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  • 23 Aug 19

LIBERUM: Plus500* - Anticipated regulation of Australia

The Australian regulator has acted swiftly, with a package of measures not dissimilar to those adopted by ESMA and now national laws across Europe. The reduction in company revenues appears to be close to 7.5%, with 25% of Australian revenues protected by the wholesale designation and the remainder dropping by 2/3.

Companies: Plus500
  • 13 Aug 19

LIBERUM: Plus500* - 11% user growth, low churn, buyback

Full details on H1 reveal a quality Q2 with very low churn, lower customer acquisition costs as competition reduces, and strong new customer numbers even though it was hardly a high newsflow quarter. Then we have a $50m buyback and a change in policy such that half of the core 60% payout can now be buybacks.

Companies: Plus500
  • 02 Jul 19

LIBERUM: Plus500* - £1 a share (annualised) earned in Q2

Forget the forecasts - Plus500 just earned 25p a share, with our existing costs assumptions, in Q2, and it was not a high volatility quarter, containing as it did April, the lowest activity month of the year so far. More than that, the update indicates that a higher number of new customers just arrived while their average cost has declined as the competition invests less in new client acquisition.

Companies: Plus500
  • 02 Jul 19

Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, with asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up toapproximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC Uniphar, a diversified healthcare services business w ith a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019

Companies: JSG SXX GUN HMLH TPG APPS ARCM GRA I3E PLUS

  • 12 Apr 19

LIBERUM: Plus500* - From too much volatility to too little

A low volatility quarter combined with clients making money (pre spreads) to mean very weak Q1 revenues at a third of the level of Q4, however new customer numbers are good, and spread revenue ARPU only down 14% on Q4. The $28m of client P&L takes 6% off our revenue estimate, and then it was a very weak quarter anyway.

Companies: Plus500
  • 12 Apr 19

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.

Companies: UFO PLUS CLNR ARCM PXS ARBB TAST TSTR MOS DMTR

  • 24 Feb 19

Most popular equity research this week | 18 - 22 Feb

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Companies: ESGSEEEVTOMGDOTDWEYIDPPURPDUKEPLUS
  • 12 Feb 19

LIBERUM: Plus500* - Too much of a good thing

Elevated volatility is good for trading platforms, but market falls in Q4 caused significant client losses ("P&L gain”), rather than higher spread revenue. The company is choosing to subtract this gain from Q4 revenues and to base 2019 guidance on the organic growth which they have always achieved.

Companies: Plus500
  • 27 Dec 18

LIBERUM: Plus500* - Ahead of market expectations for this year, more so for 2019

The company has announced that it expects to beat current expectations, which were for $116m revenues in Q4. The company had previously said that $130m would have been earned at normal volatility in Q3.

Companies: Plus500
  • 23 Nov 18

Most popular equity research this week | 19 - 23 Nov

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Companies: CMLFPOIQEFA/TSTLFDEVKMKRREFUTRPLUS
  • 20 Nov 18

LIBERUM: Plus500* - Positive trading update. Already at our 2019 forecast profit run rate.

The company has announced that it expects to beat current expectations, which were for $52m of EBIT in Q4. We also see the quiet appointment of the former IR of IG Group to an investor relations role at Plus500.

Companies: Plus500
  • 20 Nov 18

Small Cap Feast

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.

Companies: BMV HW/ KGH PLUS TPG 9537 CHRT IKA MNO BRD

  • 23 Oct 18

LIBERUM: Plus500* - Beats despite low vol. markets

This was the trough quarter post ESMA, and there was no following wind from volatility, but the company still beat, and continued to invest to acquire stickier, high value, European and Australian customers, as its brand now makes possible. We raise 2018 estimates by 6% and keep 2019 where it is.

Companies: Plus500
  • 17 Aug 18

Most popular equity research this week | 13 - 17 Aug

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Companies: HATPEGAREBONH7DIGIDPPLUSHCMFLX
  • 13 Aug 18

LIBERUM: Plus500* - Now the #1 CFD broker in UK, Germany and Spain. 90% of FY est’s earned in H1!

Amazing H1/18 results with revenue +147% yoy and PAT +190% yoy. Customer deposits in H1 were up 130%, though Singapore is just getting going. The company has made diligent progress with the Elective Professionalisation offer to qualifying EEA clients, who already represent 22% of EEA revenues, and they expect to hit over 40% (cf. IG expecting 50%).

Companies: Plus500

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Plus500. We currently have 75 research reports from 2 professional analysts.

Open
774p
Range Today
757/774p
52 Week
495/1647p
Daily Volume
401.0k
# Shares
112.0m
Daily Liquidity
(0.36%)
Pension Liability
£0m
Enterprise Value
£1,724m
Market Cap
£860.2m
Latest PE (hist)
7.48
Div Yield
9.73

Latest News/RNS

(more news)
Date Source Announcement
23Sep19 10:44 RNS Holding(s) in Company
23Sep19 07:00 RNS Transaction in Own Shares
20Sep19 07:00 RNS Transaction in Own Shares
19Sep19 07:00 RNS Transaction in Own Shares
18Sep19 07:00 RNS Transaction in Own Shares
17Sep19 07:00 RNS Transaction in Own Shares
16Sep19 07:00 RNS Transaction in Own Shares
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  • 20 Sep 19

Stripe valued at $35bn, Datadog pops 39% on debut, Rivian big Amazon order

Stripe Inc said on Thursday it is raising $250 million in its latest funding round, which values the payments start-up at $35 billion, a dramatic 56% surge from a previous valuation at the start of the year. The latest valuation puts Stripe in the same league as home rental giant Airbnb Inc, which is also planning go public in 2020. Stripe has received strong positive feedback from our private FinTech contacts. Meanwhile, the IPO pipeline for 2020 is already heating up.

Companies: CALL TRAK BGO BOKU ECK EQLS LOOP NET QTX SEE TECH TCM TRCS

  • 18 Sep 19

LIBERUM: AFH Financial* - Further acquisition 'on a similar attractive multiple'

AFH has bought Broadleaf Financial Services for a total max consideration of £3.2m and “on a similar attractive multiple” to previous acquisitions. This brings the total committed spend to £10.4m since the Convertible placing in July, and shows the company following through on their comments about having deals in due diligence.

Companies: AFH Financial Group
  • 19 Sep 19

Cenkos: Redde Plc - Cash flow improvement creates opportunity

Redde's full-year statement in September has given significant reassurance to the market, and helped the stock regain upward momentum. Earnings-based valuations and the yield remain attractive, while there is clear potential for improved cash flow to fuel further bolt-on acquisitions in what has been a consolidating sector over recent years.

Companies: Redde
  • 20 Sep 19

AGM statement shows strong growth

The Company has released a brief trading statement ahead of today’s AGM demonstrating the momentum in the business. The clear scale up in both cases invested into and cases settled bodes well for current year cash collection and future growth. Reiterate Buy rating and 590p price target

Companies: Manolete Partners
  • 18 Sep 19

Adapting to market conditions

Cenkos has not been immune from the challenging market conditions in the first half of 2019. This is evidenced by a decline in revenues of 41% to £10.6m and a loss before tax of £0.2m. Net cash also declined from £34m at December 2018 to £14.7m reflecting the reduced trading, the payment of the 2018 bonus and dividend, and a share buy-back programme. On the upside we note that the second half has ‘started well…with an encouraging pipeline’. In addition, the interim dividend was maintained at 2p, the regulatory capital surplus was £15.9m and we expect the net cash to improve to £25m by the year end. Despite the tough environment and the fact that we are revising our full year revenue and PBT forecast from £47m and £5m to £35m and £1.3m, we maintain our view that Cenkos has a flexible and strong business model (110 clients), and is attractive to income investors. With the shares close to historical lows, a dividend yield of 9% supports our BUY recommendation and revised price target of 80p.

Companies: Cenkos Securities
  • 18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

  • 13 Sep 19

LIBERUM: AFH Financial* - Acquisitions, a positive trading update and a primary focus now on organic growth and improved profitability

AFH organic net inflows continue at at least 8% p.a. The company states it is “primarily focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability”.

Companies: AFH Financial Group
  • 16 Sep 19

Report & Accounts published

6% rise in Group Funds under Management to US$5.4bn (£4.2bn), with Emerging Market products contributing 78% and diversification products (i.e. Developed Market, Opportunistic Value and Frontier products) 22%. Profit before tax of £11.4m (in line with Zeus forecast of £11.4m), with a profit before tax attributable to shareholders of £8.8m (Zeus old forecast of £8.8m). Fully diluted EPS of 34.1p (Zeus forecast of 34.2p) and Full Year DPS of 40.5p (Zeus old forecast of 40.5p).

Companies: City Of London Investment Group
  • 20 Sep 19

LIBERUM: Harworth* - Plenty of upside to deliver over time

Harworth has had a positive first half, with good progress made on land sales and replenishing the pipeline. NNNAV growth of 12.6% y/y is ahead of the long-term total return target.

Companies: Harworth Group
  • 16 Sep 19

LIBERUM: Real Estate Investors* - Strong H1 earnings growth, and ready with £25m for deals in H2

REI has delivered positive H1 earnings growth ahead of our expectations. £25m of cash and facilities leaves management ready to capitalise on opportunities in the region, particularly in the case of any market dislocation.

Companies: Real Estate Investors
  • 17 Sep 19

Regional REIT - Executive interview

<a href="https://www.edisongroup.com/company/regional-reit/2333/"><strong>Regional REIT</strong></a> (RGL) provides investors with highly diversified exposure to UK commercial property (predominantly office and industrial property) in the main regional centres of the UK, effectively outside the M25 motorway. It aims to deliver an attractive total return to investors of at least 10% over the long term, with a strong focus on income plus capital growth. The shares provide one of the highest yields in the REIT sector and, barring unforeseen circumstances the company expects to pay aggregate dividends of 8.25p per share for 2019 (+2.5% versus 2018). In this <a href="https://www.edisongroup.com/edison-tv/executive-interview-regional-reit-4/"><strong>interview,</strong></a> Stephen Inglis, Group Property Director and Chief Investment Officer of London & Scottish Property Investment Management, the asset manager of RGL, discusses the recently released half-year results, the successfully completed £62.5m equity raise and the plans for accretive new investment.

Companies: Regional Reit
  • 17 Sep 19

LIBERUM: Aquis Exchange* - Revenues beat, drivers intact

Aquis H1 revenues were 5% ahead of our full-year run rate, and up 165% year-on-year. Company is trading in line with FY expectations.

Companies: Aquis Exchange
  • 18 Sep 19

LIBERUM: GLI Finance* - Focus on higher RoE lending, further FinTech writedown, intending to extend ZDPs

GLI is shifting to asset backed lending and seeing early growth in the newer UK and Irish businesses, however this is overshadowed by further, large FinTech writedowns, by an IFRS9 impact, and by the news that the company is seeking to extend the current ZDPs for a year, at a higher cost. New cost control is welcome and the future business model makes sense, in our view, but a succession of significant value downgrades make it unlikely that the business will soon receive any credit for the value which its core lending business should be creating.

Companies: GLI Finance
  • 27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

  • 17 Sep 19

Solid interims, strong deployment in PRSR continues

Sigma’s interims reflect continued delivery in The PRS REIT (“PRSR”) and well-flagged delays which were experienced during the early part of 2019. We now see strong activity levels developing – both in PRSR and on Sigma’s balance sheet – underpinning stronger profitability in H2. In PRSR, there are 1,289 completed homes and 3,429 in delivery – accounting for 83% of capital (91% of equity), with the remainder to be contracted near term. We leave our forecasts unchanged. 2/3rds of the market cap is covered by NAV and we believe recurring income from AuM and development profits are being undervalued.

Companies: Sigma Capital Group