BW Equities Valuation, page-29

It should be interesting seeing them start to accumulate more cash, and see what their plans are for it. Unless of course they've been hiring so much CS and IT, that it's already getting spent on product dev. I'm not expecting staff costs to get that high though.

Staff had been well under control historically.



This chart will be interesting. Something like this, with Product Operating Costs becoming better relative to revenue.



Though a risk - SWF's indirect competitor netwealth, had their ANZ cash account agreement cancelled. ANZ apparently don't want to be paying out a lot of interest at the moment. And interestingly, netwealth were getting RBA+0.95%, while SWF get RBA+0.85%. So apparently there was some wiggle-room with higher volumes, but now is not the right time. Now is the right time to know what the alternative options are.