Seneca is still enthused about EZL in their latest report:
Euroz Hartleys (EZL) rose +19% in January. Despite zero broker coverage—a result of its small size, relative illiquidity, and perceived competition with major brokers—EZL remains a dominant player in Western Australia’s financial services sector.
The company has a strong balance sheet, with $78 million in unrestricted cash (no debt), providing significant flexibility. Its wealth management arm delivers stable recurring revenue, while its capital markets division has demonstrated strong earnings power in favourable conditions.
With cyclical tailwinds turning and management highly aligned (42% staff ownership), EZL is well-positioned to benefit from increased corporate and ECM activity. A 5% dividend yield, capital returns potential, and an undemanding valuation further support a compelling investment case.
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