Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
James and team Thumbs up to your new format and for a great newsletter. Will definitely renew my subscription when it falls due middle of the year. Is it possible to have access to any research for Hub24 which you have recently recommended. The price seems to have encountered some headwinds lately. Are there any discernible issues for that? Thanks and do keep up the good work. Regards Clifford
Hi Clifford,
Great to hear you like the new site and enjoy the newsletter. Comments like that make it all worthwhile. In terms of HUB, the platform space has been weak (relatively speaking) after Netwealth (NWL), the closest competitor to HUB announced that their agreement with ANZ in relation to interest payable on cash accounts would be terminated in 12 months. In essence, ANZ paid Netwealth 0.95% on cash, NWL pocketed a portion of that and then quoted a lower rate to users of the platform – they made the bit in the middle. Given where cash rates are and how cheaply banks can borrow, it was no longer a good deal for ANZ.
HUB have a similar deal in place with ANZ and our understanding is that their deal runs for a longer period compared to NWL’s arrangement and yields a similar rate of return. That said, it’s likely to roll off at some point if rates stay at current levels. We bought HUB taking the view that the market has priced in an event (HUB losing this income stream) without it actually occurring.
In terms of the SP this week it’s down about $1. It’s not the most liquid stock on the exchange and price movements in that sort of time frame are simply noise.
Below is a link to the latest report from our analyst at Shaw James Bisinella who covers the stock, and below that a list of other analyst calls.
Analyst Report HUB – Shaw & Partners
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