Pensionbee Share Discussion Threads

[edmonda] 21/7/2022 07:58

#PBEE PensionBee has continued to grow its customer base in line with targets, with a 72% annual increase in invested customers1 to 159k on 30 Jun 22 from 92k on 30 Jun 21 (+36% over H1-22 from 117k on 31 Dec 21). It remains on track to meet our forecast of 200k by the end of FY22. Registered customers2 (a ‘top of sales funnel’ metric) grew 66% y-o-y from 538k on 30 Jun 21 to 897k (+36% over H1 from 658k on 31 Dec 21). The rate of customer growth is evidence that the post-IPO ramp-up in marketing spend is having the planned ‘scale-up’ impact.

While PensionBee has certainly met our growth forecasts in terms of customer numbers, market falls have pegged back AUA growth, and we have reduced our AUA, revenue and profit growth forecasts accordingly, and will refine these, and our longer-term forecasts with H1-22 results on 22 Sep 22.

Our AUA forecast for end-FY22 reduces to £3.6bn (from previous forecast of £4.3bn but +39% over FY21); revenue forecast for FY22 reduces to £18.8m (from £21.1m but +47% over FY21, with PensionBee guiding for revenue to be in the range of £17-£20m); and our adjusted EBITDA forecast reduces to -£20.9m (from -£16.4m, with PensionBee still guiding positive adj. EBITDA by FY24). In turn, our fundamental value adjusts to 200p per share from 230p.

[edmonda] 21/4/2022 07:21

In Q1 of FY22, PensionBee has reported an 18% quarterly increase in invested customers from 117k on 31 Dec 21 to 138k on 31 Mar 22, a y-o-y growth rate of 70% (31 Mar 21: 81k), and is on track to meet our forecast of 200k+ by the end of FY22 (f’cast annual growth 73%). Importantly, ‘registered customers’ (a ‘top of sales funnel’ metric) jumped by 141k from 658k on 31 Dec 21 to 799k, an increase far in excess of the previous quarter (+56k Oct-Dec 21).

PensionBee has reiterated its confidence in achieving its previous revenue guidance of £20m+ for FY22, as well as its medium-term guidance. It appears on-track to meet our previous forecasts and we maintain our fundamental value of 230p per share, over 60% above the current share price.

[edwardt] 29/11/2021 17:12

got to think lock down meant a lot of people sorted their pension admin out. now the hard graft starts finding new biz.

[edwardt] 29/9/2021 16:00

love the model but the valuation makes nutmeg look cheap.

[mysteronz] 18/7/2021 14:34

Some really positive reviews and plenty of them on trustpilot bodes well for AUM growth. Amazing how much a few pension pots, plus market growth and top ups will do to a scalable platform.

Many saying they are recommending to friends and family - add that to marketing then its a good combination!

[mysteronz] 26/6/2021 21:35

I would imagine those adverts are very cheap for that exact reason

[strollingmolby] 25/6/2021 10:06

I saw a large PBEE advert at one of the Streatham rail stations as I went through recently. I wonder how effective these are generally, and also when fewer journeys are being made...?

[wiganer] 27/5/2021 12:30

My experience to date with PBEE has been mixed.

One transfer went through very smoothly, the other has been slow and I had to chase them up a couple of times, though that is in part due to the old provider making things complicated.

The account platform is very good.