I think it'll all depend upon the eventual market share for...

I think it'll all depend upon the eventual market share for their platform. If it stalls where it is then HUB are probably worth <<$5 ... if they get 2% they're probably fair value now. But if they get 3% or more, I think there's significant SP upside. Some concern that latest couple of quarters may have grown strongly but at lower margins - so market shares above will probably need revision. Will see when results come out.

It's a speculative stock on a roller coaster ride - it's anyone's guess what share/margins they'll end up with. However, with the spin out of wealth management businesses (eg. CBA) some sin-outs may reconsider using an external platform provider and/or purchasing a good one such as HUB24. So, I'm thinking there is more upside risk than downside risk.