Please explain valuation, page-2

I'm not a shareholder in Hub24 but I like the sector.
The platform industry is undergoing longterm structural change and independent technology focused providers like Hub24, Netwealth, and Praemium are the beneficiaries of that. Quarter on quarter, they are taking market sharefrom incumbents who are too large, clumsy and underinvested. While growing rapidly the independent providers still have small marketshare so there is a very long runway of growth ahead of them. Compounding marketshare growth are ongoing contribution and market gains, increasing FUA. So you get a compounding situation. Listed market growth (x) ongoing contributions (x) marketshare growth and you get really strong growth. Once at scale the companies get great operational leverage and margins go thru the roof. There are downsides of course - hub24 particularly exposed to ticketcliping on cash interest from portfolios so as interest rates go down so to does their take (only a part of their income). and very high valuations. The other risk are offshore entrants and a potential race to the bottom in terms of price.

None of this advice just my observations of the industry.