Count's Integrated Advice Model Is Finally Getting Noticed

Strong organic growth, the Oracle acquisition and tax changes that send clients looking for advice have lifted the accounting and wealth group, and managers now debate how much of the re-rating is left.

· 3 min read

A flywheel that is starting to spin

Count has moved from an overlooked small cap to a stock the market is actively re-rating, and the fund managers who backed it early say the story is about organic momentum rather than a one-off result. Ryder Capital reported in its September quarterly that the integrated accounting and wealth services group rose 42.2 per cent for the quarter, including dividends, after a strong FY26 result delivered record underlying NPAT. Importantly, Ryder said, business performance is being driven by organic growth, reflecting the flywheel benefits of Count's vertically integrated model.

DMX Asset Management, one of Count's most consistent supporters, said in August that EBITA rose 20 per cent for the year, with all three divisions, wealth, accounting equity partnerships and services, delivering strong growth. Following consistent execution, the integration of Diverger and completion of the Oracle acquisition, DMX said Count is attracting a broader range of investors and enjoying a meaningful re-rate.

Tax changes as a structural tailwind

Managers increasingly frame regulatory change as a demand engine. DMX pointed to the Federal Budget's changes to capital gains tax, discretionary trusts and negative gearing, and to ongoing regulatory complexity creating problems that require advice. “CUP is well positioned to capitalise on this increase in demand for advice – tax, accounting and financial planning,” DMX said. Ryder made the same point, saying recently implemented and proposed tax and trust changes add to already strong tailwinds, and that “we believe Count is well positioned to benefit from a multi-year restructuring of personal and family structures that should support growth in the business.”

We believe Count is well positioned to benefit from a multi-year restructuring of personal and family structures that should support growth in the business.

— Ryder Capital, Quarterly Report, September 2026

Oracle adds scale

The Oracle Advisory Group acquisition, announced in March and completed in July, added meaningful scale. Ryder said it brings a further ~$9.1 million of baseline EBITA from FY27 and increases scale in the wealth segment, while DMX described the deal as double-digit accretive on an earnings per share basis, with immediate upside from cost savings and cross-sell opportunities. Both managers supported the roughly $41 million capital raise that helped fund it, which DMX said also brought new institutional investors to the register alongside key shareholder HUB24, which expanded its stake.

The cross-sell and services opportunity

DMX sees significant runway within the existing network. Only 29 per cent of clients within the Count network use its service offerings, such as outsourced solutions, IT managed services and education products, against a 50 per cent take-up targeted over the next three years. Count's wealth platform is also targeting $10 billion of funds under management, up from $6.6 billion, according to DMX.

ICE Investors, writing in September, highlighted the Services segment, which supports both Count-owned and external businesses with subscription-based professional development, SMSF, actuarial and tax resources, offshoring of repetitive tasks and bespoke IT services. ICE said the business has been rebuilt from the ground up by a management team that has restored credibility, and described services as “a highly scalable offering, with further upside as AI capabilities advance”.

A highly scalable offering, with further upside as AI capabilities advance.

— ICE Investors, Quarterly Report, September 2026

How much re-rating is left

Valuation remains the central debate. Ryder said Count still trades at just 12 times forward earnings and called it a core holding, citing a strong balance sheet to execute a disciplined M&A strategy. DMX noted Count trades on half the multiple of Generation Development Group, which it describes as another well-owned wealth exposure, and expects increasing institutional interest. Even so, both DMX and Investors Mutual Limited have been trimming into strength, with DMX saying it was reducing its position to fund other opportunities.

What managers are watching next

The near-term markers are the bedding down of Oracle, progress toward the 50 per cent services take-up target and the $10 billion funds under management goal, and whether tax changes translate into sustained advice demand. Managers will also watch whether Count continues the disciplined tuck-in acquisitions that DMX says its balance sheet remains able to support.