UK public markets need to wake up. The recent money game in Hargreaves Lansdown emphasises this fact and is sadly just the tip of the iceberg.
We are owners of 0.7% of the Hargreaves Lansdown equity in issue. We write this piece on the back of Hargreaves Lansdown’s board recently announcing it had rejected a bid from a consortium of investors at a price tag of 985p.
We think Hargreaves Lansdown is woefully undervalued, even if we assume a cut to fees. The direct-to-consumer (D2C) market is full of structural growth and most likely at a cyclical nadir.