Netwealth Group Ltd

NWL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$36.80	Xzjyc	Hbsxybr

Anticipating a Weaker Second Half As Competitive Pressures Hit Netwealth

Jul 6, 2021

We maintain our fair value estimate of AUD 6.20 per share and full-year fiscal 2021 earnings forecast for no-moat rated Netwealth heading into the release of its full-year results on Aug. 18, 2021. We expect full year revenue of AUD 150 million and underlying EBITDA of AUD 80 million, representing year-on-year growth rates of 24% and 25%, respectively. At the current market price of AUD 15.94, Netwealth continues to screen as significantly overvalued.

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