Off topic, but worth mentioning this specifically:Previously,...

Off topic, but worth mentioning this specifically:



Previously, we've only had the traditional funds management, administration and advice businesses to drive growth. Here, we've essentially a readily built platform ready to take on external funds.
I know this seems obvious, but the cost of creating such an application is high. I'd suggest a platform like this would fetch a good chunk of the MC.

And some rough numbers:
$134m from 85ARs (others still completing doco). ~$1.58m per AR.
At 500 ARs (first milestone), there would be $790m in additional funds under administration assuming $1.58m per AR holds.
At 0.6% [**] revenue per $ under FUA, that should generate $4.74m at 63% GM.
~$3m incremental EBITDA (+ >10% on FY EBITDA).

Some assumptions in there - I could be too high or low. But still, the upside is reasonably big.


** - I've used the recent half ($8.7m rev on $2.9bn FUA) to calculate % of the half, then extrapolated for the FY.