NWL 2.18% $20.61 netwealth group limited

The only ’negatives’ I could pickup:- netflow growth over pcp...

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    The only ’negatives’ I could pickup:
    - netflow growth over pcp next to zero %
    - admin fees to drop in % terms in 2nd half, but remain equivalent to 1st half in $ terms due to full implementation of new fee structure
    - continuing revenue decline in basis points terms ( but positive jaws on revenue and cost per account).

    EBITDA margin at 56% is nuts - given low marginal cost of new FUA and revenue initiatives, this could push 60% in 12/18 mths (allowing for fee transition impact).
 
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