Update today from EZL sector peer: [ATTACH] Worth noting that at...

Update today from EZL sector peer:



Worth noting that at the Q1 stage, BGF's Pre-Tax Number was running at a touch over $9m, so they closed out the half-year very strongly.


However, note also:

1.)  While the rising capital markets tide will lift all boats, BFG is not an exact EZL look-alike:  BFG has a meaningful online broking business, whereas EZL doesn't. On the other hand, EZL's corporate advisory, underwriting and institutional business is proportionally larger then BFGs.  

2.) EZL is unlikely to show the same rate of increase in the current half-year, because it is cycling a strong pcp base during which big underwriting/placement revenues were booked.  I think EZL would do well to come in with a second-half pre-tax profit result close to $10m (for context, JH2023 pre-tax profit was $11.3m, excl. investment gains/losses) .

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