I have said all along - This is a pure market share play. They grow market share then they get more valuable. If they see market share slipping then they get less valuable. It isn't that profitability is irrelevant, but it is only important in that it keeps them in the market share game.
Every client they take away from Commsec is important. News about competition such as Superhero is only relevant in that it might have an impact on clients they are taking from Commsec.
Ann: Quarterly Appendix 4C and Activities Report, page-26
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