A cash cow. This cash will eventually find its way to S/Hs in a few years when acquisitions slows down. Just looking at the various segments....The largest are the Wealth & Equity Market segments but they have the lowest EBITDA margins ......Yet it is heartening to see a significant pick up in the Wealth segment margins. # Wealth: Grew revenues by 25% , EBITDA margin grew from a measly 7% to 11%. They aim to grow market share from 3% to 8% by 2025. # Equity market: Grew revenues by 30% , EBITDA margin steady at 10%. # Professional services: Grew by 35% , EBITA margin dropped slightly from 32 to 30%......By far the best margin segment....In their narrative they aim to grow this segment organically & by acquisitions. # Direct Investment: (The smallest segment). Revenues contracted by 17% but EBITDA margin ballooned to 32% from 14%. All in all , very healthy growth & a general trend of improvement in operating profit margins in all the segments. We haven't seen the impact of the FUA business yet.
SEQ Price at posting:
70.5¢ Sentiment: None Disclosure: Held
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