Netwealth (NWL) reported 1H FY25 results this morning. From their presentation:

Hard to fault these results. Continued increase in FUM, EBITDA and NPAT. Margins also increased showing its operating leverage.

The structural shift away from the legacy platforms continues:

Maybe just keep an eye on the amount of market share HUB is now taking although I don't think this will be a winner takes all market. Both NWL and HUB should continue to benefit from this shift well into the future.

Happy to continue to hold this but the eye watering valuation makes it hard to add anymore. Currently my biggest holding IRL.

Disc: Held IRL, not held on Strawman.

Netwealth reported 1H FY24 results this morning. From their presentation:

Personally, I thought this was a great result for Netwealth. Operating leverage really starting to come through. It seems the increased investment in their platform that occurred in FY22 and FY23 is starting to show through now.

Still plenty of growth potential as shown by this graph from their presentation:

When will the growth start to taper off? Hard to say at the moment but until then I think the thesis remains intact.

Will update my valuation later.

Full presentation here

Disc: Held IRL and on Strawman.

Netwealth released their FY23 results yesterday. From their presentation:

I thought this was a pretty solid result with a return to bottom line growth of over 20%. They are taking advantage of a structural shift away from the legacy funds management platforms. Still only a 6.7% market share currently.

Disc: Held IRL. Not held on Strawman.

Netwealth (NWL) released their results for 1H 2023 this morning. From their presentation:

Good to see them back on the growth trajectory after several years of investment into their platform.

Management have stated that they believe the investment phase is over and they should start to see some operating leverage kick in.

First time that they have hit over $100m in revenue in a half. Benefitted from increasing interest rates.

From a market share perspective, they are at about 6.3% of the total market share with plenty still to be gained from the top 4 large institutions.

Full presentation here

Half year report here

Disc: Held IRL, not held on Strawman.