@BoredSaint Look like PPS slightly beat analysts estimates. They had revenue of 80m and EPS of 1c.

Not sure if it's worth 20x though. Need to check what might be different.

Still going up but for how long?

There was also a recent broker upgrade to 73c

But substantial outflows from Powerwrap and also Oneview with no reason why. I have not checked any call transcript

I think people are buying for a potential takeover (Ron Shamgar has been mentioning it) but I think it won't happen if there are outflows. You want something that attracts and not loses customers?

Didn't NWL have a look a few years back and pulled out?

Would make sense for someone to buy it out just for the FUM.

NWL proposed an all-scrip 'merger' with PPS in 2021, but the PPS board said the offer undervalued their business. NWL walked away. Good for them.

https://www.ifa.com.au/news/30321-praemium-rejects-proposal-to-merge-with-netwealth

Bad call that they did not take the NWL offer.

Reading the transcript:

• The Powerwrap outflow is from advisors belonging to a group that is exiting the platform that's been going on for the last 6 months. So PPS is saying this is nearly complete. Excluding that group, there has been inflows
• For Onevue they didn't mention much about the reason for the outflow just that the earnouts will be reduced if the FUA falls to 3bn.
• VMA is seeing big inflows (21bn to 29bn or 34%) and SMA grew to 28bn (28% but 8% excluding OneVue) .

I presume it was the existing parts (VMA and SMA) that NWL was interested in.

Have put a couple of questions through for the meeting in case I can't attend.