We have touched on independent investment platform Praemium in recent notes with the investment thesis fairly similar to that of HUB24 – the space has structural tailwinds and they have recently picked up a good acquisition that will help drive scale. Praemium is the cheapest in the space on an EV/EBITDA multiple around 22x FY21 whereas HUB & NWL are around 42x on a consensus basis. We like PPS and this is a target into weakness, but not here.
MM likes PPS into weakness
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