Netwealth's Strong 1Q Leads Macquarie to Raise Net Flow Expectations -- Market Talk

Dow Jones10-11

2214 GMT - Australian wealth management platform Netwealth's strong 1Q prompt Macquarie to raise its expectations for FY 2025 net flows to A$15.1 billion, noting management has a high level of confidence in the outlook. "Looking further ahead, we have increased our net flow assumptions to A$12.5 billion per annum (from A$11.0 billion), which delivers a longer-term Ebitda margin of 55%," Macquarie says. While the bank thinks Netwealth's valuation remains stretched, citing a price-to-earnings multiple of 57x, it doesn't see many catalysts that could push its shares lower in the near term. Macquarie, which retains a neutral call on the stock, raises its price target by 26% to A$26.50/share. Netwealth ended Thursday at A$27.16. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 10, 2024 18:14 ET (22:14 GMT)

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While the bank thinks Netwealth's valuation remains stretched, citing a price-to-earnings multiple of 57x, it doesn't see many catalysts that could push its shares lower in the near term. Macquarie, which retains a neutral call on the stock, raises its price target by 26% to A$26.50/share. Netwealth ended Thursday at A$27.16. 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While the bank thinks Netwealth's valuation remains stretched, citing a price-to-earnings multiple of 57x, it doesn't see many catalysts that could push its shares lower in the near term. Macquarie, which retains a neutral call on the stock, raises its price target by 26% to A$26.50/share. Netwealth ended Thursday at A$27.16. 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