I've not looked closely at Praemium, but the key points the CEO was making were:

• Wealth management is a huge market -- around $1.2 trillion in platform assets, almost all directed by financial advisers. But the space is still dominated by legacy platforms (AMP, Insignia, Westpac’s Panorama, and CFS/CommBank) that are clunky, outdated, and losing relevance.
• These incumbents are consistently bleeding market share (around 3% per year, equivalent to ~$36 billion annually). That share is being picked up by the three “challenger” platforms: Netwealth, Hub24, and Praemium, as well as a long tail of smaller players.
• The newer platforms offer modern, feature-rich solutions that advisers and clients actually want to use. But as Anthony pointed out, Hub24 and Netwealth are capturing the lion’s share of new inflows, despite Praemium ranking similarly in adviser satisfaction surveys.
• That’s led to a significant valuation gap. Hub and Netwealth have a combined market cap of ~$14 billion (roughly $7b each), while Praemium sits at ~$280 million. That’s a ~25x gap, despite Hub and Netwealth being only:
• ~3x larger in funds under administration (FUA)
• ~3–4x larger in revenue
• ~6x more profitable, which Anthony attributes to scale and operating leverage
• Praemium has spent the past year plugging key product gaps, most notably with the launch of Spectrum, its full wrap platform. With the product now “done,” the focus is squarely on executing; increasing net fund inflows, improving brand awareness, and lifting sales conversion.
• A key point of difference is Praemium’s focus on the High Net Worth (HNW) segment (defined as individuals with >$1 million in investable assets, excluding the family home). It’s a fast-growing segment, and around 85% of their wealth is still held outside of platforms, presenting a large opportunity.
• Praemium also offers non-custodial reporting, giving advisers visibility over a client’s full portfolio, even assets held off-platform, which is particularly appealing to HNW clients and their advisers.

In short, Anthony's message was that the strategy’s in place, the product’s in place, now it’s about capturing a fair share of flows. If Praemium can lift its market share even modestly, the argument is that the valuation gap should begin to close.

Recording is on the meetings page. Transcript is here:

PPS Transcript.pdf

I thought Anthony Wamsteker came across as thoughtful, grounded and with a clear sense of the opportunity and how Preamium differentiates itself.

I'll let you watch the discussion at your leisure, but some of tyhe key points that stood out to me where:

• Very competitive industry, but the opportunity is in stealing market share from the large incumbents that have rather dated software and/or employ a range of legacy systems.
• A clear focus on high net worth (HNW) segment -- they require more complex applications with a big focus on tax minimisation. It's a smaller segment than 'retail' but it's a lucrative one.
• Anthony said AI had potential in their sector, but was approaching it with a "bullets and then cannon balls" approach (love that saying!). Ie. will make small investments to see what makes sense, and then lean into what works. There was a recognition that much of the investment may need to be written off, but it was small and there was risk of obsolescence if they didnt.
• This is a very cyclical industry -- markets rise and fall, fund flows swing from positive to negative etc. Anthony was very aware of that which is why they run a conservative balance sheet with $40m in cash and no debt.
• Funds under administration (FUA) really is one of the main metrics and along with transactions drives most of the fees.
• Expect an ongoing platform investment of ~$8.5m per year. Note that this is capitalised, so I'd be mindful of that when determining profitability.
• The business isnt as scalable as a pure SaaS type business, but every incremental dollar of revenue should generate a 50% operating margin (compared to the group's 30% margin at present ). At scale, he thinks a 40% margin is doable
• Anthony made comment (as others have on Strawman) that the prices on offer from other market players is somewhat elevated, and for that reason acquisitions arent a big focus right now. They have made 2 in the last 4 years, but will only consider if the price is right
• OneView acquisition involved a number of earn outs that offer some defense against worse than expected performance.

I'm sure I missed a bit, but just jotting these down while they are still fresh.