March quarter funds under administration on the platform were $35.6bn, up 62% and supported by the Xplore acquisition. Net flows were up 11% and well ahead of expectations.
For what is normally a weak quarter seasonally this was a strong set of numbers, Credit Suisse asserts, not assisted by one-offs. Flows are expected to strengthen into the fourth quarter. Credit Suisse reiterates an Outperform rating and $27.70 target.
Sector: Diversified Financials.
Target price is $27.70.Current Price is $23.64. Difference: $4.06 – (brackets indicate current price is over target). If HUB meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
