HUB24 (HUB) share price rallies with strong FUA update
HUB +2.12%: Some good news on a tough day for stocks with investment platform HUB 24 announcing a very strong quarterly Funds Under Administration (FUA) update with a another record period of flows. For 2Q22 net flows were +$3.6bn which was a material beat to our Shaw Analyst James Bisinella’s estimates of $2.4bn (+$1.2bn). Platform FUA is now at $50.0bn (+128% YoY) or $68.3bn including PARS (+118% YoY), supported by strong net flows and market movements with the XAO +2.0% QoQ. A total of 28 new licensee agreements were signed during the quarter, a strong result and broadly in line with 1Q22.