Investment platform provider NWL has struggled through 2021 after their interest margins on deposits took a hit which worried investors that it could ultimately impact funds under administration (FUA). However as bond yields signal that the RBA is likely to start hiking rates in the not too distant future NWL might find itself in an improved position and the more than 30% pullback is certainly improving the risk / reward, plus we should remember that NWL is debt free with a strong financial backdrop. NWL is a larger investment platform than both HUB 24 (HUB) which we currently hold in the Flagship Growth Portfolio and Praemium (PPS) which is held in the Emerging Companies portfolio. As we have written in the past, we are positive on the independent platform space as they take market share from the incumbent’s.
MM likes NWL around $14 with ~7% stops
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