Company Reports

We recently cut our fair value estimates for EML Payments and GQG Partners after we self-identified a valuation error in our treatment of share-based compensation. We've now reviewed our diversified financials coverage for the same issue and identified 10 affected companies.

At its core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints in the advice landscape and support its endeavors to streamline the implementation of financial advice to clients under a single Hub24 platform.

At its core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints in the advice landscape and support its endeavors to streamline the implementation of financial advice to clients under a single Hub24 platform.

Hub24's fiscal 2026 underlying net profit after tax grew 40% from last year to AUD 137 million. It is targeting platform funds under administration of AUD 186 billion to AUD 200 billion by fiscal 2028, 38% above current levels at the midpoint. Shares fell by 7%.

Hub24's third-quarter fiscal 2026 custodial funds under administration rose 25% on last year to AUD 128 billion, with 12-month net inflows at 20% of FUA, down from 24% a year ago. Shares fell around high single digits intraday.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape and support its endeavors to streamline the implementation of financial advice to clients under a single Hub24 platform.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape and support its endeavors to streamline the implementation of financial advice to clients under a single Hub24 platform.

Hub24's first-half fiscal 2026 underlying net profit after tax increased 60% to AUD 68 million. Both funds under administration and revenue lifted 26%, while underlying EBITDA grew 35%. FUA guidance for fiscal 2027 is upgraded to AUD 160 billion-AUD 170 billion, up around 6.5% at the midpoint.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

Hub24 saw its highest quarterly net inflows of approximately AUD 5 billion in the first quarter of fiscal 2026, 28% higher than a year ago. Funds under administration increased by 30% during this period to around AUD 147 billion.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

Hub24's underlying net profit after tax for fiscal 2025 increased 44% from the prior year. Underlying EBITDA margins grew to 40% from 36% over the same period.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

Total shareholder returns for Hub24 and Netwealth since the start of 2025 to July 24, 2025 were around 50% and 27%, respectively, significantly outpacing the S&P/ASX 300 return of close to 9%.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

Hub24 reported growth in net inflows for the third quarter of fiscal 2025. The firm noted that flow momentum remained strong into April 2025, despite market volatility.

Hub24's underlying net profit after tax for first-half fiscal 2025 grew by 40% from first-half fiscal 2024. The underlying EBITDA margin expanded to around 40% from 35% during this period.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

At core, Hub24 is a provider of investment administration software as a service. This includes portfolio administration, investment management tools, and managed account services. The firm has a diversified offering, with administrative capabilities spanning custodial and noncustodial assets, self-managed super funds, trusts, and corporate compliance. Endeavors to add value include providing data analytics or features to facilitate dynamic advice strategies. It is also well integrated with external financial services and software providers. These efforts help Hub24 capture more touchpoints within the advice landscape, and support its endeavors to streamline the implementation of financial advice to clients under a single—Hub24’s—platform.

No-moat Hub24's fund flow performance in the first three months of fiscal 2025 noticeably exceeded our expectations. But we still attribute much of this to a cyclical rebound in flows following previously depressed capital markets. While Hub24 is likely to continue gaining share in the platform market, we expect these gains to slow due to competitive pressures. At current prices, we believe the shares are materially overvalued. Despite forecasting EPS growth to average 20% per year over the next five years, the current forward P/E multiple of nearly 60 times appears excessive.