HUB has become more interesting over recent weeks following its 15% pullback from its 2023 high while its valuation has fallen towards the lower end of historical averages, plus we continue to expect the business to maintain market leadership on net flows. HUB recently announced an agreement to acquire 100% of portal provider myprosperity with the logical aim of offering a wider range of services that will help attract and lock in advisers, creating a stickier FUA base and extending the core platform growth runway.
- We continue to expect market leadership for HUB on both net flows and platform functionality, whilst trading 30% below its long-term average multiple it looks interesting into further weakness.
- We exited HUB around $27.70 in early January but would not be adverse to re-entering as better value starts to present itself.
MM is neutral to bullish toward HUB around $26
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