HUB -1.92%: A slight beat from the investment platform business today with total revenue of $192.5m up 78% YoY and around 4% better than our expectations. Underlying EBITDA of $70.4m was also a beat (~5%) while profit was around 30% ahead, although we are talking low numbers so it’s not that relevant. On the flipside, they did revise down their platform funds under administration (FUA) target to $80bn – $89bn by FY24 (previously $83bn – $92bn by FY24), due to impacts from adverse market movements, but that is outside of their control. Margins are going in the right direction getting a boost from higher cash rates and all in all, it was a very solid result from HUB. We have management in on Thursday.
MM remains long & bullish HUB
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