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Jai Singh

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FY 14 Profit Announcement Due Late August

Last Trade $1.70;


Financial Year 2013 Data


PAT +$3.27Mln.

Amortisation from client portfolios acquisition costs +$438K.

Normalised PAT +$3.7Mln.


Market Cap ~ $52Mln

LT BAnk Debt - Nil

Cash +$9,440

Residual NTA +2,467

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  • 7 years later...

not much on this one .... a slow and steady rise from its 2014 appearance. Was ub $2 and now $9

Fiducian Group Limited (FID), formerly Fiducian Portfolio Services Limited, is an Australian financial services company which operates an Investor Directed Portfolio Service and Managed Discretionary Account service, acting as the Trustee of Fiducian Superannuation Service and acting as the Responsible Entity of Fiducian Funds. They also provide specialist financial planning services, accountancy resource services, administration and professional services.

from the press, a couple of fund managers having a peek under the bonnet:

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


Roger Montgomery ( M.I.M. )  Well, for the reasons your subscriber said it is a hold. If you own it, you do not mind owning it. We live in a post Royal Commission world ... most financial services firms are moving away from vertical integration. I have seen it firsthand 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 has 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.


.... R.M. : Now, some reckon the company does not 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 have 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 would not not buy it for corporate action, but the platform and the multmanager funds management business is very, very attractive, so it is a hold.

James Marlay: Simon are you a buy, hold or sell on Fiducian?


Simon Conn  ( Investors Mutual ) : It is a hold at these current prices. It is trading on over 20 times last year profit. It has been positioned well by Indy Singh and the team. So, really strong founder management, strong investment performance that they have driven out of their multimanager 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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