Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$1.35, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 9x in the Consumer Finance industry in Australia. Total returns to shareholders of 65% over the past three years. New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$142.8m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.6% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (AU$142.8m market cap, or US$99.9m). Declared Dividend • Feb 21
First half dividend of AU$0.035 announced Dividend of AU$0.035 is the same as last year. Ex-date: 25th February 2026 Payment date: 5th March 2026 Dividend yield will be 5.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.6% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$1.27, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 10x in the Consumer Finance industry in Australia. Total returns to shareholders of 48% over the past three years. 공시 • Oct 20
FSA Group Limited, Annual General Meeting, Nov 20, 2025 FSA Group Limited, Annual General Meeting, Nov 20, 2025. Location: level 13, 1 oxford street, darlinghurst nsw 2010 Australia Declared Dividend • Aug 16
Final dividend of AU$0.035 announced Dividend of AU$0.035 is the same as last year. Ex-date: 20th August 2025 Payment date: 28th August 2025 Dividend yield will be 6.9%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 10% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.4% EPS decline seen over the last 5 years. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to AU$0.79. The fair value is estimated to be AU$1.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Earnings per share has declined by 34%. Declared Dividend • Feb 27
First half dividend of AU$0.035 announced Dividend of AU$0.035 is the same as last year. Ex-date: 3rd March 2025 Payment date: 11th March 2025 Dividend yield will be 7.6%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is well covered by cash flows (48% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. 공시 • Oct 17
FSA Group Limited, Annual General Meeting, Nov 22, 2024 FSA Group Limited, Annual General Meeting, Nov 22, 2024. Location: level 13, 1 oxford street, darlinghurst nsw 2010, Australia Declared Dividend • Aug 28
Final dividend of AU$0.035 announced Dividend of AU$0.035 is the same as last year. Ex-date: 30th August 2024 Payment date: 9th September 2024 Dividend yield will be 7.6%, which is higher than the industry average of 5.7%. Sustainability & Growth The dividend has increased over the past 10 years. However, payments have been volatile during that time. 공시 • Aug 26
FSA Group Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2024, Payable on September 9,2024 FSA Group Limited announced an ordinary dividend of AUD 0.035 per share for the six months ended June 30, 2024. The payment date is September 9, 2024, ex-date is August 30, 2024. Record date is September 2, 2024. Declared Dividend • Mar 02
First half dividend of AU$0.035 announced Dividend of AU$0.035 is the same as last year. Ex-date: 7th March 2024 Payment date: 15th March 2024 Dividend yield will be 7.2%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is well covered by cash flows (49% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 3.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (104% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (AU$114.7m market cap, or US$74.5m). Buy Or Sell Opportunity • Jan 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to AU$0.95. The fair value is estimated to be AU$1.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 8.6%. Buying Opportunity • Jan 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be AU$1.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 8.6%. Buying Opportunity • Dec 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be AU$1.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 8.6%. Buying Opportunity • Oct 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be AU$1.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 8.6%. 공시 • Aug 19
FSA Group Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2023, Payment Date Is August 31, 2023 FSA Group Limited announced an ordinary dividend of AUD 0.035 per share for the six months ended June 30, 2023. The payment date is August 31, 2023, ex-date is August 23, 2023. Record date is August 24, 2023. 공시 • Aug 18
FSA Group Limited, Annual General Meeting, Nov 24, 2023 FSA Group Limited, Annual General Meeting, Nov 24, 2023, at 14:00 E. Australia Standard Time. Location: Sydney Sydney Australia Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. CFO, Company Secretary & Director Cellina Chen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Oct 19
FSA Group Limited Appoints Cellina Z. Chen as Director FSA Group Limited announced the appointment of Cellina Z. Chen as Director. Date of appointment is 17 October 2022. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be AU$1.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Earnings per share has grown by 8.8%. 공시 • Aug 12
FSA Group Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2022, Payable on August 30, 2022 FSA Group Limited announced an ordinary dividend of AUD 0.035 per share for the six months ended June 30, 2022. The payment date is August 30, 2022, ex-date is August 17, 2022. Record date is August 18, 2022. Buying Opportunity • Jul 12
Now 21% undervalued Over the last 90 days, the stock is up 1.8%. The fair value is estimated to be AU$1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 13%. Buying Opportunity • Jun 06
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be AU$1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 13%. Buying Opportunity • May 09
Now 21% undervalued Over the last 90 days, the stock is up 8.5%. The fair value is estimated to be AU$1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 13%. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Chairman David Bower was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 04
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be AU$1.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 13%. 공시 • Feb 17
FSA Group Limited Announces Dividend for the Six Months Ended December 31, 2021, Payable on March 10, 2022 FSA Group Limited announced dividend of AUD 0.03500000 per share for the six months ended December 31, 2021. Ex Date is February 23, 2022. Record Date is February 24, 2022. Payment Date is March 10, 2022.FSA Group Limited announced dividend of AUD 0.03000000 per share for the six months ended December 31, 2020. Ex Date is February 11, 2021. Record Date is February 12, 2021. Payment Date is February 26, 2021. Buying Opportunity • Feb 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be AU$1.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15% per annum over the last 3 years. Is New 90 Day High Low • Nov 27
New 90-day high: AU$1.15 The company is up 13% from its price of AU$1.01 on 26 August 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is down 12% over the same period. 