The PE at over 38 appears very high for this stage in the companies growth.
It is receiving regulatory ( FCA) pressure to reduce exit fees and speed up the transfer out process which is likely to reduce revenues significantly.

Additionally with its Neil Woodford recommendations in its Wealth 50 it has lost credibility with a number of clients and has fee exposure to the funds.

On a number of comparitive tables it is expensive although a number of its clients like its chatty in house investment magazine which serves as a marketting brochure for funds which is
by a long way its main revenue stream.

In the medium term competitive disruption will be a major source of downward revenue
pressure.

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