likely be an excellent investment in a crash (as long as management are seen buying shares like they did in the Covid crash)

Held


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## finicky (14 February 2022)

Ahead of the pack, this one, FUM *up* $163m for H1FY22

Held
Hold


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## Miner (22 June 2022)

FID - DNH





https://cdn-api.markitdigital.com/a...pdf?access_token=0007jlvxkvOmvRRdEsv08JKB936Q 
$3 B FUM


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## finicky (22 June 2022)

@Miner I don't look at FID much although I am still holding long term the 2,000 shares that I picked up in the March 2020 crash. Good divvy payer. I've just been assuming it's going ok with them. Quite frankly I don't understand the business, I'm a retired fruit-picker and drop-out, some of my employers didn't even pay me super; I just go by basic metrics, the chart and comments from more analytical types.
I see it had a fairly good H1 with eps up 17%
I figure with my crude but workable approach that FID is worth at least 5x book value which is about where it is now. Median ROE over 9 years is 27% (Commsec). This valuation doesn't account for growth though as book value and earnings are on rising trends.
However the crash from the China warfare flu, which has killed many of us, showed us that FID is as vulnerable to market sentiment as the rest.
The chart doesn't have a good appearance with a couple of levels broken where support might have been expected so FID is not currently on my buy list. Definitely a crash buy though. How about you?


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## Miner (22 June 2022)

finicky said:


> @Miner I don't look at FID much although I am still holding long term the 2,000 shares that I picked up in the March 2020 crash. Good divvy payer. I've just been assuming it's going ok with them. Quite frankly I don't understand the business, I'm a retired fruit-picker and drop-out, some of my employers didn't even pay me super; I just go by basic metrics, the chart and comments from more analytical types.
> I see it had a fairly good H1 with eps up 17%
> I figure with my crude but workable approach that FID is worth at least 5x book value which is about where it is now. Median ROE over 9 years is 27% (Commsec). This valuation doesn't account for growth though as book value and earnings are on rising trends.
> However the crash from the China warfare flu, which has killed many of us, showed us that FID is as vulnerable to market sentiment as the rest.
> The chart doesn't have a good appearance with a couple of levels broken where support might have been expected so FID is not currently on my buy list. Definitely a crash buy though. How about you?



Dear @finicky
Simply I am humbled at your simplicity and my salute to you.
I only read about FID on FP and do not hold.
Mate take care and may God bless you. 🙌


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## finicky (12 September 2022)

Fiducian Group only seems around fair value to me, not a bargain. Don't understand why, but today it is going against the general market and down 4%. Today is dividend payment date but the *Ex* dividend date was weeks ago. Would that I'd bought more of these in the past instead of flushing cash down resource specs. Check out the dividend record. Book value increases every year and ROE has not lagged by too much.

Held
Sentiment: Hold


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## finicky (14 October 2022)

Odd behaviour from such a seemingly high quality company lately - 12 month low today @ 6.45 currently. Maybe it's something to do with low liquidity - only 31k shares traded by lunch. One to keep an eye on for value imo after the worst has passed. Sustained high ROE, rising book value every year and weathered the fy20 Wuflu so well.
I still see it as worth at least 5X book value if macro fears are set aside - so $7.50 say?

Hèld


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