7 Oct 2026HD Capital PartnersPPSHeldHD Capital Partners continues to hold Praemium (ASX: PPS) as one of its largest shareholders but has changed its view and now believes the board should launch an immediate strategic review and explore a sale. HD notes Praemium has delivered a decade of double-digit organic revenue growth, with EBITDA expected to reach about $40m in FY27, ten times its level a decade earlier, and leads the high net worth segment ahead of Netwealth and HUB24. Supporting factors include the Spectrum launch, new flagship client wins, $9m of AI-driven cost savings and broker forecasts of more than 30% earnings growth in FY27. Following activist Viburnum's 5% stake, board renewal under new Chair Matthew Quinn and the CEO's resignation, HD argues a sale at fair value beats another multi-year standalone journey. Trading near 60c, on 2.4x EV/revenue and 7x EV/operating profit, the manager values Praemium at $1.00–$1.40 per share in a transaction, citing Netwealth and HUB24 as obvious acquirers alongside legacy platforms, wealth software players and private equity.
7 Oct 2026HD Capital PartnersNWLHeldHD Capital Partners believes Netwealth (ASX: NWL) is a logical potential acquirer of Praemium. While many in the market expected Netwealth's high share price to make a Praemium acquisition more likely, HD came to believe that Netwealth's rapid growth meant it simply did not need to buy Praemium. That dynamic has now shifted, with growth beginning to slow modestly and Netwealth's share price halving over 12 months. HD believes a highly accretive Praemium acquisition would materially boost Netwealth's near-term EPS growth, support share price performance and advance several strategic initiatives, adding about 23% to funds under administration and ensuring Netwealth reaches its Dx30 target of doubling FUA by 2030.
HD Capital Partners is a boutique Australian investment manager or advisory partnership, likely providing portfolio management or investment strategy services to wholesale and private clients. Firms of this scale typically apply fundamental research to Australian or international securities, constructing portfolios tailored to individual client objectives rather than running a single broadly distributed retail fund. As a smaller, closely-held partnership, detailed independently verifiable public information about HD Capital Partners' specific founders, strategy and track record is limited in public sources.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
7 Oct 2026HD Capital PartnersPPSHeldHD Capital Partners continues to hold Praemium (ASX: PPS) as one of its largest shareholders but has changed its view and now believes the board should launch an immediate strategic review and explore a sale. HD notes Praemium has delivered a decade of double-digit organic revenue growth, with EBITDA expected to reach about $40m in FY27, ten times its level a decade earlier, and leads the high net worth segment ahead of Netwealth and HUB24. Supporting factors include the Spectrum launch, new flagship client wins, $9m of AI-driven cost savings and broker forecasts of more than 30% earnings growth in FY27. Following activist Viburnum's 5% stake, board renewal under new Chair Matthew Quinn and the CEO's resignation, HD argues a sale at fair value beats another multi-year standalone journey. Trading near 60c, on 2.4x EV/revenue and 7x EV/operating profit, the manager values Praemium at $1.00–$1.40 per share in a transaction, citing Netwealth and HUB24 as obvious acquirers alongside legacy platforms, wealth software players and private equity.
7 Oct 2026HD Capital PartnersNWLHeldHD Capital Partners believes Netwealth (ASX: NWL) is a logical potential acquirer of Praemium. While many in the market expected Netwealth's high share price to make a Praemium acquisition more likely, HD came to believe that Netwealth's rapid growth meant it simply did not need to buy Praemium. That dynamic has now shifted, with growth beginning to slow modestly and Netwealth's share price halving over 12 months. HD believes a highly accretive Praemium acquisition would materially boost Netwealth's near-term EPS growth, support share price performance and advance several strategic initiatives, adding about 23% to funds under administration and ensuring Netwealth reaches its Dx30 target of doubling FUA by 2030.
Thesis Tracker