This was quite a good quarterly IMO - was good to see the market share back. I bought in mid today for a trade after the analysts bagged it a bit. I think that the inst business is obviously far lower cost than retail business, or at least priced appropriately based on the details, that we do not know. Analysts downgraded slightly based on inst business being lower margin than retail. Well at the operating profit level we cannot know that. Whatever it is at the gross margin level is a bit irrelevant.
6.7% versus 6.3% market share 6 months ago? Great news there too. And we might have a long period of high cash account margins - even if clients get smarter with chasing interest payments.
NWL Price at posting:
$13.58 Sentiment: Buy Disclosure: Held
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