Yesterday saw HUB rally well over +5% making it the second best on ground the day after it paid a relatively small 12.5c fully franked dividend. Last month saw HUB deliver a solid result with revenue coming in at $192.5m up 78% YoY and around 4% better than our expectations. Arguably more importantly they revised down their platform funds under administration (FUA) target by ~4% to $80bn – $89bn by FY24 due to impacts from adverse market movements which is obviously outside of their control and could turn quickly, or of course deteriorate further.
- We liked the HUB result and can see the stock start to outperform the index if / when tech sector enjoys the meaningful recovery which is on our radar.
MM remains long and bullish now targeting ~$30 into Christmas
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