Unsustainable FCF Growth SpikeAn outsized FCF growth rate driven by a low base raises the risk that cash generation will normalize. That uncertainty complicates medium-term capital allocation, makes projected free cash flows less reliable, and could constrain recurring shareholder-return plans if normalisation occurs.
Recent Revenue DecelerationA modest 5.8% uptick in the latest year, versus higher longer-term growth, suggests deceleration in client flows or fee expansion. If AUM or distribution penetration softens, sustaining prior growth rates will require faster new-client acquisition or product expansion, pressuring medium-term top-line visibility.
AUM- And Fee-Dependent Revenue ModelRevenue is structurally linked to AUM, fee rates and distribution commissions, making earnings cyclically sensitive to market performance and fund flows. This creates persistent revenue and margin variability, reducing predictability of fee income across market downturns over the coming quarters.