Ann: Business Update 2022 AGM, page-12

"I guess the unknown is around further advice problems (although this dates back to 2019, and they've not mentioned any more issues)"

Besides that legacy "industry-wide reputational contamination" issue, the other thing that I think has the market sitting on its heels in relation to SEQ's valuation rating is that it requires a bit of effort to delineate specifically what the company actually is, apart from "integrated financial services" business.

Yes, there's the core financial advice and wealth management component, but then there are also some insurance broking and corporate advice parts thrown in, as well as a bit of niche' stockbroking to wholesale investors, provision of services to other external wealth management enterprises and super funds, as well as investment research and financial media resources.

It's almost a case of, "Just about anything to do with wealth management, we'll be part of that everything."

And I suspect that many investors either just don't understand that, or they think that it is not possible for management to be able to keep all the different business balls in the air.

So SEQ is a bit of a multi-headed hydra, and I sense this causes it to end up in the "too-hard" file for the vast majority of potential investors.

Of course, it is that very "too hard" dynamic that creates the investment opportunity; because, if everything in the equity market was easy, stocks would never become mis-priced.

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