HUB24 provided another solid quarterly, Citi observes. The was no guidance for FY22 but the broker envisages potential for flows to hit $14bn.
There is also potential for funds under administration guidance in FY23 to be upgraded. The broker observes market share gains accelerated during the first quarter, with flows 8% ahead of estimates.
Adviser additions slowed, yet the broker was not surprised, and adviser additions are still up 56% in the year to date. Buy rating maintained. Target rises to $35.76 from $32.00.
Sector: Diversified Financials.
Target price is $35.76.Current Price is $33.06. Difference: $2.70 – (brackets indicate current price is over target). If HUB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
