** Shares of Hub24 HUB.AX fall 3.2% to A$65.27
** Data solutions provider reports total funds under administration of A$124.1 billion as of March end
** Morningstar says despite solid flows in line with expectations, HUB faces challenges from U.S. tariff-related uncertainties and from fast-growing peer Netwealth NWL.AX
** Says that market is overvaluing HUB, pricing in aggressive assumptions about growth in flows and margins, while underestimating significant investment required for flow wins
** Flags unrealistic expectations to justify current prices, as it would require lowering cost of capital to ~5%
** Lifts fair value estimate to A$31 from A$30
** Stock down 6.6% YTD
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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