2215 GMT - More record net inflows for Netwealth in 2Q have breathed fresh life into its share-price rally, but Jefferies remains cautious. Netwealth's stock is up more than 70% in a year, with the 2Q update alone triggering double-digit gains. Netwealth's quarterly net inflows totalled A$4.5 billion, while its funds under administration rose by A$6.2 billion. Still, analyst Simon Fitzgerald thinks Netwealth will require elevated inflows and new records in order to maintain its positive share-price momentum. "With the stock trading on a 68x FY 2025 price-to-earnings ratio, we view the balance of risk and reward tilted to the former," says Jefferies, reiterating its underperform call. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 23, 2025 17:15 ET (22:15 GMT)
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