Why fund managers say Count trades too cheaply for its growth
Count has built one of Australia's largest advice networks through the Diverger and Oracle Advisory Group acquisitions, but still trades on a single-digit earnings multiple.
31 May 2026 · 6 min read
In short
Count has grown into one of Australia's largest advice firms with around $40 billion in funds under advice, following its merger with Diverger.
The company's underlying NPATA rose 33% to $9.2 million in its most recent half, putting it on track for a $20 million full-year result while trading below 10 times earnings.
Count acquired Oracle Advisory Group, forecast to generate around $10 million EBITA in FY26, funded through debt and a roughly $41 million capital raise.
Accounting and wealth advice group Count has grown into one of Australia's largest advice firms following its merger with Diverger, with DMX Asset Management's August 2025 Monthly Report detailing around $40 billion in funds under advice and a top-20 accounting firm position, alongside high-margin education, compliance and IT services sold back into that network of accountants and advisers.
A vertically integrated network trading on a single-digit multiple
DMX Asset Management's report detailed the scale of FY25's improvement: revenue growth of 28%, EBITA growth of 67% and NPATA growth of 84%, with FY26 revenue likely to exceed $150 million generating more than $16 million of NPATA, implying a modest 10 times price-to-earnings multiple on the company's roughly $170 million market cap at the time. Monash Investors' own August 2025 report drew a pointed contrast with more richly-valued peers, noting Count traded around 12 times forward earnings while market darling Generation Development Group traded on 40-50 times earnings, arguing the premium multiples applied to the higher-quality end of the small-cap set pose a real risk to their likely future returns.
Count is a high-quality business with a large growth opportunity in a fragmented and disrupted industry yet still trades at a very low multiple relative to peers leaving meaningful upside and future performance.
— Ryder Capital, Quarterly Report, September 2025
DMX Asset Management's February 2026 Monthly Report detailed continued momentum with underlying NPATA up 33% to $9.2 million for the half, putting the company on track for a $20 million full-year NPATA result while still trading below 10 times earnings, helped by funds under management growth of 49% to $5.3 billion following the transition of around $900 million in portfolios. Ryder Capital's March 2026 Quarterly Report detailed the company's next major growth step: the acquisition of Oracle Advisory Group, a complementary accounting and wealth management business, funded through a mix of debt and a roughly $41 million capital raise supported by new institutional investors including existing shareholder HUB24, which expanded its ownership through the raise.
What managers are watching next
DMX Asset Management's March 2026 report detailed the Oracle Group acquisition terms directly: the target generated $26.4 million in net revenue and $8.6 million EBITA in FY25, forecast to grow to approximately $10 million EBITA in FY26, in a deal expected to be double-digit earnings-per-share accretive at what the manager considered a fair multiple. With Count's market value having grown to well over $200 million and now trading around 10 times earnings with broadening institutional interest and improved liquidity, DMX views the stock as ripe for a meaningful re-rate, even as Ryder Capital's May 2026 report noted the stock continues to trade significantly below its assessment of intrinsic value.
Questions
How did Count build its scale in financial advice?
Count grew into one of Australia's largest advice firms through its merger with Diverger, followed by the acquisition of Oracle Advisory Group, building a network with around $40 billion in funds under advice, management or administration.
Why do fund managers say Count is undervalued?
Monash Investors contrasts Count's roughly 10-12 times earnings multiple with much richer valuations, such as Generation Development Group's 40-50 times earnings, arguing Count offers comparable or better quality at a fraction of the price.
What is Count's Oracle Advisory Group acquisition?
Count acquired Oracle Advisory Group, a financial advice, accounting and investment management business with 14 offices generating $26.4 million in net revenue and $8.6 million EBITA in FY25, funded through debt and a roughly $41 million capital raise.
4 managers, 16 comments, with each manager's latest recorded position.
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