The recent FY25 trading update provided a welcome reminder of the key virtues of Plus500’s model. We continue to see its market-leading technology platform as positioning it to take advantage of the significant opportunities within the global futures market. Although our conservative forecasts imply limited near-term earnings momentum, we believe the group’s capital-light model suggests the shares offer a cash yield of over 8% with scope for upside if the group’s track record for outperformance ....