Class being outclassed by BGL?, page-2

@egl626

As you have stated it would be great to get legitimate numbers but as you say BGL is private and unless it publishes its audited numbers then all you have to go on is market rumour and speculation.

Obviously Class being listed means the numbers it quotes are fully qualified.

It will be interesting to see how Class’s diversification into the other entity space and adviser markets evolve.

Either way based on their continued growth and earnings curve and dividend policy it remains an interesting stock.

My understanding (like yourself from third party only) is that most of BGL’s growth (again unqualified) is primarily coming from their existing desktop clients transitioning from their desktop solution to their cloud solution. It would be concerning for them if they weren’t getting traction as upgrading a solution from your incumbent always seems easier (devil you know theory) - although this is no guarantee as many would attest who have experienced/endured the numerous Microsoft iterations over the years.

IMO is that BGL has been in catch up mode for some years against its competitors - and not just in the SMSF space but also in their corporate registry space. They now appear to have a minimum viable cloud product to effectively replace their own desktop solutions for their existing clients, whether it will be enough to stem their outflows and/or attract new clients is to be seen.

The next few quarters will tell the real storey I guess.