20% Y/Y growth in net flows and outpacing peers – reiterate Buy

研报英文原文证据摘录

20% Y/Y growth in net flows and outpacing peers – reiterate Buy

iQprofile SM HUB24 Limited

Key Income Statement Data (Jun) 2024A 2025A 2026E 2027E 2028E Company Sector

(A$ Millions) Other Financials

Sales 327 407 512 595 690

Associates & Other Revenue 0 0 0 0 0

Operating Expenses (209) (244) (291) (335) (383) Company Description EBITDA 118 162 221 260 307

Depreciation & Amortization (14) (19) (24) (25) (25) HUB24 is a financial services company, primarily operating

EBIT 104 143 197 235 282 in Australia's wealth management industry across their two

Net Interest & Other income (16) (18) (16) (18) (19) key segments - Platforms and Tech Solutions. HUB

Pretax Income 88 125 180 217 263 provides integrated platform, technology and data

Tax (expense) / Benefit (21) (27) (40) (54) (71)

solutions.

Outside Equity interest in Npat NA NA NA NA NA

Preference dividends NA NA NA NA NA

Net Profit b/f Abnormals 68 98 141 162 192

Non-Recurring Items (21) (18) (17) (15) (14) Investment Rationale

Net Income (Reported) 47 80 124 147 178 We have a Buy rating on HUB. We see a very attractive

Key Cash Flow Statement Data earnings growth outlook over the coming years (mid-20s

EBITDA 118 162 221 260 307 EPS CAGR over FY25-28E). We expect this growth to be

Change in Working Capital NA NA NA NA NA underpinned by continued market share gains of advisers

Other C'flow Items before int & tax 0 0 0 0 0 and flows in the Platform business. We see strong top-line

Net Interest Paid 0 0 0 0 0

growth supported by improving operating leverage to

Tax Paid NA NA NA NA NA

Other C'flow from Operations (38) (41) (52) (68) (87) deliver further ROE improvements.

Cash Flow from Operations 80 122 169 191 220

Capital Expenditure (PP&E) (21) (19) (20) (23) (26)

(Acquisition) / Disposal of Investments 0 0 0 0 0