FID - Fiducian Group

[piggybank]

FPS Annual Report to shareholders - 2013

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

 

[Jai Singh]

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.

 

[Jai Singh]

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

 

[System]

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.

 

[rcm617]

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

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.

 

[skc]

Re: FPS - Fiducian Portfolio Services Limited

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.

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.

 

[VSntchr]

Re: FPS - Fiducian Portfolio Services Limited

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.

 

[rcm617]

Re: FPS - Fiducian Portfolio Services Limited

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.

 

[rcm617]

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

 

[rcm617]

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.

 

[rcm617]

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?

 

[skc]

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.

 

[rcm617]

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.

 

[Klogg]

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.

 

[JTLP]

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?

 

[rcm617]

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.

 

[skc]

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.

 

[VSntchr]

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.

 

[rcm617]

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.

 

[rcm617]

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.