HUB fell -2.9% on Wednesday although the stock remains basically unchanged both in 2023 and for the last 2 years. We continue to expect market leadership for HUB on both net flows and platform functionality, but the market appears to be rerating the sector’s valuations lower hence whilst HUB’s trading 30% below its long-term average it might still be too rich on an Est 40x valuation for FY2023.
- Following the comments from Citi we have pulled our outlook back to neutral, there’s no need to fight the sideways trend just yet.
MM is now neutral toward HUB around $25.50
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