HUB +7.74%: A very strong update from investment platform provider HUB 24 today (HUB) and the stock reacted accordingly. 1H23 group revenue of $137.7m was strong and around ~10% ahead of expectations while Underlying EBITDA at the group level of $49.9m was a ~5% beat. They provided an update to Funds Under Administration (FUA) as at 17 Feb of $58.5bn which infers +$2.7bn from 31-Dec. The market is up ~2.7% which accounts for some of this, but strip this out we get net flows of ~$1.3bn which is good momentum, particularly for that time of year as most advisers are away in early Jan. The Interim dividend of 14cps FF is up +87% on 1H22 dividend. This is a very strong update from HUB, a lot better than we expected, we have management on Thursday for more detail.
MM likes HUB, valuation our only issue ~$29
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