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Summer Series: Adore Beauty Group Ltd (ASX: ABY)

HOSTS Alec Renehan & Bryce Leske|11 January, 2021

Welcome to the Equity Mates Summer Series of 2020 brought to you by Superhero.

Over 12 episodes we dive into some of Australia’s largest and most well-known companies, as selected by you, the Equity Mates community.

In this episode, we unpack Adore Beauty Group (ASX: ABY). Adore Beauty is Australia’s number one pure-play online beauty retailer.

In each episode we look at:

  • A company summary
  • The industry
  • Their competition
  • The outlook and future plans
  • Key financials
  • Valuation

For some of the companies, we’ve been lucky enough to get access to the CEO, where we take some of the tough questions straight to them.

Superhero offers unlimited $5 trades on ASX-listed shares. For more information or to sign-up, head to their website here

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If you want to let Alec or Bryce know what you think of an episode, contact them here

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Speaker 1: [00:00:00] Again, it's not news to the Equity Mates community that I have a bit of a frustration, I guess, or [00:00:05][4.4]

Speaker 2: [00:00:05] the fact that you only seem to have one shirt in your wardrobe and that is the Equity Mates shirt. So what are we going to do about it? [00:00:10][5.3]

Speaker 3: [00:00:11] Well, first of all, just calm down. Why do you care about what I'm wearing? And secondly, that's why I keep saying we need to expand the Equity Mates Mirch range. So I have a few more options when I wake up in the morning [00:00:24][13.7]

Speaker 1: [00:00:25] or good news for you. I've been doing a bit of [00:00:27][1.9]

Speaker 2: [00:00:27] research and Square could be the perfect partner for us when we're building out our merch store. Square is more than a little white credit card reader. They have the tools to connect every side of our business, even setting up a website. It's super easy to grow our business online. [00:00:42][15.0]

Speaker 3: [00:00:43] That's right. Square has a number of powerful tools for e-commerce payments appointments. It's keeping up with the changing shape of commerce and it can really help future proof our growing merch business. [00:00:55][12.5]

Speaker 2: [00:00:56] I cannot wait to get started with Square Ren get your business online today head to square dot com to see how you can grow more online. [00:01:04][8.4]

Bryce Leske: [00:01:05] Do more, sell more, grow more online head to square dot com to see how. Equity Mates, I will say this about everything you do, but what I learned in 20. At. Welcome to the Equity Mates Summer Series of 2020, brought to you by Super Hero, the newest broker in town offering five dollar brokerage and zero dollar brokerage on all ETFs over the next 12 episodes. We're going to be diving into some of Australia's largest and most well known companies as selected by you. The Equity Mates community will be unpacking the company, its industry, the outlook's key financials. And in some instances, we'll also be taking the tough questions straight to the CEO to do this. As always, I'm joined by my equity buddy Ren. How's it going, bro? [00:02:01][56.5]

Alec Renehan: [00:02:02] I'm very good looking forward to this episode. Yeah, this is a company that is close to your heart. He'd say, well, it's not telling me if I'm wrong, but you've been speaking about it a fair bit this year. Every time we got asked, you know, we went on a few YouTube shows and stuff this year and we would get asked, what are some companies that you're looking at at the moment? I feel this company was first on your list. Really? Yeah. You're really excited for the IPO? I don't think so. [00:02:27][25.3]

Bryce Leske: [00:02:32] I think I was perhaps more excited about the response it would get, you know, by the fact that it did IPO. I was interested to see how people would react to it. It's not something that I personally use. But yeah, look, there is a bit of a fanfare around it at the moment. So I guess without further ado, we are talking about a door beauty today. ASX code is ABB y. So how is this episode going to work? Much the same as all the others. We're going to start with a bit of a summary on the company. We're going to dive into a bit of the context around the industry and competitors, its outlook financials, and have a crack at the valuation at the end. So should we crack into it? [00:03:13][41.5]

Alec Renehan: [00:03:14] Let's do it. Let's do [00:03:14][0.8]

Bryce Leske: [00:03:14] it. So Adore Beauty is Australia's number one pure-play online beauty retailer. [00:03:20][6.0]

Alec Renehan: [00:03:20] number one in your eyes. [00:03:20][0.0]

Bryce Leske: [00:03:23] no one in the eyes of their prospectus [00:03:24][1.3]

Alec Renehan: [00:03:26] prospectus. [00:03:26][0.0]

Bryce Leske: [00:03:28] Their aim is to provide a beauty shopping experience that is personalized to their customers needs, just like many online e-commerce retailers these days. Not only though do they focus on selling beauty products, but they provide a lot of education around beauty as well as entertainment for their customers. So they hope that their website is a destination not just to buy products, but also to learn more about beauty and how it impacts and how you can do it better yourself. So that's kind of, I think, what we'll dive into a little bit later, how they're planning to sort of differentiating themselves. [00:04:02][33.1]

Alec Renehan: [00:04:02] Yes. Yeah. So a bit of history. And I quite like this history for me. A lot of, I guess, online companies, tech companies love to IPO very quickly. Yes. You know, ZIP was founded in 2013, an IPO in 2015 after PAYE was found in 2014, IPO in 2016. Doh Doh Doh used their IPO as their angel venture capital. But Adore is bucking that trend. A door was founded in depending on what part of a Dors website you go on, either 1999 or 2000. So around the millennium, you just fix that up. But the majority say two thousand by Kate Morris in her garage in Melbourne. And Kate was a twenty one year old uni student at Monash University. And in 2000, e-commerce was we were obviously living through the first wave of the sort of tech bubble and Amazon and stuff had started. But e-commerce was new and it was incredibly novel. And Kate borrowed twelve thousand dollars from her boyfriend's parents to start an e-commerce retailer. Yeah, I would love to know how that conversation went. And we're actually interviewing Kate. And that interview will be in your Faid, hopefully, right now. Well, very soon, yes. And I'm going to ask Kate that. I'm going to ask her what that conversation was like. [00:05:25][83.0]

Bryce Leske: [00:05:27] So since then, when they have gone from small to big things, I guess 2019, they decided to have a website dedicated to their New Zealand customers and in 2020, they listed on the ASX. So, yes, or and it's been a long journey. But as you said, something that we like to see in a company not rushing into it. [00:05:46][19.5]

Alec Renehan: [00:05:46] Now, we will get to the financials later. But I think it's worth giving this context at the top just in terms of the sales. So O'Doul was founded in 2000, in 2010, netted two million dollars in sales. So it took them ten years to go from zero to two million. And then by 2016, they did six million in sales. By 2019, it was seventy million. And then in 2020, the financial year just gone, but it 120 million. So a pretty phenomenal growth curve in the 2010s. [00:06:19][32.6]

Bryce Leske: [00:06:20] Yeah, absolutely. We will dive into that in a little bit. [00:06:23][3.4]

Bryce Leske: [00:06:24] So where do they operate? [00:06:25][0.7]

Bryce Leske: [00:06:25] They've got their main sort of. Customer base here in Australia, as I said, 2009, when they opened up in New Zealand as well, plans to sort of extend a little bit beyond that. They have 590000 active customers and they define an active customer as someone who has purchased something over the last 12 months. So a pretty large sort of time period. I guess their revenue model is pretty simple. They sell third party beauty products, meaning that they go out and create partnerships with many of the beauty products, both here in Australia and around the world. And then the middleman marketplace. [00:06:59][34.1]

Alec Renehan: [00:07:03] selling third-party products. They are a retailer. [00:07:05][2.5]

Bryce Leske: [00:07:07] True. Some also own brands, right? [00:07:10][3.1]

Alec Renehan: [00:07:10] Well, yeah. [00:07:10][0.3]

Bryce Leske: [00:07:11] but they haven't done that yet. [00:07:12][1.3]

Alec Renehan: [00:07:14] it's a very convoluted way of explaining retail [00:07:16][2.2]

Bryce Leske: [00:07:17] anyway. So they have 230 global [00:07:20][2.3]

Bryce Leske: [00:07:20] brands in terms of where that sits. Among other retailers here in Australia. They have one of the largest offerings of beauty products, which is one of the reasons they try to differentiate themselves. [00:07:29][8.8]

Alec Renehan: [00:07:30] Now, before we get into the industry context, we love talking about investing in what you know, invest in your surroundings and, you know, use the people that you know, your friends and your family and your colleagues as a resource. And I think adorability is a classic example of a company that we can see, feel, touch, understand, and in some ways, anecdotal evidence you can get from, you know, just people that you know and people who use this service can be a lot better than company presentations and analyst reports and stuff like that. If the business is fulfilling customer wants and needs better than the competitors, that's all you really need to know. And so, obviously, maybe, you know, well, I won't speak for you. I have never bought anything from a door. But I messaged a few of our friends before this just to get an indication of have heard of it? Do they use it? And high level, I think about three-quarters of the people that I messaged said they had heard of it. And then it was a pretty even split of the people that have heard of it about whether they use it or not. Key reasons for not using it were mainly around the preference to go in-store. And I think Meka offers quite a good in-store experience. I remember while I was at Kohl's, they used to talk about that experiential retail and like a really good customer service that Mekka offered. And so I think what I sort of was learning from that was that a Doors brand recognition is quite high. Like three-quarters of the people, I asked know about it, but it feels like there's a customer behavior that they have to overcome, which is that people have a preference for going in-store. And it sounds like covid a few people said they'd never used a door before covid, but then they started using it during covid. So it feels like this is one of those companies that over the long term will benefit from that changing customer behavior around buying stuff online. [00:09:21][111.4]

Bryce Leske: [00:09:22] Yeah, it's interesting because the way that adore and I think a door obviously acutely aware of this and the way that they're trying to combat it, because a lot of the reasons that people go into store. Yes. For the experience, but it's also to talk to the professionals in the store to understand what product is going to skin or what product is going to be. [00:09:38][16.2]

Alec Renehan: [00:09:39] Try before you buy. [00:09:39][0.1]

Bryce Leske: [00:09:39] Exactly. And so the two ways that a door try to overcome this is really through their content marketing approach. They have a thing called beauty IQ, which is I guess they call it an expert guide to everything beauty. And you go into their website and there's videos with experts and also users who, you know, I guess reviewing products, telling you how it is going to best suit your skin or whatever sort of you're looking for. And I guess that's a way to try and overcome that experience that you would get in store. They also have a podcast and a bunch of social channels that both attract pretty large audiences. So they're really using the content to, I guess, not only build their customer base, but provide that or try to provide that level experience that you would otherwise get in store. [00:10:24][44.8]

Alec Renehan: [00:10:25] Kate Morris has also founded another company, Foundation Foundation dot com, and it's a crowdsourced database of matching foundation shade's. So I guess that's another element of trying to replicate the not the experience, but I guess the knowledge you get from going in store and, you know, trying stuff on and seeing how it works. I'm trying to in some ways replicate that or at least create a proxy for that online. [00:10:49][24.3]

Bryce Leske: [00:10:50] I like what they're trying to do. I think building a community that way. And then you can see how people would feel, I guess, much more confident in what they're buying rather than just blindly going at it online and hoping for the best. [00:11:01][11.2]

Bryce Leske: [00:11:02] So in terms of the industry ran, [00:11:04][2.1]

Bryce Leske: [00:11:05] you can break it into two parts. There's the beauty and personal care industry and then there's the e-commerce industry. So if we start with the beauty and personal care sales of beauty and personal care products in Australia, both online and in bricks and mortar rates, just shy of 11 billion in 2019, growing at an average rate of three and a half per cent. Over the next four years to about 13 billion, so reasonable growth, the big growth, though, is in the e-commerce industry. Online beauty has seen sales of 797 million in 2019 and penetration of sales online is at about seven and a half percent. However, if you look at that compared to overseas, where pretty, I guess underdone is, there's certainly room to grow with the US at sort of 15 per cent in the UK at 12. [00:11:54][49.0]

Alec Renehan: [00:11:55] Yeah, this is not on the order point, but on that Australia being behind the eight ball in terms of online penetration. When we watch the Hearts and Minds conference and fund manager pitched Temple in Webster, which is an online like homeworkers retailer. Yeah, they had exactly the same thing that a slide. And I think it was like Australia was at about five percent online penetration in that segment. And the U.S. and the U.K., I think we're in the high teens or the 20s. Yeah, that bodes well for pure online retailers in Australia that if they can just get themselves in line with other English speaking Western developed markets, there's growth opportunities there. [00:12:32][37.3]

Bryce Leske: [00:12:32] So just like we spoke about booktopia, you know, you're looking at online, very offline or bricks and mortar whilst the offline or the total industry is growing at about three and a half percent over the next four years, the online e-commerce industry is growing at a tick over 25 percent. So much more considerable growth coming there, which is why a door pretty excited about where they're positioning themselves in the market. What is driving this market? Well, it's pretty straightforward. I think, you know, adoption of online, we've seen and covered many people turn to online and I guess like the experience more than they perhaps would have if they hadn't tried it before. We're seeing new payment options coming into the market, making it more accessible to pay and buy things online. To your point around, consumer behaviors change. That's also driving the market as well. So pretty good industry to be involved in at the moment. [00:13:16][44.1]

Alec Renehan: [00:13:17] Mm hmm. I mean, this is sort of rinse and repeat story that we're seeing in every retail segment, play out this cannibalization of bricks and mortar for online. And so I guess then the question becomes, we can say that the industry is moving to more online and online is taking market share. I guess my question for you is, who else is trying to win that online market share and what a door doing that gives them an edge? [00:13:42][25.6]

Bryce Leske: [00:13:43] Well, in terms of competitors, you've got to look at it as an online offline approach. I think they've got major offline department stores who also have an online sort of presence, though. Then, you know, you mentioned before, Meka. So those beauty and personal care specialists, I think this is for Warehouse Warehouse, a bunch of them that sort of specialize in beauty and personal care products. You've got the Woolies and Coles and pharmacies who also sell a range. And then you can't forget the online generalists like Amazon and some online specialist as well. Recreate yourself or look fantastic dotcom, both of which I've never heard of. So I guess other than Amazon and the online specialists, all the others have bricks and mortar stores. So that's one area where I adore looking to differentiate themselves. I don't have to worry about upkeep of all of that sort of physical store space, but their whole pitch is all around providing an experience that is I driven classic and also using their content to build experiences that try to replicate the experience that you're getting. Store did a bit of research then. [00:14:47][64.2]

Alec Renehan: [00:14:48] That's good. Otherwise, this episode will drive their [00:14:51][3.2]

Bryce Leske: [00:14:51] delivery times are meant to be sort of best in class. And if you go in and have a look at the reviews, the customer service is fantastic. Their range, they offer pretty significant discounts across some major brands that get people in. They give free samples with almost all orders that go out, which is a way to encourage and entice customers to return and buy more product. The way that they've built their website is a very personalized experience. So you're hopefully going to get products put in front of you that are tailored to what you're looking for. So they're really trying to build out that, I guess, tech side of the website so that you're getting what you want when you want, and then the customer service and the sales side also complement that. So, yeah, that's, I guess, where they're sitting at the moment in terms of industry context. [00:15:34][42.6]

Alec Renehan: [00:15:34] Yeah, it's an interesting one. It feels like for a segment like Beauty, the specialization that they can offer and, you know, they can build their whole platform around things like recommendations and samples and all that stuff. It feels like there's an advantage there against Amazon where it's just like you have to know what you're looking for. You search for it and you buy it or you browse. But, you know, browsing through Amazon is a bit of a mess that it does. Yeah. It feels like this is a segment where price is less important and some of those other things around getting the right product is more important. [00:16:07][32.7]

Bryce Leske: [00:16:08] And I think that's why they focus so strongly on this content side. And they make a big deal of the fact that they've got the beauty IQ, they've got the podcast, they've got their socials, they've got all these experts in the community. And I guess it's creating that sense of community and also sense and confidence that what you're buying is right for you. At the end of the day, that's going to. Keep people coming [00:16:27][19.0]

Alec Renehan: [00:16:27] back. Equity Mates, we've covered off the company and the industry before we get into adiós future plans and some of its numbers, we're going to take a quick break to hear from our sponsors. OK, so let's get into adiós outlook and future plans, obviously, we've talked about how they in a growing segment of the beating market in that online space, they've just iPod. I think they raised, what, two hundred million dollars, thereabouts. So what are they going to do with all that cash? [00:16:58][31.5]

Bryce Leske: [00:16:59] Party like it's what is it, 1982 or something? [00:17:01][2.3]

Alec Renehan: [00:17:03] Jaisalmer law. But I have no idea what that was [00:17:06][2.5]

Bryce Leske: [00:17:07] like for them. And this is interesting. [00:17:09][2.7]

Bryce Leske: [00:17:10] I had never heard of adorability before the IPO. You know, I've heard of Mecca and a lot of the other brands that are mentioned in their competitive landscape. One of the things that they really want to do is build brand awareness and I think just get in front of more people. It's obvious that once I think customers get in their sphere and universe, you know, they're generally sticking around for a bit. But I think they just want to get in front of more people. That's one thing they're going to be doing. They're going to be launching a mobile platform later this year, maybe early next year. And again, that's just going to be a content first focus to provide, I guess, a seamless transition to purchase. That's said big thing. How can we get customers to to buy seamlessly as possible without it feeling like a bit of a sales pitch? I guess they do have a loyalty and rewards program, which from a bit of research and chatting to mates, I think is a good drawcard for them. And it sounds like they're going to be enhancing that functionality. And then to your point, before they are a third party retailer, but they're going to be [00:18:05][55.1]

Bryce Leske: [00:18:05] looking they're going to be looking to move into the private label [00:18:08][3.3]

Bryce Leske: [00:18:09] space and start, I guess, manufacturing their own branded products and increasing their range, which is only a good thing. [00:18:16][7.1]

Alec Renehan: [00:18:17] Yeah, yeah. I mean, maybe it's because we both worked in retail or maybe it's because we've seen enough of these retail businesses over the last four years. But there's nothing really new about this strategy. But the strategy works. And, you know, there's so many companies that we've seen that have really focused on, you know, one building awareness, changing customer behavior to leveraging the data that they're gathering, being an online player to, you know, offer better customization and recommendations. Three, moving to mobile for having a strong loyalty program. And then five, making the shift from third party sellers to private labels like the blueprint for the online blueprint. Yeah, yeah, yeah. And then what happens, ironically enough, is when they get massive, like Amazon level massive, the sixth pillar is let's go get some bricks and mortar. [00:19:08][51.4]

Bryce Leske: [00:19:09] Yeah. Now, you're right, it works. And I think it's you know, it doesn't work for everyone. These guys seem to be, I guess, first in the space in that pure online space. I think they're trying to just really knuckle down and own that. You're right. It's not majorly [00:19:22][13.6]

Bryce Leske: [00:19:23] groundbreaking or innovative. [00:19:25][1.6]

Alec Renehan: [00:19:25] Yeah. But I mean, that is something that isn't to cast dispersions. Yeah. Like, it works. And, you know, it's a playbook that has worked overseas. It's a playbook that's worked in Australia. And it makes sense because it's leveraging what the technology allows you to do, collect data, lower your costs. You get more personal. Yeah. So it's an interesting one. It's not a company that I would really have thought to invest in before we looked at this, but it does interest me now. I don't own it, but it is interesting. [00:19:51][26.1]

Bryce Leske: [00:19:52] So we can just quickly talk about some of the risks that they will be facing before jumping into the financials. And this is probably worth thinking about with all these sort of online companies as well. But obviously in an industry where some of this would be discretionary spend, general economic conditions is something to think about. You know, given what Australia in the world is facing, how likely are people going to continue spending the way that they have been in this space? Obviously, website risk and security, new competition to the market. I think it's a generally low barrier to entry market or the bricks and mortar retailers could transition faster on to online. [00:20:27][34.4]

Alec Renehan: [00:20:27] Yeah, yeah. I imagine that's the case. I would one day how easy it would be to stock some of those beauty brands. I imagine there's a fair bit of brand protection that they would want to do. So it's not like you and I could throw up an e-commerce website and start selling Estee Lauder or some of the more upmarket brands. Yeah. So, yeah, you're right. The new entrants would be more existing retailers moving online rather than pricing. Alex, make up new for him. [00:20:53][25.4]

Bryce Leske: [00:20:53] Scott Yeah. And to that point, the reliance on a third party and I guess this is why they might be going to more private label as well also given the margins. But you are relying on third party suppliers to keep the business going and your range at the heights that it is, I guess, and I guess the growth rates that they're experiencing at the moment, you need to think [00:21:12][19.4]

Bryce Leske: [00:21:13] about how likely is that to continue over the long term when you're thinking about valuations in that sort of stuff? Pretty, pretty hefty growth rates right now. [00:21:19][6.4]

Alec Renehan: [00:21:19] Yeah, I mean, a door would just be hoping and praying that Myer continues falling and goes bankrupt. Yes. That would free up a fair bit of the market. [00:21:28][8.6]

Bryce Leske: [00:21:29] So in terms of financials now, as you said at the start of the show, some pretty phenomenal topline revenue growth after twenty. They're looking at one hundred and twenty odd million dollars in revenue. They are. Football there have been over the last few years, they note in their prospectus that there is a large one off tax costs that actually did lead to a bit of a loss, one point two dollars million loss for F1 20. But if you exclude that, then I guess general operations, they have been profitable. So that's good news. We do have a profitable company in our summer series. We do. We do. Yes. I guess what does it mean from a valuation standpoint? So did a bit of a discounted cash flow, earnings per share at about two and a half cents if you plug in five year growth rate at the online growth industry, which was 26 percent, and then a 10 percent growth rate for the 10 years after, you're looking at the share price of six point forty four. And at the time of recording this, it was six dollars fifty. So pretty in line with current price, with all things discounted cash flow, you can obviously adjust your growth rates and get some pretty different returns. The most bullish case is if you assume a 50 percent growth rate over the next five years, then you're looking at a current valuation of about 15 dollars. [00:22:49][79.8]

Alec Renehan: [00:22:49] Yeah, and if you assume a thousand percent growth in the next hundred years, [00:22:52][3.1]

Bryce Leske: [00:22:53] so it's all a bit iffy in terms of what you put in. But I think if you assume that industry growth rate of twenty six percent seems pretty fair value at the moment, [00:23:01][8.7]

Alec Renehan: [00:23:02] I want to take a step back on the financials, given you're the retail whisperer and you can answer any retail analyst, I just a key thing that you look at in retail is, is growth and net margin. So retail is notoriously a difficult business. There are very razor thin margins. And, you know, Coles and Woolies bring in tens of billions of dollars a year. I think Coles did 30 billion dollars last year. But they make in terms of profit margins, they make three percent on that. I think Woolies would be around that three percent mark as well. I've just had a look at adiós, gross and net margins. So their gross margins are around 30 percent, which is pretty normal for a retailer. Their net margin is small, though their net margin was between half a percent and two percent over the last three years. So that feels below the industry average and below an online retail average. So for me, that's one thing to keep in mind. I'm not 100 percent sure of the dynamics of the beauty industry. And is there like some serious discounters that are squeezing margins in the industry. But you could see one opportunity for a door and potentially why they want to push into private label is that margin feels quite low and you'd probably want to see that expand a little bit. [00:24:16][73.9]

Bryce Leske: [00:24:16] Yeah, absolutely. I would imagine a lot of that is driven by the significant discounting that they're doing on a lot of their products as well just to get customers in. But how sustainable is that unknown? [00:24:26][9.7]

Alec Renehan: [00:24:26] Well, are they the cheapest in market [00:24:28][1.1]

Bryce Leske: [00:24:28] for all their products? [00:24:29][0.9]

Alec Renehan: [00:24:30] Well, just in general, like for a basket of products, I couldn't tell you, OK, because a lot of the larger retailers will measure themselves on a basket of staples and see how they compare to their competitors. If door is the cheapest and they're willing to wear those low margins as a customer acquisition play, that makes sense. And that is a good strategy. But if they're that cheap and there are others that are cheaper and they have to be that cheap because the industry dynamics are, you know, Myer just want sales and they're discounting to get people in the door so that they can sell them shirts and shoes as well as make up. And, you know, it's like a traffic play for Myer or, you know, or so for I have some way that they can be cheaper than a door, then that would be something I'd be mindful of because there's not a lot of room in those margins. [00:25:14][43.8]

Bryce Leske: [00:25:14] Yeah, absolutely. I guess that brings us to the end of a door. If you want to have a listen to our conversation with the founder, Kate Morris, [00:25:21][6.9]

Bryce Leske: [00:25:22] that should be available in your feed now. So head over and have a listen to that. And we'll be digging a little bit deeper into some of the conversations that we have just had. Otherwise, a massive thank you to our sponsor for the summer series of 20/20 superhero. They're providing the cheapest brokerage in town, five dollars for a flat fee brokerage. And if you're into buying ETFs, they are offering zero dollar brokerage on all ETF purchases and sales. So head over to super hero Dotcom. Told you to sign up for more and for more information. It's a pretty phenomenal platform. The tech is amazing. And it sounds like there's some big things to come from then. [00:26:00][38.9]

Bryce Leske: [00:26:01] So thank you to them. [00:26:02][1.0]

Bryce Leske: [00:26:02] And then we'll chat next week. [00:26:03][1.2]

Alec Renehan: [00:26:03] Sounds good. [00:26:03][0.0]

[1507.8]

More About

Meet your hosts

  • Alec Renehan

    Alec Renehan

    Alec developed an interest in investing after realising he was spending all that he was earning. Investing became his form of 'forced saving'. While his first investment, Slater and Gordon (SGH), was a resounding failure, he learnt a lot from that experience. He hopes to share those lessons amongst others through the podcast and help people realise that if he can make money investing, anyone can.
  • Bryce Leske

    Bryce Leske

    Bryce has had an interest in the stock market since his parents encouraged him to save 50c a fortnight from the age of 5. Once he had saved $500 he bought his first stock - BKI - a Listed Investment Company (LIC), and since then hasn't stopped. He hopes that Equity Mates can help make investing understandable and accessible. He loves the Essendon Football Club, and lives in Sydney.

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