Feb 10th 2012 - Edison Investment Research today published a report on Hargreaves Lansdown (HL..L, LSE:HL., LON:HL.) entitled "Stronger For Longer?". In summary, the report says:
Hargreaves has continued to experience strong growth in both revenue and profit despite the economic uncertainty. Unsurprisingly new business inflows were slower during the period as ISA investors were unsettled by market volatility, although SIPP inflows remained steady. The ongoing development of the Corporate Vantage offering provides an attractive opportunity for additional future revenue growth. The 20x P/E seems reasonable given its track record, profitability and growth potential, but leaves the shares vulnerable to any setbacks such as regulatory intervention.
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