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HUB24 Well Placed to Maintain Momentum, Underpinned by All-Weather Platform Model, RBC Capital Markets Says

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HUB24 (ASX:HUB) is well placed to maintain its funds-under-administration growth momentum due to its all-weather platform model, RBC Capital Markets said in a note on Tuesday.

Strong revenue growth and operating leverage support double-digit earnings-per-share growth.

Superannuation flows remain resilient year-to-date, but IDPS flows continue to be soft, caused by upcoming changes to CGT and discretionary trusts. RBC forecast platform flows of around 13% and 12% of opening funds-under-administration in fiscal 2027 and fiscal 2028, respectively.

The investment firm upgraded the rating on HUB24 to outperform from sector perform and cut the price target to AU$91 per share from AU$110 per share.

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