cash balances are 7.2% of FUA per Dec quarter update, cash margin looks about 30% of revenue and I’d guess around 60% of EBITDA.
they’ve got 95bps for another year, so the question being what that will drop by come next March - they’ve got a year to play with but in this environment you’d expect a material decline in that margin.
it’s a quirky comment re the 40bps already given up given little sign of returning to a ‘normal’ interest rate environment in the near future.
regardless, I’ve topped up but expecting some turbulence.
cash balances are 7.2% of FUA per Dec quarter update, cash...
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