Equity Research, Broker Reports, and media content on Plus500

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  • 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
  • 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: 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
  • 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Plus500. We currently have 81 research reports from 2 professional analysts.

Open
829p
Range Today
816/854p
52 Week
495/1647p
Daily Volume
444.8k
# Shares
109.3m
Daily Liquidity
(0.41%)
Pension Liability
£0m
Enterprise Value
£540.1m
Market Cap
£904.7m
Latest PE (hist)
1.80
Div Yield
26.14

Latest News/RNS

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11Dec19 07:00 RNS Transaction in Own Shares
10Dec19 10:45 RNS Holding(s) in Company
10Dec19 07:00 RNS Transaction in Own Shares
09Dec19 07:00 RNS Transaction in Own Shares
06Dec19 07:00 RNS Holding(s) in Company
06Dec19 07:00 RNS Transaction in Own Shares
05Dec19 07:00 RNS Director/PDMR Shareholding
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  • 06 Dec 19
Cenkos: Duke Royalty Ltd -- Scaling of the portfolio delivering riches

Duke delivered significant YoY growth in H1/20A results, as earlier efforts to broaden the royalty portfolio came through this year. This strong growth will continue with recent debt & equity raises forward funding investments to income levels of £15m by FY21E. Met with an enhanced, but now stabilised cost base, operational leverage should drive continued strong adj EBIT growth (to £13m, at a c85% margin) and further DPS rises.

Companies: Duke Royalty
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 10 Dec 19
S&U#

Trading in line with expectations

Companies: S&U
  • 10 Dec 19
S&U - Update Note - Guidance re-iterated

S&U this morning released a trading update in which they re-iterated guidance in the face of weaker consumer sentiment and economic activity. Full year results mainly depend on collections in the next two months, but management is confident that the 20-year uninterrupted run of growth in profits at Advantage Motor Finance will continue.

Companies: S&U
  • 09 Dec 19
Palace Capital*

Priory House disposed; empty rates & costs saved

Companies: Palace Capital
  • 10 Dec 19
Capital Access' Hot Off The Wires - The Day Ahead

Our Hot Off The Wires daily newsletter takes a look at the morning's market movements, news stories and company announcements. Don't forget to have a go at our daily trivia! Companies mentioned in this edition include: Ashtead, Travis Perkins, Watches of Switzerland, JD Wetherspoon, S&U, McColl's Retail, Hipgnosis Songs Fund, Ted Baker, Premier Foods and OnTheMarket. If you would like to be subscribed, please email us at info@capitalaccessgroup.co.uk.

Companies: OTMP SUS TPK

  • 08 Oct 19
AUM impresses, ESG stars continue to align

Impax closed FY19 managing £15.1bn of assets, 20% up on the £12.5bn AUM of 30 Sep 2018, and beating our forecast of £14bn. Longer-term, we think the business remains well placed for strong revenue growth, capitalising on a global structural shift towards Environmental, Social and Governance (ESG) investing, and even stronger profit growth because of operational leverage.

Companies: Impax Asset Management Group
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 05 Dec 19
Mercia Asset Management - Huge stride towards an evergreen model

In parallel with its H120 interim results, Mercia has announced the acquisition of NVM’s VCT business for up to £25m in cash and equity, funded by a £30m placing at 25p per share (a 22% discount). Subject to shareholder approval, the acquisition increases AUM to £760m and moves Mercia towards being the UK’s number one regional investor. The deal expands Mercia’s shareholder register, further dilutes existing major shareholders and means Mercia should be profitable before fair value adjustments, closer to its target of an evergreen model (c £1bn AUM). In its H120 results, Mercia’s direct investment portfolio increased to £102.0m, with £11.1m of cash invested in 16 companies and a fair value uplift of £3.2m. Mercia has £17.8m of unrestricted balance sheet cash (pre-placing) and the shares continue to trade at a significant discount to NAV.

Companies: Mercia Technologies
  • 03 Dec 19
LIBERUM: Ramsdens Holdings* - 12% adj. PBT growth. On track for H2.

We welcome a confident outlook statement and dividend raise after hitting H1 expectations, even excluding the extra profit from gold sales. EPS estimates unchanged.

Companies: Ramsdens
  • 11 Sep 19
FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 21 Nov 19
H1 20 interims – on track to meet FY20 earnings; small NAV increase

H1 20 interims reported group revenues of £8.1m (+9.8% y/y LFL) and adj. PBT (excl. FX, and non-recurring items) of £3.1m (vs. our FY20e estimate of £6.2m), positioning the group in good stead to meet our unchanged FY expectations. Adj. NAV rose ~4% to 59.7p from 57.5p at March 2019. The group has declared an interim dividend of 0.45p (ex-div 28 Nov, and in line with our forecasts). Operationally, AUM has decreased ~1% since Mar 19. Elsewhere, occupancy at CH8 in Warsaw now stands at 80% and negotiations have now commenced to re-lease Gdynia. Our headline PBT estimates are unchanged though we make small changes within this, as well as to our cashflow and NAV forecasts (explained below). At a mere 9.2x FY20e P/E, ~4% yield and ~30% NAV discount, we reiterate our Buy rec seeing good upside at current levels.

Companies: First Property Group
  • 20 Nov 19
Strong earnings growth, a product of resilient flows

Interim results are in line. Sustained net inflows during H1 drove AuM to new highs, overcoming headwinds. This delivered +17% adj. PBT growth. AuM momentum has continued into Q3, complemented by the Neptune acquisition which stands to make a step change contribution in H2’20 and beyond. We leave forecasts unchanged. 42% of our FY20 forecast has already been delivered in H1. A 15x FY20e PER falling to 13x FY21e is undemanding given earnings momentum and flow resilience.

Companies: Liontrust Asset Management
  • 27 Nov 19
Interim results in line

Billings and revenue growth: Billings increased by 10.3% to £120.2m due to H219 client wins within Corporate coming through, higher customer numbers within Consumer and earlier despatches within Christmas Savers (we estimate this timing accounts for c.3% of the overall billings growth). The revenue-to-billings ratio improved such that revenues increased by 21.3%. This followed a continued mix shifted towards the higher breakage cards/e-codes products and an increase in single-retailer billings which are generally recognised at point of sales as opposed to over the life of the voucher.

Companies: Appreciate Group
  • 04 Dec 19
LIBERUM: U+I* - All to play for in H2

U+I’s H1 results were in line and the company is on track to deliver on expectations for FY20E. We expect important progress in H2 from planning consents and submissions in the pipeline, as well as continued operational efficiencies.

Companies: U&I Group