Announcement • Nov 27
Avantax Appoints Andrew Erickson as Independent Financial Advisor Avantax® Inc. appointed independent financial advisor Andrew Erickson, CFP® CEPA®, founder of ClearGuide Wealth LLC. Based in the Chicagoland area, Erickson transferred to Avantax after eight years with Edward Jones, where he had approximately $143 million in client assets under administration as of July 30, 2024. Erickson joined Avantax because of its commitment to tax-focused financial planning, and so he could offer his clients a wider array of investment products and services. Formerly an Ivy League collegiate football player at Dartmouth College, Erickson was also drawn to Avantax by its spirit of teamwork. In addition to being a CFP® certificant, Erickson holds the Certified Exit Planning Advisor (CEPA®) credential from the Exit Planning Institute®. The CEPA® curriculum is designed for financial professionals “who want to effectively engage more business owners.” Erickson said he believes that his exit-planning certification, along with the tax lens Avantax uses for financial planning and wealth management, puts him in a strong position to continually improve the client experience. Announcement • Dec 07
Avantax, Inc. Files Form 15 Avantax, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.0001 per share. Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 43% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$0.393 to US$0.225 per share. Revenue forecast steady at US$752.6m. Net income forecast to grow 11,251% next year vs 14% growth forecast for Capital Markets industry in the US. Consensus price target of US$28.00 unchanged from last update. Share price was steady at US$25.92 over the past week. New Risk • Nov 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: US$0.04 loss per share (improved from US$0.46 loss in 3Q 2022). Revenue: US$192.3m (up 12% from 3Q 2022). Net loss: US$1.50m (loss narrowed 93% from 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 12
Price target decreased by 8.0% to US$28.67 Down from US$31.17, the current price target is an average from 3 analysts. New target price is 12% above last closing price of US$25.58. The company is forecast to post earnings per share of US$0.40 for next year compared to US$0.065 last year. Announcement • Sep 12
Aretec Group, Inc. entered into an agreement to acquire Avantax, Inc. (NasdaqGS:AVTA) for $960 million. Aretec Group, Inc. entered into an agreement to acquire Avantax, Inc. (NasdaqGS:AVTA) for $960 million on September 9, 2023. As part of consideration, each share of the Avantax’s common stock issued and outstanding will be canceled and converted into the right to receive $26 in cash. Pursuant to a debt commitment letter, dated September 9, 2023, the commitment parties party to that letter committed to provide Avantax with debt financing of approximately $2,691.5 million to fund the transaction. Avantax will pay to Aretec a termination fee equal to $32.3 million if merger agreement is validly terminated. Aretec will pay to Avantax a termination fee equal to $82.1 million if merger agreement is validly terminated. Upon completion of the transaction, Avantax will become a privately held company, and its common stock will no longer be traded on Nasdaq.
The Avantax board of directors approved the transaction. The Aretec board of directors approved the transaction. The transaction is subject to Aretec and Avantax shareholders approval, he expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regulatory approvals. The transaction is expected to close by the end of 2023.
PJT Partners LP acted as financial advisor to Avantax. Jeffrey R. Poss, Manuel A. Miranda and Thomas Sharkey of Willkie Farr & Gallagher acted as legal advisor to Cetera. Dan.Malone, Tom.Tippetts, Daniel P. Malone and Tom Tippetts of Haynes and Boone acted as legal advisor to Avantax. Beth E. Berg and Scott R. Williams of Sidley Austin acted as legal advisor to Avantax. Morgan Stanley & Co. is serving as financial advisor to Cetera Financial Group. UBS Investment Bank and BMO Capital Markets served as co-advisors to Cetera. New Risk • Aug 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: US$0.093 (down from US$0.83 in 2Q 2022). Revenue: US$186.9m (down 27% from 2Q 2022). Net income: US$3.58m (down 91% from 2Q 2022). Profit margin: 1.9% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Avantax, Inc. to Report Q2, 2023 Results on Aug 09, 2023 Avantax, Inc. announced that they will report Q2, 2023 results After-Market on Aug 09, 2023 Announcement • Jul 12
Avantax Reportedly Working with Adviser to Explore Possible Sale Avantax, Inc. (NasdaqGS:AVTA) rose 5% amid a report that the wealth-management software firm is exploring options, including a possible sale. Avantax, formerly known as Blucora, is working with an adviser as it seeks interest from potential bidders, according to a Bloomberg report, which cited people familiar with the matter. The company could still decide to remain independent. A potential sale comes after activist Engine Capital said last month that Avantax (AVTA) should start exploring alternatives, including a potential sale. Engine Capital, which owns a 2% stake in AVTA, argued that the company could fetch between $27 and $32 per share. Recent Insider Transactions Derivative • May 28
President exercised options and sold US$128k worth of stock On the 23rd of May, Christopher Walters exercised 15.57k options at around US$8.96, then sold 10k of the shares acquired at an average of US$21.75 per share and kept the remainder. For the year to December 2016, Christopher's total compensation was 10% salary and 90% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Christopher's direct individual holding has increased from 225.83k shares to 226.95k. Company insiders have collectively sold US$256k more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 24
Avantax Promotes Jennifer Hutchins to Co-Chief Investment Officer Avantax announced the promotion of Jennifer Hutchins, CFA®, to Co-Chief Investment Officer (CIO) alongside Ivan Gruhl, CFA®. Hutchins and Gruhl report to Andy Watts, CFP®, Vice President, Planning and Growth Solutions. Hutchins, who has been a valued contributor to Avantax and its predecessor companies for more than 8 years, will lead Portfolio Management and Diligence while Gruhl will continue leading Investment Consulting, as well as Research and Trading. As Co-CIOs, Gruhl and Hutchins will enhance the firm’s client-facing Investment Management Services presence as Financial Professionals and investors navigate market volatility and economic turbulence. Their leadership will empower a robust portfolio management, research and diligence team of 12 to best serve the unique needs of the Avantax Community, including financial advisors, CPAs, Enrolled Agents, other Financial Professionals and their staff. Announcement • May 19
Avantax, Inc. Appoints Bruce Tuckey and Dave Renko as Regional Recruiting Director Avantax, Inc. announced the expansion of its business development team adding Bruce Tuckey and Dave Renko as regional recruiting directors. Dave Renko, Charlotte, NC: Renko joins Avantax as the Regional Director of Recruiting serving the Southeast. Renko brings a competitive approach to the team, with 30 years of experience in the industry. He most recently served as a senior recruiter at Cetera, following roles at Woodforest National Bank, Morgan Stanley, Bank of America, and Cannon Financial Institute. Bruce Tuckey, Detroit, MI: Tuckey joins Avantax as a Regional Director of Recruiting to recruit financial advisors, CPAs, enrolled agents, and tax professionals in the Great Lakes Region. He brings more than 40 years of experience in accounting and financial services, including served as a Regional Director of Business Development for LPL Financial from 2011 to 2019. He is a CPA and served as a financial advisor at PNC Investments and Merrill Lynch. In their new roles, Tuckey and Renko will report directly to Laurie Stack, Vice President, Business Development at Avantax. Announcement • May 10
Avantax, Inc. Provides Earnings Guidance for the Full Year 2023 Avantax, Inc. provided earnings guidance for the full year 2023. For the year, the company expects revenue in the range of $750.0 million - $758.0 million, Net Income in the range of $25.5 million- $40.1 million and Net Income per share — Diluted in the range of $0.63 - $0.96. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.006 loss per share (down from US$0.71 profit in 1Q 2022). Revenue: US$178.0m (down 42% from 1Q 2022). Net loss: US$248.0k (down 101% from profit in 1Q 2022). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 09
Insider recently sold US$247k worth of stock On the 28th of February, Stacy Murray sold around 8k shares on-market at roughly US$29.04 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$128k more than they bought in the last 12 months. Announcement • Feb 17
Avantax, Inc. Provides Earnings Guidance for the Full Year 2023 Avantax, Inc. provided earnings guidance for the full year 2023. For the year, company expects revenue to be in range of $750.0 million to $758.0 million, Net income to be in range of $25.5 million to $40.1 million and net income per share diluted to be in range of $0.63 to $0.96. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$0.065 (vs US$0.16 in FY 2021) Full year 2022 results: EPS: US$0.065 (down from US$0.16 in FY 2021). Revenue: US$666.5m (down 25% from FY 2021). Net income: US$3.12m (down 60% from FY 2021). Profit margin: 0.5% (down from 0.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Avantax, Inc. Appoints Melissa Loner as Chief Compliance Officer Avantax announced the appointment of Melissa Loner, AIF® as Vice President and Chief Compliance Officer. With more than 25 years of experience in the financial services industry, Loner has worked as a financial planner in addition to numerous corporate leadership roles. She has spent a significant portion of her career in the Home Office of various independent firms, working in due diligence, marketing, transitions, operations, supervision, compliance, and fiduciary services. Loner joins Avantax from Premier Wealth Management® where she was Executive Vice President, Advisor Services; previously, Loner was Vice President, Fiduciary Services and RIA Chief Compliance Officer, for Cambridge Investment Research, Inc. Announcement • Feb 07
Avantax, Inc. to Report Q4, 2022 Results on Feb 15, 2023 Avantax, Inc. announced that they will report Q4, 2022 results After-Market on Feb 15, 2023 Announcement • Jan 27
Avantax, Inc. Announces Executive Changes Avantax, Inc. announced that Tabitha Bailey has been appointed Chief Legal Officer and Corporate Secretary, succeeding Ann J. Bruder, who has stepped down from her role as Chief Legal, Development and Administration Officer after nearly six years in the role. Ms. Bruder has agreed to continue to work with Avantax in a consulting role through the end of June to support the transition. Ms. Bailey joined Avantax in November 2020 as Vice President, Legal Affairs and SEC Counsel. Prior to Avantax, Ms. Bailey spent just under two years as Vice President, General Counsel and Corporate Secretary at TransAtlantic Petroleum Ltd. Earlier in her career, she worked in private practice for seven years. She received her Juris Doctorate degree from Vanderbilt University Law School and Bachelor of Arts degree in International Studies from the University of Mississippi. Recent Insider Transactions • Nov 22
Independent Director recently bought US$119k worth of stock On the 17th of November, Kanayalal Kotecha bought around 5k shares on-market at roughly US$23.73 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.3m more in shares than they have sold in the last 12 months. Price Target Changed • Nov 16
Price target increased to US$29.00 Up from US$24.33, the current price target is an average from 3 analysts. New target price is 21% above last closing price of US$24.02. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$0.77 for next year compared to US$0.16 last year. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Rick Leaman was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 02
Price target increased to US$28.00 Up from US$25.33, the current price target is an average from 3 analysts. New target price is 20% above last closing price of US$23.37. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$0.79 for next year compared to US$0.16 last year. Reported Earnings • Nov 02
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: US$0.46 loss per share (improved from US$0.57 loss in 3Q 2021). Revenue: US$171.7m (down 1.4% from 3Q 2021). Net loss: US$21.8m (loss narrowed 21% from 3Q 2021). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$953.8m to US$904.8m. EPS estimate rose from US$0.56 to US$0.78. Net income forecast to grow 182% next year vs 3.1% growth forecast for Capital Markets industry in the US. Consensus price target of US$24.33 unchanged from last update. Share price rose 2.1% to US$22.36 over the past week. Reported Earnings • Aug 09
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: US$0.83 (up from US$0.65 in 2Q 2021). Revenue: US$256.9m (up 1.0% from 2Q 2021). Net income: US$39.4m (up 25% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Over the next year, revenue is forecast to grow 8.0%, compared to a 2.9% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 31
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.72 to US$0.58 per share. Revenue forecast steady at US$948.9m. Net income forecast to grow 186% next year vs 0.3% growth forecast for Capital Markets industry in the US. Consensus price target of US$24.33 unchanged from last update. Share price rose 8.9% to US$17.69 over the past week. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.89 to US$0.72 per share. Revenue forecast steady at US$954.4m. Net income forecast to grow 180% next year vs 1.5% growth forecast for Capital Markets industry in the US. Consensus price target of US$24.33 unchanged from last update. Share price fell 7.8% to US$15.97 over the past week. Reported Earnings • May 05
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.71 (up from US$0.57 in 1Q 2021). Revenue: US$307.6m (up 11% from 1Q 2021). Net income: US$34.6m (up 25% from 1Q 2021). Profit margin: 11% (up from 9.9% in 1Q 2021). Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 6.6%, compared to a 2.7% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Rick Leaman was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Rick Leaman was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Mar 04
President of Wealth Management exercised options to buy US$253k worth of stock. On the 2nd of March, Todd Mackay exercised 31.26k options at around US$16.32, then sold 18.44k of them at US$19.87 each and kept the remainder. Since June 2021, Todd's direct individual holding has increased from 98.21k shares to 122.92k. Company insiders have collectively bought US$1.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.16 (up from US$7.14 loss in FY 2020). Revenue: US$885.2m (up 17% from FY 2020). Net income: US$7.76m (up US$350.5m from FY 2020). Profit margin: 0.9% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 7.9% while thefunds industry in the US is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Dec 22
Independent Director recently bought US$825k worth of stock On the 15th of December, Mark Ernst bought around 50k shares on-market at roughly US$16.51 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 05
Third quarter 2021 earnings released: US$0.57 loss per share (vs US$0.55 loss in 3Q 2020) The company reported a poor third quarter result with increased losses and weaker control over costs, although revenues were flat. Third quarter 2021 results: Revenue: US$174.2m (flat on 3Q 2020). Net loss: US$27.8m (loss widened 6.1% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 05
Price target increased to US$25.33 Up from US$23.00, the current price target is an average from 2 analysts. New target price is 38% above last closing price of US$18.36. Stock is up 67% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$7.14 last year. Executive Departure • Oct 03
Independent Director John MacIlwaine has left the company On the 22nd of September, John MacIlwaine's tenure as Independent Director ended after 3.2 years in the role. As of June 2021, John still personally held 19.49k shares (US$337k worth at the time). John is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 29
Independent Director John MacIlwaine has left the company On the 22nd of September, John MacIlwaine's tenure as Independent Director ended after 3.2 years in the role. As of June 2021, John still personally held 19.49k shares (US$337k worth at the time). John is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.42 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.65 (vs US$1.04 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$254.3m (up 58% from 2Q 2020). Net income: US$31.6m (down 36% from 2Q 2020). Profit margin: 12% (down from 31% in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 17
Price target increased to US$23.00 Up from US$21.33, the current price target is an average from 2 analysts. New target price is 26% above last closing price of US$18.21. Stock is up 46% over the past year. Major Estimate Revision • Jun 17
Consensus EPS estimates increase to -US$0.10 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$855.9m to US$866.8m. EPS estimate increased from -US$0.13 to -US$0.10. Capital Markets industry in the US expected to see average net income growth of 12% next year. Consensus price target up from US$20.41 to US$22.00. Share price rose 9.7% to US$18.21 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$0.57 (vs US$6.60 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$278.4m (up 5.7% from 1Q 2020). Net income: US$27.6m (up US$343.1m from 1Q 2020). Profit margin: 9.9% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 16
New 90-day high: US$17.97 The company is up 32% from a price of US$13.59 on 15 December 2020. Outperformed the American market which is up 9.0% over the last 90 days. Exceeded the Capital Markets industry, which is up 21% over the same period. Simply Wall St's valuation model estimates the intrinsic value at US$10.15 per share. Reported Earnings • Feb 19
Full year 2020 earnings released: US$7.14 loss per share (vs US$1.00 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$755.0m (up 5.2% from FY 2019). Net loss: US$342.8m (down US$390.9m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 9.0%, compared to a 34% growth forecast for the Capital Markets industry in the US. Is New 90 Day High Low • Feb 02
New 90-day high: US$17.48 The company is up 66% from its price of US$10.54 on 03 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.89 per share. Is New 90 Day High Low • Jan 16
New 90-day high: US$16.60 The company is up 60% from its price of US$10.35 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.88 per share. Is New 90 Day High Low • Dec 31
New 90-day high: US$16.04 The company is up 69% from its price of US$9.47 on 01 October 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.84 per share. Is New 90 Day High Low • Dec 10
New 90-day high: US$13.86 The company is up 37% from its price of US$10.10 on 10 September 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$7.94 per share. Price Target Changed • Nov 11
Price target raised to US$17.50 Up from US$16.00, the current price target is an average from 3 analysts. The new target price is 45% above the current share price of US$12.08. As of last close, the stock is down 40% over the past year. 
