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Definitive Analysis

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Fiducian Group Ltd (FID.AX)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$55.23 - $211.76$158.18
Multi-Stage$27.02 - $29.51$28.25
Blended Fair Value$93.21
Current Price$9.75
Upside856.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS13.59%16.56%0.430.360.270.290.240.230.220.180.140.11
YoY Growth--18.96%33.09%-7.48%23.67%4.38%3.97%23.19%27.20%28.77%16.70%
Dividend Yield--4.40%4.79%4.66%4.02%3.54%4.54%4.19%3.81%3.41%4.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)33.61
(-) Cash Dividends Paid (M)24.95
(=) Cash Retained (M)8.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.724.202.52
Cash Retained (M)8.668.668.66
(-) Cash Required (M)-6.72-4.20-2.52
(=) Excess Retained (M)1.944.466.14
(/) Shares Outstanding (M)31.5631.5631.56
(=) Excess Retained per Share0.060.140.19
LTM Dividend per Share0.790.790.79
(+) Excess Retained per Share0.060.140.19
(=) Adjusted Dividend0.850.930.98
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate5.50%6.50%7.50%
Fair Value$55.23$158.18$211.76
Upside / Downside466.42%1,522.34%2,071.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)33.6135.7938.1240.6043.2446.0547.43
Payout Ratio74.24%77.39%80.54%83.69%86.85%90.00%92.50%
Projected Dividends (M)24.9527.7030.7033.9837.5541.4443.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)25.6125.8626.10
Year 2 PV (M)26.2526.7527.26
Year 3 PV (M)26.8727.6428.42
Year 4 PV (M)27.4528.5129.60
Year 5 PV (M)28.0229.3730.78
PV of Terminal Value (M)718.67753.38789.42
Equity Value (M)852.88891.51931.58
Shares Outstanding (M)31.5631.5631.56
Fair Value$27.02$28.25$29.51
Upside / Downside177.14%189.69%202.71%

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