I think this table from mid-jan release explains inflows vs...

I think this table from mid-jan release explains inflows vs 'Other'.  Inflows for the quarter were 585mil, so still v strong inflows.  however Other could potentially include 500mil of outflows too.  I choose to believe 90% would be markets correcting.

2018-Q4 FUA


Tell you what though, this SP drop has definitely got me re-reading everything. My sentiment remains buy (for now !). Though I'm guessing we won't see 80c for another few months though now..

things i like:

• steady EBITDA increase YoY
• $700k increase in platform trading/recovery (don't really know what this is)
• No debt
• increased spending on R&D & sales
• New UMA platform & branding upgrade

things I dont like:

• international revenue stagnating
• 10% of revenue being spent on legal/insurance expenses
• a 10-fold increase in 'other expenses' from $20k to $200k.
• Lack of explanation on 'flattening' of FUM from Oct-Dec. I know they explained it in Jan (as above), though to avoid a SP drop today another explanation would have been good in HY results.
• high $$ one-off expenses (as Sandy mentioned in another thread).