In today’s briefing:
- Count (ASX:CUP)
- Centrepoint Alliance (ASX:CAF)
- Selfwealth (ASX:SWF)
- Wrkr (ASX:WRK)
Count (ASX:CUP)
- Count (ASX:CUP) is an accounting and wealth business in Australia which is both the 18th largest Accounting firm whilst simultaneously being the 3rd largest AFSL holder in the country after its consolidation of Diverger (ASX:DVR) due to be implemented on the 1st of March 2024.
As some may gather, our shares in Count have come from the implementation of Diverger transaction, and as a result I will be focusing on the specifics of the combined business and its prospects.
First, Count’s Accounting division generates the lion’s share of its revenue and earnings, but the same can be said of its invested capital with all the related contract assets and receivables of some $20m at YE FY2023 whereas the net revenue due to advisers is more than what is due to from the client by an estimated $2.4m in the wealth division (negative net working capital).
Centrepoint Alliance (ASX:CAF)
- Centrepoint Alliance (ASX:CAF) is an Australian financial services business providing licensing in both financial and credit advice along with a managed portfolios business and support services such as assistance with Xplan implementation (Financial Planning software.
- Centrepoint is a business I have been following for many years, having owned it myself in the past when it was a net-net.
- Back then it was paying significant amounts of cash to legacy clients claiming remediation for fee-for-no-service complaints.
Selfwealth (ASX:SWF)
- Selfwealth is an ASX-listed online broker Selfwealth is ironically the domestic broker the trust uses with me having used it for over 6 years with great satisfaction.
- Comparing ASX pricing of Selfwealth to some of its primary competitors it is worthwhile to note that the cheapest broker I could find is Superhero which just this month introduced $2 brokerage fees on ASX trades up to $20,000 as it engages in a price war with Stake.
- Selfwealth at a price of $9.50 might seem monumental in comparison, but I would say that Selfwealth has a $9.50 regardless of trade size, making trades >$95,000 cheaper than both Stake and Superhero.
Wrkr (ASX:WRK)
- Wrkr is an Australian regulatory software business founded in 2009 which helps employers with the various compliance moments for their employees such as superstream contributions, Single touch payroll (STP), employee onboarding and so on.
- It is a business which predominately offers its solutions through the larger corporates and APRA superannuation funds across millions of employees at a very low average ticket size.
- It is one of just 9 gateway operators on the Superannuation Transaction Network (STN) and one of 9 ESA providers (only 5 including Wrkr can process rollovers and release) in the country.
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