platforms are not a low capex business. Have a look at the history of the BT spend as that is the most public info. It is why they churn out cash after making the capex commitment….but eventually they have to spend again. Hub and netwealth will face this one day and investors will find out how overvalued their shares are. Why do you think no one paid a billion for BT platform - and they had spent a billion on Panorama.
Ann: Appendix 4E & 2023 Annual Report, page-15
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