Netwealth Needs More Record Quarters to Justify Valuation -- Market Talk

Dow Jones10-11

2136 GMT - Australian wealth management platform Netwealth's solid start to FY 2025 doesn't shift Jefferies from a bearish call on the stock. Netwealth reported a record rise in funds under administration of A$7.4 billion in 1Q, exiting the period with FUA of A$95.4 billion. "Whilst a strong update, Netwealth will require elevated inflows and new records in order to maintain positive share price momentum," analyst Simon Fitzgerald says. "With the stock trading on a 64x FY 2025 price-to-earnings ratio, we view the balance of risk and reward tilted to the former." Jefferies raises its price target by 17% to A$21.16/share, but that's well below Netwealth's closing price of A$27.16 on Thursday. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 10, 2024 17:36 ET (21:36 GMT)

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Netwealth reported a record rise in funds under administration of A$7.4 billion in 1Q, exiting the period with FUA of A$95.4 billion. \"Whilst a strong update, Netwealth will require elevated inflows and new records in order to maintain positive share price momentum,\" analyst Simon Fitzgerald says. \"With the stock trading on a 64x FY 2025 price-to-earnings ratio, we view the balance of risk and reward tilted to the former.\" Jefferies raises its price target by 17% to A$21.16/share, but that's well below Netwealth's closing price of A$27.16 on Thursday. 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Netwealth reported a record rise in funds under administration of A$7.4 billion in 1Q, exiting the period with FUA of A$95.4 billion. \"Whilst a strong update, Netwealth will require elevated inflows and new records in order to maintain positive share price momentum,\" analyst Simon Fitzgerald says. \"With the stock trading on a 64x FY 2025 price-to-earnings ratio, we view the balance of risk and reward tilted to the former.\" Jefferies raises its price target by 17% to A$21.16/share, but that's well below Netwealth's closing price of A$27.16 on Thursday. 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