Citi sees softer fund inflow for Australia's Netwealth Group

Netwealth

31/07/2023 22:01

** Citi sees softer fund inflow for Australia's Netwealth
Group Ltd  NWL.AX  given macro uncertainty and lower re- margin 
    ** Brokerage retains "neutral" rating for co and maintains
target price at A$14
    ** We forecast FY23 revenue margin of 33.5bps and FY24
revenue margin of 33.0 bps- Citi 
    ** Brokerage also forecasts FY24 flows of A$10.2 billion 
($6.85 billion) for NWL
    ** Co had previously reported an 87.5% surge in net inflows
to A$3.15 billion in the fourth quarter from the previous
quarter
    ** Four of 14 analysts rate the stock "buy" or higher, seven
 "hold" and three "sell" or lower; their median PT is A$14.0 –
Refinitiv data
    ** Stock has risen 25.3% this year, as of last close


($1 = 1.4890 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))