HUB24 LIMITED (HUB)
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HUB

HUB - HUB24 LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 0.4
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Hub24 operates an online platform providing investment and superannuation services. It was established and listed in 2007.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$107.62

28 Aug
2025

-1.210

OPEN

$108.68

-1.11%

HIGH

$109.13

223,051

LOW

$106.90

TARGET
$104.586 -2.8% downside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
HUB: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 98.2 152.7 xxx
DPS (cps) xxx 56.0 73.8 xxx
EPS Growth xxx 68.8% 55.6% xxx
DPS Growth xxx N/A 31.8% xxx
PE Ratio xxx N/A 71.4 xxx
Dividend Yield xxx N/A 0.7% xxx
Div Pay Ratio(%) xxx 57.0% 48.3% xxx

Dividend yield today if purchased 3 years ago: 2.39%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.51

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 09/09 - ex-div 19.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx98.2
DPS All xxxxxxxxxxxxxxx56.0
Sales/Revenue xxxxxxxxxxxxxxx406.6 M
Book Value Per Share xxxxxxxxxxxxxxx656.4
Net Operating Cash Flow xxxxxxxxxxxxxxx149.4 M
Net Profit Margin xxxxxxxxxxxxxxx19.55 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx15.15 %
Return on Invested Capital xxxxxxxxxxxxxxx14.21 %
Return on Assets xxxxxxxxxxxxxxx11.90 %
Return on Equity xxxxxxxxxxxxxxx15.15 %
Return on Total Capital xxxxxxxxxxxxxxx17.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx108.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx33 M
Long Term Debt xxxxxxxxxxxxxxx26 M
Total Debt xxxxxxxxxxxxxxx59 M
Goodwill - Gross xxxxxxxxxxxxxxx246 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx115 M
Price To Book Value xxxxxxxxxxxxxxx13.59

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx24.5 M
Capex % of Sales xxxxxxxxxxxxxxx6.01 %
Cost of Goods Sold xxxxxxxxxxxxxxx80 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx226 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx21 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

20/08/2025

3

Neutral

$103.30

-4.01%

Macquarie notes Hub24's FY25 results confirmed ongoing momentum across active users, up 13%, and funds under administration per adviser up 16%, with the company achieving 33% of total Australian advisers and an additional 44% of advisers covered by distribution agreements.

The average funds under administration per adviser at $22m compares to the industry average at $76m per adviser, giving Hub24 growth potential.

Platform funds under administration rose 34% with record net flows up 25% to $19.8bn. FY26 has started well, with Aug 14 funds under administration up 4.7% since the end of FY25, inferring net flow of around $2.6bn in the current quarter.

Macquarie tweaks its EPS forecasts by -0.8% for FY26 and -3.8% for FY27.

Target price is raised around 7.7% to $103.30 from $95.90. No change in Neutral rating. Macquarie expects 14% compound average EPS growth from FY25-FY30, with management continuing to translate operational performance into results.

FORECAST
Macquarie forecasts a full year FY26 dividend of 72.50 cents and EPS of 138.70 cents.
Macquarie forecasts a full year FY27 dividend of 86.50 cents and EPS of 164.70 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

4

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Jarden

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

21/08/2025

3

Hold

$117.02

8.73%

Hub24’s FY25 result was broadly in line with Moelis' expectations, with revenue of $401.4m, up 23.8% year-on-year, and earnings (EBITDA) of $162.4m, slightly below the broker’s $167m.

Profit of $97.8m came in ahead of the analyst's $95.3m forecast due to lower tax expense, offsetting weaker revenue margins, higher costs, and myprosperity losses. Platform margins fell -2bps to 32bps, with management guiding to a further -1-1.5bps decline in FY26.

The broker highlights record net flows of $19.8bn, 572 new advisers, and funds under administration (FUA) per adviser up to $22m, alongside industry flows of $36bn, the strongest since 2008.

Management lifted its FUA target to $148-162bn by FY27, above its prior FY26 goal.

Momentum into FY26 remains strong, suggests the broker, though valuation is demanding. Moelis raises its target price to $117.02 from $107.94 and retains a Hold rating.

FORECAST
Moelis forecasts a full year FY26 dividend of 2.20 cents and EPS of 151.00 cents.
Moelis forecasts a full year FY27 dividend of 88.10 cents and EPS of 184.20 cents.

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

HUB STOCK CHART

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