Is HUB fully priced?, page-5

Hub24 definitely have quality software provide excellent service, and over the past 12-18 months are starting to gain some trust within the industry; however fundamentally the current market cap doesn't get even close to stacking up in my opinion.

The business is losing money and has been for years. This may be changing but they will need to get to c. $4B to turn and decent profit, so the value doesn't come from FUA. Having worked 10 years in the platform space, I would be very suprised if they were making >$10M NPAT by 2020.

IOOF threw out an offer, a very fair offer IMO, because they wanted the technology. BT squandered $800M on Panorama, IOOF can't innovate or integrate to save themselves so figured, as they have historically, lets just roll up another company and it will sort out or problems.

Wouldn't be surprised if they have another go at it, but way too rich currently. If it comes the BOD should consider it carefully IMO.

If IOOF do get them, I would highly recommend you move you and your clients money before you pay the price.