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Netwealth (NWL) $12.50

NWL -7.54%: Q3 update for the investment platform today was weak, with Funds Under Administration (FUA) up +$1.65bn for the quarter to $65.8b with growth hurt by current economic uncertainty and market volatility. They forecast FUA net inflows for the full year of $9 billion to $11 billion which shows growth is slowing (-21% q/q). This correlates with the feedback we’ve had talking to counterparts in the industry – much of the low-hanging fruit may have been harvested, and it gets tougher from here. They put a further caveat on FY23 guidance, saying it is subject to macro and geopolitical factors and timings of transitions. We sold out of HUB during the March quarter, and while we’ll likely re-enter at some point, a lot of blue sky is priced into these stocks.

MM is neutral NWL ~$12.50
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Netwealth (NWL)
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