HUB24 Ltd

HUB: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$85.00	Rlfg	Jjhypdp

Hub24: New Initiatives Reflect Intensified Competition; Shares Remain Too Hot to Hold

Shaun Ler

Oct 17, 2023

We lift our fair value estimate for shares in Hub24 to AUD 24.50, from AUD 24.00, reflecting the time value of money. Compared with fiscal 2023, we expect Hub24 will enjoy higher net inflows from fiscal 2024 through to fiscal 2028, with support from recovering industry fund flows—particularly as interest rate hikes stabilize. Net inflows of AUD 2.8 billion during the first three months of fiscal 2024 marked a consistent upward trend from AUD 1.9 billion in the third quarter of fiscal 2023.

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