Looks good to me.
Not sure if any of you have analysed this company much.
I can see that the revenue margin was about 48 bps in the last FY.
They seem to include both FUM and FUA in platform revenue, or am I wrong and FUM is in other income?
Is the 48 bps only on the FUA that derives fees, or the whole lot?
Does anybody have a rough idea of the fee margin on FUM V FUA. I assume FUM "double dips" as there are management fees and admin fees on top. I assume FUM fees depend partly on performance, so that might be a slightly tricky question. Trying to gauge how material the FUM component would be tbh.
cheers
NWL Price at posting:
$8.92 Sentiment: None Disclosure: Not Held
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