PT set at 0.47, page-10

no worries a wee snip

"Operating leverage to shine PPS is profitable overall, but particularly in Australia, and the cash burn in the UK and Asia is expected to slow on the back of the growth in FUA and new revenue opportunities. PPS has added limited staff while over doubling the FUA on its SMA platform in recent years, demonstrating the operating leverage starting to emerge. We expect the operating leverage to continue given strong growth coming through and for it to be better reflected in the underlying Cash NPAT over the short to medium-term. We initiate with a Buy recommendation and a $0.55 per share Price Target. "

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