Ann: FY18 Update, page-14

HUB24 is a successful well managed business. But the valuation expectations I keep seeing here defy any sort of logic.

In the end it is about fum x % profit before tax on Fum at marginal cost basis for a maximum valuation x stable state P/E ratio before tax

This looks like fum x 20bps x 11 to 15

So fum x 2.2% to 3%. Previous sales of platforms and declining margins support this. To be worth $3 billion, Hub24 needs $100 billion. It’s current price already assumes it will get to $25 billion and keep growing, which I have no doubt it will.