Agree on all counts. And thanks for the info on HUBconnect and...

Agree on all counts. And thanks for the info on HUBconnect and MyProsperity.

Just to clarify, most of the points I made (corporate costs, accounting flat, advice practices etc) were flagged at the AGM. I wasn't coming up with anything original, just making sure you were aware of what was presented. Presso here:
https://www.asx.com.au/asxpdf/20211118/pdf/4533tjkvmln2qs.pdf

I probably came across too negative on the capital allocation. Kevin is a thoughtful capital allocator and having him as chairman and a significant shareholder gives me a lot of confidence.

I'm pretty sure they are thinking about investing directly into advice practices. My memory of the AGM was that this was mentioned. And there is a bullet point on page12:

I guess there's an opportunity to buy up a lot of earnings in a highly fragmented market at very low multiples.
I just personally much prefer the training and licensee businesses.

For me the smartest deployment of free cash flow would be:
1/ keep growing the businesses we have organically;
2/ find bolt-on licensee acquisitions to build scale (similar to Paragem); and
3/ buy back shares by tender offer (giving Greg and other large holders liquidity and an exit)

I understand that this is super boring and doesn't make a lot of sense for a listed company as it would worsen the liquidity.
I get that they want to grow the market cap and liquidity. And (as per my previous post) I really like most of the plans for building scale.

Bottom line is I think we have:
* some great businesses
* promising opportunities for organic growth and aquisitions;
* price of less than 10xNPATA
Best opportunity I can see on the ASX.

Thanks your thoughtful posts, you've given me the impetus to have another look at Australian Family Law.