Hub24, Megaport and Altium all gained over 10% this morning after strong results
Nick Sundich, August 22, 2023
It is rare to have 3 large cap companies gaining over 10% in a single day during results season but this happened today with the trio being Hub24 (ASX:HUB), Megaport (ASX:MP1) and Altium (ASX:ALU).
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Altium leads the charge
Is Altium, a maker of electronic design software, one of the most underrated stocks out there? In FY23 it increased revenues and profit by over 19% to US$263.3m and US$66.3m respectively. The company’s transition to the cloud is paying off in spades.
At least four brokers have increased their price targets on this stock since it unveiled results at yesterday’s close. Its shares are up nearly 20% this morning.

Altium (ASX:ALU) share price chart, log scale (Source: TradingView)
Hub24 delivers too
Hub24 owns two investment platforms, one under its own name and the other called Class – formerly listed in its own right before it was taken over. The company closed FY23 with $80.3bn in Funds Under Administration and a net profit of $38.2m, figures which were up 23% and 160% from 12 months ago. It hopes to grow its FUA to $92-$100bn by FY25.
Megaport is knocking it out of the park
Finally, we turn to Megaport. This company provides management software for businesses to connect various Cloud solutions with security and ease. Its shares have been volatile over recent years, gaining during the pandemic as businesses pivoted their operations online and relied on Megaport to make it happen, but retreating during the Tech Wreck as investors turned away from non-profitable companies.
Megaport’s shares gained today as it reported a record performance, with $153.1m in revenue (up 40%, $20.2m EBITDA and 11% growth in services to 30,516. It also updated its FY24 guidance having only initially provided it 6 weeks ago. It is expecting EBITDA for FY24 to be $51-$57m, which would be 152-182% higher than FY23 and 24% higher than the initial guidance given.
FY24 revenue is expected to be $190-$195m (up 24-27%) and it expects to be net cash flow positive for FY24.
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