Netwealth Group Ltd

NWL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$55.30	Jkrcc	Thtshvsp

Netwealth Earnings: Margins Better Than Expected, but Growth Likely to Slow

Shaun Ler

Feb 20, 2024

We lift our fair value estimate for no-moat Netwealth to AUD 10.60 per share from AUD 10.10, mainly from stronger revenue growth. At current prices, however, shares remain materially overvalued, with investors likely overlooking the trade-off between volume growth and margins in the increasingly competitive platform market in which Netwealth operates.

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