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Count Ltd ASX:CUP

Wealth Management M&A Mining Services Operating Leverage

0 opened or increased1 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 2 reduced. 4 managers in total.

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Opened or increasedHeldReduced or exited Start or end of the position not reported

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202420252026

30 Sep 2023 to today

Commentary Showing 2 of 16

DateManagerActionSummary

30 Sep 2026Ryder CapitalHeldRyder Capital continues to hold Count as a core portfolio position because the financial advice and accounting group delivered a strong FY26 result, with ongoing revenue growth producing record underlying NPAT, and the shares returned 42.2% for the quarter including dividends. The Oracle Advisory Group acquisition, completed in July, adds around $9.1m of baseline EBITA from FY27 and increases scale in wealth. Ryder emphasises that performance is driven by organic growth, reflecting the flywheel benefits of Count's vertically integrated model. Ryder believes recent and proposed tax and trust regulation changes add to structural tailwinds in financial advice, and notes Count has a strong balance sheet for disciplined M&A while trading at around 12x forward P/E.

Wealth ManagementQuarterly Report, price recorded $1.47

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30 Sep 2026Investors Mutual LimitedReducedInvestors Mutual Limited reduced their position in Count Ltd during the September 2026 quarter, taking advantage of share price strength to trim the holding. The share price was approximately $1.47 at the time. The decision reflects the manager's disciplined approach of selling down holdings into price strength. The commentary does not provide further detail on the manager's view of the financial advice and accounting services company's outlook.

Wealth ManagementQuarterly Report, price recorded $1.47

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14 more comments on CUPPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 4 managers first commented on CUP.

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Articles

31 May 2026Count CUP Fund Manager Commentary and Investment Thesis

About Count Ltd

Financials, Professional Services

Count (ASX:CUP), an accounting and wealth management group, has grown through acquisitions that fund managers have supported. In August 2026, DMX Asset Management highlighted impressive momentum, with EBITA up 20% as all three divisions, wealth, accounting equity partnerships and services, delivered strong results. Ryder Capital and DMX both supported a capital raise to fund the acquisition of Oracle Advisory Group, a complementary accounting and wealth business, though Ryder noted Count trades well below its assessment of intrinsic value. Count operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 14 comments from 3 fund managers, including DMX Asset Management and Ryder Capital. Founded in 1980 and headquartered in Sydney, Count provides accounting, financial advice and wealth services through a national network of accounting firms, equity partnerships with practices and a licensee services business for financial advisers.

Market cap: $277m
Price to earnings: 19.0x
Return on equity: 12.3%
Dividend yield: 3.2%
Price to book: 2.03x
Net margin: 9.2%
52-week range: $0.97 to $1.61

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Count Ltd (ASX:CUP)?

Fund managers including DMX Asset Management, Ryder Capital, Monash Investors and Investors Mutual Limited have invested in Count Ltd (ASX:CUP).

What opportunities or catalysts do fund managers highlight for Count Ltd?

DMX highlights 20% EBITA growth across all three divisions and the earnings-accretive Oracle Advisory acquisition, while Ryder believes Count trades significantly below intrinsic value.

What are the key risks to the Count Ltd investment thesis, according to fund managers?

Ryder noted Count was a detractor during a period when it traded well below its assessment of value, and growth through acquisitions carries integration risk.

What does Count Ltd (ASX:CUP) do?

Count Ltd. is a Sydney-based holding company founded in 1980 providing accounting and financial services. It operates through three core segments: Equity Partnerships, Wealth, and Services. The Equity Partnerships division invests in firms offering accounting, audit, assurance, taxation, financial planning, and corporate advisory services. The Wealth segment delivers financial services and investment products via Australian Financial Services License holders. The Services segment provides operational support to the Group’s network of accounting and financial planning firms.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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