Outlook: Geared for growth
AFH is delivering its strategy of organic and inorganic growth with H1FY14 on H1FY13 revenue up 50%, administration expenses up 47%, EBITDA up 97% and pre-tax profit up 55%. The cost growth included heavy investment for future growth as well as the impact of historic acquisitions (including intangible amortisation). AFH’s business model is differentiated from other quoted IFAs and its low gearing differentiates it from private equity backed consolidators. We see the shares close to fair value on the existing business with upside from deploying recently raised equity in deals.AFH Financial Group is an independent financial adviser and investment manager. Co.'s segments include Financial Advice and Investment Management and Protection.
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