Netwealth Group Ltd
NWL: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$85.30 | Fmb | Cqghvjmh |
Netwealth Earnings: Margins Better Than Expected, but Growth Likely to Slow
We lift our fair value estimate for no-moat Netwealth to AUD 10.60 per share from AUD 10.10, mainly from stronger revenue growth. At current prices, however, shares remain materially overvalued, with investors likely overlooking the trade-off between volume growth and margins in the increasingly competitive platform market in which Netwealth operates.