Pensionbee Share Discussion Threads

[paleje] 12/11/2024 14:52

I was wondering that melody but can't see any obvious reason, I think just a very sluggish market plus the share price was getting awful close to broker recs so not much incentive for new buyers to pile in. You might be right about a buying opp but I've thought that about others only to see another opp further on:) It seems mainly defence related stocks and coin getting interest at the mo, others languish and wait, put it down to anticyclonic gloom.

[melody9999] 12/11/2024 05:29

Anyone understand the recent fall?
In the UK pensions now liable to IHT but I suspect exemptions will leave most PBEE customers unaffacted. Not sure of any likely changes in the US under Trump.

Chart suggests possible buying opportunity around this level.
Looks like the company did well to raise £20M at 185p - over 15% below that now.

[melody9999] 24/10/2024 08:44

Having watched this for a while, taken an opening position this morning at 174p. So thats 5% below the placing price at 185p....which just accounts for the share dilution. But now of course PBEE have the funds to grow the US business more quickly.

They have the platform in place ... and the partnership with State Street provides local knowledge to ensure efficient use of marketing funds. GLAH

[carcosa] 23/10/2024 04:23

Company will publish its Q3 Results for the quarter ending 30 September 2024 after the market closes today.

[paleje] 09/9/2024 08:25

IC article on weekend said time to revisit PBEE

www.investorschronicle.co.uk/content/e9725cd5-811f-5882-af8c-7a8dd848b5e4?

[melody9999] 28/8/2024 19:02

well thats a new one. release results at end of day rather than start of day!

[hedgehog11] 07/6/2024 13:10

I'm always surprised at the lack of activity on this board, especially given the share price performance over the last six months. Is the business just too boring to talk about?

The uptick this week was unexpected, I thought it might fall back al little until the next update so I'm happy.

The expansion into America is interesting, if it is conducted with a partner then profits are shared but success is probably more likely, rather a share of something than all of nothing.

Long may they grow!

[babbler] 04/3/2024 07:43

Nice. Won't happen until late 2024 but transformational when it does.

[edmonda] 25/1/2024 13:32

"Growth still strong, adjusted EBITDA turns positive in Q4" - new report from Equity Development:

In March 22, our initiation note was titled A pensions fintech starting to look like a Rocketship. Since then, market, investor and consumer confidence have been rocked by geopolitical events and deteriorating economic conditions. But despite that, PensionBee has delivered. What’s more, it has moved into profitability on an adjusted EBITDA basis within the timeframe targeted at its Apr 21 IPO.

Over FY23 (to 31 Dec 23), 46k net new invested customers (ICs) were added (ICs + 25% to 229k), £1.3bn of AUA were added (AUA +44% to £4.4bn, net inflows +£857m, market movements +£464m), and revenue grew 35% to £23.8m. It was a continuation of an already-impressive growth story.

As scale benefits continue, adj. EBITDA improved from -£19.5m in FY22 to -£8.4m in FY23 and was positive in Q4 (>£0.5m). The business maintains a healthy cash position of £12.2m and does not envisage further equity raises. Our fundamental valuation remains 150p per share.

[arlington chetwynd talbott] 21/11/2023 17:50

hTTps://www.telegraph.co.uk/money/pensions/private-pensions/jeremy-hunt-pension-reform-workers-choose-scheme/

[hedgehog11] 31/10/2023 16:36

The company looks on track for EBITDA profit by the end of the year (albeit looks like they reduced marketing to ensure they achieve it). Cash burn looks like it will not be an issue and should have plenty left in the bank assuming profitability through 2024, growth still looks strong and they have a lot of money under their control from which they make a lot of revenue and would be of high value to a buyer. Is there anything holding investors back here because the current price doesn't look to expensive for a company with their growth rate?

[melody9999] 04/9/2023 10:36

When Equity say:
Net cash remains solid at £14m with no new cash raising envisaged.

They do not mention that a year ago net cash was £29M.
Saying that cash burn was £15M in the year would be more informative.

[kemche] 31/8/2023 09:07

"Investor interest in PBEE shares has continued to ramp up"

Okaaaaaay!

[edmonda] 31/8/2023 06:41

"Profitability in sight with investor interest building"

Interims to 30th June 2023 show invested customers reaching 211k, with 28k added over H1-23 (+15%) and 52k y-o-y (+33%). Assets Under Administration was up £678m over H1 (+22% over 6m, +38% y-o-y), reaching £3.7bn, with £469m added from net client inflows and £210m from investment performance.

Encouragingly, increasing brand awareness and sophisticated data-driven marketing has resulted in ‘cumulative cost per invested customer’ continuing to decline (H1-22: £260; H1-23: £247). This has, in turn, resulted in strong growth continuing but with lower marketing spend (£12m spend in H1-22 v £7m in H1-23 whilst gross inflows were up 6%).

Revenue grew 32% to £10.9m (H1-22: £8.3m) with adjusted EBITDA trajectory (H1-22: -£14.9m; H1-23: -£7.9m) continuing on track to be positive in FY24, a target set at the 2021 IPO. Operational leverage continues with invested customers per staff member increasing from 919 in H1-22 to 1,026 in H1-23. Net cash remains solid at £14m with no new cash raising envisaged.

Investor interest in PBEE shares has continued to ramp up (see front page graph), and our fundamental valuation remains 150p per share.

Link to research report:

[edmonda] 20/7/2023 10:41

Growth on track, as is target of profitability in FY24

New note here:

Invested customers reached 211k on 30 June 23, with 28k added over H1-23 (+15%) and 52k y-o-y (+33%). Assets Under Administration was up £678m over H1 (+22% over 6m, +38% y-o-y), reaching £3.7bn, with £469m added from net client inflows and £210m from positive investment performance.

This progress is on track to meet our previous growth targets and confirms that PensionBee continues to gain market share in the £700bn UK transferable pensions market (it is aiming for a 2% share of this market i.e., 1m customers, in the next 5-10 years).

They remain on track to be adjusted EBITDA (H1’22: -£15m; H1-23, -£8m) positive in FY24, a target set back at the 2021 IPO.

Our forecasts remain unchanged, as does our fundamental value of 150p per share which is now 100% above the current share price of 75p.

[strollingmolby] 20/7/2023 08:52

Outlook

The Board remains confident in PensionBee's potential for continued growth and profitability, due to its ability to attract new customers that generate growth in recurring revenue through its scalable technology platform.

The Company is pleased to reiterate the guidance previously provided at the time of the 2022 full year results. Its strong cash balance of GBP14m leaves it well-placed to pursue a c.2% market share target of the substantial GBP700bn UK transferable pensions market over the next 5-10 years, resulting in a long-term potential revenue opportunity of approximately GBP150m.

The Company remains on track to further reduce Cost per Invested Customer, expecting to achieve ongoing Adjusted EBITDA profitability by the end of 2023 and profitability for the full year 2024. PensionBee expects to achieve long-term EBITDA margins in excess of 50%, driven by the scalability of its technology platform. This is supported by the Company's continued positive momentum in its trading performance and growth in key metrics such as customer growth and AUA.

[strollingmolby] 20/7/2023 08:50

PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, today announces a trading update for the six months ended 30 June 2023.

Highlights

-- Strong continued customer growth, with Invested Customers having increased by 33% year on year to 211,000 (June 2022: 159,000).
-- Assets under Administration increased by 38% year on year to GBP3,704m (June 2022: GBP2,676m), underpinned by strong Net Inflows from new and existing customers.
-- Successful launch of LifeSearch partnership with initial positive customer demand.
-- Commitment to continuous product innovation and outstanding customer service contributed to sustained high Customer Retention Rate of c.97%.
-- LTM Revenue increased by 30% to GBP20m (June 2022: GBP16m) and first half Revenue increased by 32% to GBP11m (June 2022: GBP8m).
-- Adjusted EBITDA of GBP(8)m (June 2022: GBP(15)m), reflecting continued progress towards profitability.
-- On track to achieve ongoing Adjusted EBITDA profitability by the end of 2023 and profitability for the full year 2024.

[melody9999] 20/3/2023 11:00

Had a quick listen to the presentation. Does not fill me with confidence these guys have a control over their costs.

When the FD talks about brand awareness, marketing etc rather than costs and profitability, its a red flag.

Cash reduced from £44M to £21M at 2022 y/e. That must be c £16M now. These guys are burning cash fast. Expect a dilutionary cash call before long.

My interest in PBEE was provoked by my holding in XPS.... think I'll stay put.

[kalai1] 16/3/2023 16:02

PensionBee Group plc posted FY22 results this morning. Revenue increased by 38% to £17.7m (2021: £12.8m), adjusted EBITDA loss was £(19.5)m up from £(16.4)m reflecting continued investment in growth, statutory Loss before Tax was £(22.4)m. Assets under Administration increased by 17% year on year to £3.0bn (2021: £2.6bn), driven predominantly by strong net flows from new and existing customers. The Invested Customer base increased by 56% year on year to 183,000 (2021: 117,000). So the business is growing solidly but is not yet delivering a profit, nor will it anytime soon. Share price is down around 40% from the generous IPO price in Q2 2021, but valuation still looks stretched with PS ratio over 14x and comfortably bottom decile for the sector. PBEE looks like a company with a lot of potential for the long run, but is still way too expensive. Monitor for now...

...from WealthOracle

[paleje] 16/3/2023 11:53

Well there's your answer, Terminator01.

[edmonda] 16/3/2023 11:09

Growth and delivery driving strong investor interest (new note from Equity Development)

Research report & audio summary:

In FY22 (to 31 Dec 22) PensionBee continued to rapidly grow, despite market falls, and gain market share (page 2) in the structurally growing £700bn target market of transferable DC pensions (page 12). Invested customers grew 56% to 183k, AUA 17% to £3.03bn (net inflows +£863m, market movements -£424m), and revenue 38% to £17.7m. Adjusted EBITDA started to ‘turn the corner’ towards profitability and is forecast to turn positive on a monthly basis by the end of 2023. The net cash position is robust at £21m with no new cash raising envisaged.

We also flag the encouraging jump in investor interest in PBEE shares - especially after its Jan 23 trading update which showed the path to profitability was on track - with the recent price rise accompanied by strong volumes. On top of its fundamentals, PensionBee’s inclusion in the FTSE All-Share and FTSE SmallCap indices from 20 Mar 23 should be another positive for the share price.

PensionBee’s customer acquisition growth path compared to incumbents indicates it is rapidly gaining market share. In H2 of 2022, it added 24k net new invested customers (H2-22 annualised growth rate of 30%):
• This was more than double the total number of net new D2C platform clients (pension and other clients) added by AJ Bell (10k, which translated to an H2-22 annualised growth rate of 7%).
• And it was only a little less than the total number of net new clients (pension and other clients) added by the UK’s largest D2C investment platform, Hargreaves Lansdown (HL), which added 31k (an H2-22 annualised growth rate of 4%), and much higher than HL’s new pension accounts (13k net new SIPP accounts and 16k ISA and other accounts).

Our forecasts remain unchanged, as does our fundamental value of 150p per share.

[terminator101] 16/3/2023 07:15

How is this loss making fluff worth more than 12 times revenue?

[edmonda] 20/2/2023 13:15

Save the Date - 17th March (11am) FY Results - investor presentation with Q&A

Sign up to register here:

PensionBee Group plc, a leading online pension provider, will be conducting an investor presentation covering the company's Full Year results for the period to 31st December 2022.

The online presentation will be hosted by Romi Savova, founder & CEO, and Christoph Martin, CFO.

This event will take place at 11.00am on Friday 17th March.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

[arlington chetwynd talbott] 28/1/2023 13:23

Is anyone else concerned about their increasingly faddish range of investment options and the way in which they seem to be actively promoting them? What if folk who switch into one of those options, say out of the low cost tracker option, find themselves significantly poorer down the line? Are they just going to put up with that, having been actively encouraged to switch (did anyone else get the Impact Plan email)?