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Share Name Share Symbol Market Type Share ISIN Share Description
Plus500 Ltd LSE:PLUS London Ordinary Share IL0011284465 ORD ILS0.01 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.50 0.18% 1,367.00 1,368.50 1,371.00 1,376.00 1,348.00 1,361.50 660,732 16:35:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 638.2 382.8 344.5 4.0 1,409

Plus500 Share Discussion Threads

Showing 24826 to 24850 of 24850 messages
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DateSubjectAuthorDiscuss
26/2/2021
15:37
hTtps://www.aquis.eu/aquis-stock-exchange/companies-and-prices
freddie ferret
25/2/2021
12:11
allright , got is . Assie Sec . Inv. Commission!!!!!!
t 34
25/2/2021
10:18
Yes, T34, what about ASIC? From the end of March, leverage will be lower under ASIC. Has been known since mid 2019 and the downgrades happened August and October 2019.
simplethesis
25/2/2021
09:49
Simplethesis Asic ?????
t 34
21/2/2021
20:30
Maybe good for Plus potentially?
rhatton
21/2/2021
20:27
yep, was known on Friday, as I understand it.
simplethesis
21/2/2021
19:12
Yes, it hammered the prices of a variety of stocks on Friday apparently.
davius
21/2/2021
16:55
Anyone heard about IG beginning to ask 100% margin or no longer offering on around 600-1000 companies / ETFs. Saw it on the IG thread, little bit on Twitter too
rhatton
20/2/2021
13:53
Not at the moment, so currently ignoring a huge market.
coxsmn
19/2/2021
15:26
Yep correct, just wondered if they already offer share dealing to US clients. Be interesting to see when plus open up share dealing which geographies it will be targeted at
rhatton
19/2/2021
15:21
IG are in the process of acquiring tastytrade in the US
coxsmn
19/2/2021
15:16
Do IG offer the share dealing side of things In the US? Could be great for Plus to be getting a slice of that market
rhatton
19/2/2021
15:05
There's obviouslly a huge opportunity in the US where i hope Plus can become a market leader.
coxsmn
19/2/2021
00:14
Well, at least I got one thing right. More than I did yesterday - I meant to buy when the share price was off 40p, but got distracted by other things, namely some other shares, some wine and some cake. Got enough to be going along with anyway, but I felt the market reacted ignorantly yesterday (if a market can do such a thing) and it was well worth a trade.
chucko1
18/2/2021
22:25
Cheers Chucko. They’re not house broker to PLUS. That’s Liberum and Credit Suisse. CS doesn’t write on them. The AZN point probably stands.
simplethesis
18/2/2021
21:49
Be thankful, ST, that CGF is merely the house broker for PLUS - imagine if they were tasked with the data analyis for the Oxford/AZN trials.
chucko1
18/2/2021
18:06
Groan. The CG price target came from a 29 September note in which Mr Bates reckoned the business would do $526m revenues and 185p EPS in 2021 and $406mm revenues and 115p in 2022. He put a 5% discount on a long-run 8.7x multiple to value Plus500 at 8.3x that 115p. By valuing the company on FY22 "normal" EPS he was explicitly ignoring the profits earned before that time. He had $148m PAT in FY22. He had Plus500 earning $272m PAT in FY21 and $529m in FY20. So that's $124m of "supernormal" profits in FY21 and $381m in FY20. They add up to $505m. At a 958p price target with 105m shares and then a 1.286 FX rate at the time, that's a $1295m valuation of the company. The $505m of "supernormal" profit which he implicitly discards is 39% of his target price. That seems not great. High churn was part of his reasoning. He estimated 45% churn in 2020, then 60% in 2021. The 2020 churn rate ended up being 30%. Somehow the CGF target price is unchanged. Curious. He estimated 100k new clients in 2021. Let's see how Q1 pans out. In the same report he values CMC at a 5% premium to IGG's 14.3x historical average 1y forward multiple. He uses CY22, but has CMC's March '22 and March '23 profits at the same level, because he believes it can recycle profits to create growth. This reminds me of another company. The essence is that CGF has CMC's FY to March '23 profits at 45% of the level of FY21, while it has Plus500's 2022 profits at 34% of 2020. As ever, this is driven by an annual customer churn assumption. What he misses, despite having been the company's broker for years, is that all customers are not equal. The customers in any cohort who stop trading first are the ones with the shallower pockets. Yes, Plus500's customer churn is high compared to peers, but it has a huge number of lowish value customers from whom it makes good returns, having as it does a low cost online process and support function, and then it has 9% of customers who are > 90% of the revenues. As a result you would expect high churn in terms of customer numbers, but this has little bearing on the decay rate of a cohort's revenues. Nowhere does he understand that the c. 300k new customers in 2020, the result in great part of $221m of marketing spend, will have lasting value. The company gave us cohort revenue data in August and again just now. It looks like the 2020 new customers only generated, at a maximum, $170m revenue in the year. They will generate that sort of number again this year, i.e. a lower run-rate but in 2020 they were on average only there for a little more than half of the year. Look at the 'High return on Marketing Investment" slide and you will see that that sort of year two revenue return on marketing spend is typical. As for current expectations, the company did $382m of customer income in 2019, with only 77k customers carried from 2018 into Q1 2019. 2019 had really low volatility. This year it will start with c. 165k customers carried from 2020. It is expected to do $430m revenues after what I estimate to be a $22m hit from lower leverage in Australia, so $452m before that. Is it realistic that you spend $221m on marketing to drive so little growth over the low-vol 2019 level? Exceptionally improbable. I have 2021 customer income of $690m, revenue of $590m. 55k new customers Q1, then a low 24k assumed in subsequent quarters. A low $980 quarterly ARPU is assumed, then lowered by ASIC measures. At 1408p the stock is on 6.3x my this year forecast of 223p. Consensus is at 144p. It seems conservative to expect the company to trade to 10x, with these returns. If the stockbroking product and other non-trading product are well-received, and the moderate external hedging is understood to be reducing quarterly revenue volatility, then the multiple will be higher. Of those 10 million downloaders of the app from the Google store, perhaps some, who do not want to trade with leverage right now, might be customers in another way?
simplethesis
18/2/2021
14:26
so the company will be buying millions worth of shares but the cannacord analyst reckons the price will drop by 50% lol
scepticalinvestor
18/2/2021
11:08
That's a remarkably dimwitted analysis from CG. Raising capital for PLUS has hardly been an issue thus far - they wait a few months and it appears as if by magic (earnings!). Even if substantial capital were required, a large part is already in the bank and the remainder, at whatever marginal cost, is easily compensated for by the attraction of the more varied revenue spread. The latter is key, not the former. But CG can call it whichever way their own mood takes them. Along with the FT, it's always a bad one, it seems.
chucko1
18/2/2021
10:42
“ Canaccord Genuity was at the other end with a sell rating, noting a lower payout ratio and investment plans the company announced that will need funding, such as expanding CFDs to new geographies, and new financial products for customers.” In with a SELL rating of 958p as of yesterday
rhatton
18/2/2021
09:04
Lovely - mkt starting to take notice
scepticalinvestor
17/2/2021
22:17
I assume that's why they are paying a smaller dividend than some expected, in fairness the dividends and buybacks has resulted in $280m of value in 2020 which is a yield of c14% so I can live with that. They have a huge amount of cash, and are likely to be looking at putting that to use internally through R&D, although a mention of 50m over 3 years suggests they may be looking at m&a.Agree if they do acquire in this market you could be over paying big time, personal view was IG did.
jamessmith23
17/2/2021
18:10
https://m.investing.com/news/technology-news/online-trading-platform-plus500-mulls-us-expansion-after-record-year-2421488 US expansion talk sounds interesting
rhatton
17/2/2021
18:06
Strong update in my view. Large and growing number of actives. $2.9 bio in customer funds. Lower churn. CAC vs LTV looks very good. More talk and Foucus on longer term initiatives may lead to more institutional investors and a re-rate. Only surprise was that forward outlook wasn’t more bullish. I would expect much much better than surpassing 2019 numbers
djokovic1
17/2/2021
17:56
As usual FT stick the blade in. Talk of 4.4% dividend looking ‘shaky’ and the hedging strategy not worthy of a re-rate....typical
rhatton
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