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  • 12 Feb 20
LIBERUM: Plus500* - Q4 stronger than thought

Q4 saw $100m of revenues ex customer P+L. The company will return 100% of 2019 profits to shareholders through dividends and buybacks, has $293m net cash, and may seek targeted acquisitions, new licences and product extensions.

Companies: Plus500
  • 12 Feb 20
LIBERUM: Plus500* - Q4 stronger than thought

Q4 saw $100m of revenues ex customer P+L. The company will return 100% of 2019 profits to shareholders through dividends and buybacks, has $293m net cash, and may seek targeted acquisitions, new licences and product extensions.

Companies: Plus500
  • 06 Jan 20
LIBERUM: Plus500* - H2 much stronger than H1.

Trading conditions in Q4 produced quarterly revenues in line with the average of the last 5 quarters. This still translates to approximately 29p of earnings in the period.

Companies: Plus500
  • 06 Jan 20
LIBERUM: Plus500* - H2 much stronger than H1.

Trading conditions in Q4 produced quarterly revenues in line with the average of the last 5 quarters. This still translates to approximately 29p of earnings in the period.

Companies: Plus500
  • 29 Oct 19
LIBERUM: UK Small & Mid Cap Dispatches

Plus500, Harworth Group, Science in Sport, SMID Market Highlights

Companies: PLUS HWG SIS

  • 29 Oct 19
LIBERUM: UK Small & Mid Cap Dispatches

Plus500, Harworth Group, Science in Sport, SMID Market Highlights

Companies: PLUS HWG SIS

  • 29 Oct 19
LIBERUM: Plus500* - Q3 beats by 11%

Q3 was a significant beat, 11% above our expectation, and the company confirms it is on track for 2019. It will continue to take share and the economics remain excellent.

Companies: Plus500
  • 29 Oct 19
LIBERUM: Plus500* - Q3 beats by 11%

Q3 was a significant beat, 11% above our expectation, and the company confirms it is on track for 2019. It will continue to take share and the economics remain excellent.

Companies: Plus500
  • 29 Oct 19
Small Cap Feast

African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for adm ission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.

Companies: ECK KOOV PLUS TSI GWI ORR ANIC TCM KEFI SIS

  • 29 Oct 19
Small Cap Feast

African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for adm ission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.

Companies: ECK KOOV PLUS TSI GWI ORR ANIC TCM KEFI SIS

  • 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
  • 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
  • 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
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

  • 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
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

  • 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: WJASEEEVTOMGDOTDWEYIDPPURPDUKEPLUS
  • 24 Feb 19
Most popular equity research this week | 18 - 22 Feb

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Companies: WJASEEEVTOMGDOTDWEYIDPPURPDUKEPLUS
  • 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
  • 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
  • 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
  • 23 Nov 18
Most popular equity research this week | 19 - 23 Nov

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Companies: CMLFPOIQEFA/TSTLFDEVKMKRREFUTRPLUS

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Plus500. We currently have 91 research reports from 2 professional analysts.

Open
N/A
Range Today
N/A
52 Week
495/1050p
Daily Volume
N/A
# Shares
108.2m
Daily Liquidity
(0.91%)
Pension Liability
£0m
Enterprise Value
£681.3m
Market Cap
£941.7m
Latest PE (hist)
5.12
Div Yield
7.26

Latest News/RNS

(more news)
Date Source Announcement
14Feb20 07:00 RNS Transaction in Own Shares
13Feb20 07:00 RNS Transaction in Own Shares
12Feb20 07:00 RNS Share Buyback Programme
12Feb20 07:00 RNS Preliminary Results
11Feb20 16:33 RNS Notice of EGM
06Feb20 14:30 RNS Holding(s) in Company
05Feb20 11:00 RNS Holding(s) in Company
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  • 12 Feb 20
LIBERUM: Premier Miton Group* - Net flow stabilisation should be a positive catalyst for the shares

Following a sharp rally in December 2019 many UK listed asset managers have continued to see small share price gains in 2020 with the sector up 4.0% year to date. However, we note that there has been a particular under-performance of Premier Miton’s shares, currently down 17.2% over the same period.

Companies: Premier Miton Group
  • 11 Feb 20
S&U - Quick Take - Seemingly Unrelenting

S&U this morning released another solid trading update, this time covering the 2019 year-end period. The key highlights include the successful transition to the new Advantage CEO, an improvement in transaction levels for both businesses (including another record for Advantage), improvements in the Aspen repayments profile, and an increased second interim dividend, up 1p to 36p. We will reforecast at full year results on 24th March. In the meantime, management are optimistic for the coming year and have re-confirmed that FY20 results should be in line with their expectations.

Companies: S&U
  • 12 Feb 20
S&U - Encouraging year-end update

S&U’s year-end trading update signalled that FY20 results are set to be in line with management expectations. It is encouraging that there has been a post-election improvement in transactions at both Advantage and Aspen, while used-car prices have stabilised or increased recently. Our estimates are unchanged and the shares trade on a sub-10x P/E and yield of 5%.

Companies: S&U
  • 10 Feb 20
Palace Capital*

Pre-letting at Hudson Quarter sets record rent in York

Companies: Palace Capital
  • 27 Jan 20
Cenkos: Equals Group Plc -- Strong growth confirmed with B2B pivot

Today's update confirms Equals has delivered a second straight year of material revenue and profit growth, despite difficult market conditions, with a significant shift in the revenue profile towards more profitable B2B customers. Given profit delivery has been slightly lower than expected, we rebase our forecasts to take a more prudent view of trading in years FY21E and FY22E, but we are confident Equals has now assembled the products, infrastructure and management it needs for strong growth.

Companies: Equals Group
  • 11 Feb 20
Sunshine after the rain

“The focus for the next few years is on relatively modest investment and on driving return on assets towards our medium-term target of 20% for each division”. So said John van Kuffeler at the 16 January 2020 capital markets day. After an eventful 2019, 2020 (and beyond) is now all about operational delivery, the “boring” grinding out of profit from a franchise that has seen heavy investment over many years. We welcome this focus and think it will help deliver the 84% EPS growth (2021 on 2018) in current consensus estimates. The accompanying trading statement indicated 2019 results would be in line with market expectations. The shares rose 15% on the day.

Companies: Non-Standard Finance
  • 13 Feb 20
Equity adjustments offset by reduced capital usage

Although the quarterly operating performance was on track, notably thanks to cost savings, it seems that asset quality has deteriorated markedly. The tangible book value was impacted by heavy adjustments but this was offset by reduced capital usage.

Companies: Barclays
  • 03 Feb 20
Hardman & Co Monthly: February 2020

We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.

Companies: AVO AGY ARBB CLIG DNL FLTA GDR MCL NSF PCA PIN PXC PHP RECI RMDL STX SCE TON VTA

  • 08 Jan 20
UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

  • 07 Feb 20
Henderson Opportunities Trust - Unconstrained UK portfolio with small-cap spice

Henderson Opportunities Trust (HOT) invests in UK stocks across the market cap spectrum. Managed by James Henderson and Laura Foll (who also co-manage Lowland Investment Company and the Law Debenture Corporation), HOT has an unconstrained portfolio that differs markedly from peers and the team’s other funds, with c 70% invested outside the FTSE 350 index, and c 55% in AIM stocks. HOT seeks capital growth but also offers a growing dividend (current yield of 2.4%), paid quarterly from FY20. The managers see the trust as one that will sit beside a mainstream fund in a portfolio and bring diversity to the combined list of holdings, not for the sake of it but for real capital appreciation. While HOT’s long-term performance record is strong, its returns in FY19 suffered as lowly valued UK small-caps (particularly those listed on AIM) have been out of favour.

Companies: Henderson Opportunities Trust
  • 10 Feb 20
Lok'nStore

H1 20 update – strong trading and another pipeline store

Companies: Lok'n Store Group
  • 13 Feb 20
Strong performance since IPO

Since IPO in October 2018 to end of December 2019 (first full accounting period) AJOT has delivered a NAV total return of +14.3% vs +7.9% total return generated by the trust’s benchmark MSCI Japan Small Cap Index (both in sterling terms). This outperformance has been achieved by a high degree of corporate activity with ten companies announcing share buybacks over the period and three were subject to takeovers. AJOT has enjoyed an average premium rating of 3.5% since IPO and this has enabled the Board to issue a further 34.9m shares via tap issues at small premiums to the prevailing NAV. The company has recently stated that they are exploring further equity issuances to enable the manager to exploit further investment opportunities.

Companies: AVI Japan Opportunity Trust
  • 08 Jan 20
LIBERUM: Ramsdens Holdings* - Comfortably ahead - another positive trading update

The company has announced that following strong trading over Christmas, PBT will be comfortably ahead of expectations. In addition, the non-recurring profit of £0.6m which was announced in October has grown to £0.8m.

Companies: Ramsdens
  • 30 Jan 20
Comfortably ahead

In a positive year-end update, Belvoir has detailed FY 2019 sales growth of +43% driven by +6% in the Property division and +148% in Financial Services. Given the twin challenges of the tenant fee ban and political and economic uncertainty around Brexit, we view this as a very strong result, evidencing the success and potential of the strategy. Cash flow has remained strong with net debt at December 2019 of £6.9m (our forecast £7.9m). We have upgraded our FY 2019 EPS by +5.5%, our target price from 194p to 238p and highlight that with the potential for better market conditions post the election and the benefit of the Dacres deal (Financial Services) and the acquisition of Lovelles (estate agency network) to come there remains the potential for positive surprises.

Companies: Belvoir Lettings
  • 18 Jul 18
Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF