Board Change • May 20
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). CFO, Company Secretary & Executive Director Cellina Chen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 01
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). CFO, Company Secretary & Executive Director Cellina Chen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • 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 18
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 6.8%, 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. Board Change • Aug 18
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. 3 non-independent directors. CFO, Company Secretary & Executive 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. Duyuru • 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 Board Change • Sep 17
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. 3 non-independent directors. CFO, Company Secretary & Executive 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. 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 7.9%, 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. Duyuru • 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 7.4%, 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). Shares are highly illiquid. 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). Board Change • Feb 23
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. 3 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. Buying Opportunity • Dec 01
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$1.21, 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%. Board Change • Nov 15
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. 3 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. Buying Opportunity • Oct 19
Now 20% undervalued The stock has been flat over the last 90 days. 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%. New Risk • Aug 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (AU$123.8m market cap, or US$79.3m). Duyuru • 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. Duyuru • 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 • Jul 27
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. 3 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. Board Change • May 04
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. 3 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. Board Change • Apr 13
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. 3 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. Board Change • Jan 05
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. 3 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. Board Change • Nov 17
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. Board Change • Oct 26
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. Board Change • Sep 29
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. Board Change • Aug 16
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 • May 14
Now 21% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be AU$1.39, 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. Board Change • Apr 08
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. Board Change • Jan 05
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. Board Change • Nov 10
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. 3 non-independent directors. Non-Executive Chairman David Bower was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
