Profit momentum remains robust yet shares overvalued.

We maintain our fair value estimate despite unfavourable economic conditions.

Proposed legislation removes health insurance rebates.

Steady profit, but rising risks and rich valuation give pause.

Profit beats drive shares higher for Australia’s largest asset manager.

Solid result but valuation is stretched.

Shares sell off after results.

Shares fall after announcement that capital will be replenished for loan impairment provisions.

Earnings growth fails to excite investors worried about AI disruption.

We view the shares are materially overvalued.