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 Shares Traded Last Trade
  1.00 0.07% 1,349.00 529,767 16:35:22
Bid Price Offer Price High Price Low Price Open Price
1,348.00 1,350.00 1,360.50 1,330.50 1,341.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 267.31 142.74 101.79 13.6 1,411
Last Trade Time Trade Type Trade Size Trade Price Currency
17:46:39 O 36 1,349.00 GBX

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Plus500 (PLUS) Discussions and Chat

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Date Time Title Posts
08/1/202113:41PLUS. Let's talk about the company314
01/12/202018:06PLUS500 - CFD trading systems24,495
16/9/202006:09Ways to get Plusone Coins21
30/8/201915:42MINUS 500-
16/4/201912:56PLUS Markets (a subsidiary of ICAP plc)17

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Plus500 Daily Update: Plus500 Ltd is listed in the Software & Computer Services sector of the London Stock Exchange with ticker PLUS. The last closing price for Plus500 was 1,348p.
Plus500 Ltd has a 4 week average price of 1,330.50p and a 12 week average price of 1,321.50p.
The 1 year high share price is 1,659.50p while the 1 year low share price is currently 650.80p.
There are currently 104,631,996 shares in issue and the average daily traded volume is 515,411 shares. The market capitalisation of Plus500 Ltd is £1,411,485,626.04.
olig1: Simplethesis, I'm not sure what your point is either. He doesn't have inside information is my point. His actions seem perfectly understandable to me. He increased his stake in March when the market went crazy and the price of Plus dropped. I did the same as it was clear what a bargain Plus was at this point. Following an almost double of the price he sold about half of what he bought in March but retains over 80% of his shareholding. To me this is a rebalancing of a portfolio not a vote against Plus. Again I have done the same. If he has special knowledge about Plus and doesn't believe its prospects are great he would be mad to have sold less than 20% of his holding.
rhatton: It has also increased its adjusted earnings per share estimate by 19% for 2020, reflecting the third-quarter results and “supportive fourth-quarter key performance indicators" Plus500 Ltd - Jefferies has upgraded its call on the shares of online trading group Plus500 PLC (LON:PLUS), citing scope for “material upside” to the company’s full-year 2020 earnings guidance. The US broker pointed out that, after an exceptionally strong set of third-quarter earnings, the company opted to stick with the full-year consensus figures already in the market. “This implied fourth-quarter revenue around the lowest level since the second quarter of 2014, which struck us highly conservative at the time, but particularly so following elevated retail equity market volumes in the wake of US election and potential Covid vaccine announcement,” Jefferies said. “With little to suggest to us that customer trading performance has been unusually problematic, we see scope for a positive trading update to support earnings upgrades and multiple expansion.” Its analysts have moved to ‘buy’ from ‘hold’ on the stock, raising their price target 30p a share higher to £17.60. At just after midday, the shares were marking time at £14.94. Jefferies has increased its adjusted earnings per share estimate by 19% for 2020, reflecting the third-quarter results and “supportive fourth-quarter key performance indicators”. Its full-year 2021 and 2022 forecasts “rise 10-13% reflecting higher revenue, on stronger growth in active users, and lower costs/normalised tax rate”. The EPS estimates exclude a tax rebate of more than US$100mln which will be received “in FY20/21”, Jefferies said. Anyone know what they are at for 2021/22?
simplethesis: Can anyone explain in plain terms which kind of volatility benefits Plus? Volatility is good. Specifically, big daily trading ranges are good. High VIX clearly good for equity indices and single equities. Clients tend to be net long equities, particularly, but also indices. As Plus500 does not hedge externally, as it is, that means that they have tended to benefit from market declines and suffer, in the short term, from market rises. Examples would be Q4'18 and the market rebound in Q1'19, also Q1 this year and then Q2. Volatility happens for a reason, which typically means that event-focussed newsflow picks up, to the extent sometimes that it "cuts through" and provokes others to think about trading. Newsflow drives new clients, then volatility drives trading velocity and customer income. Note that this language about up/ down markets and Customer Trading Performance is all short term. In all cases, whether IG/ CMC/ Plus500, the platform is principal to the trader. In the case of Plus500, as there is no external hedging, if their book is net long equities and those markets fall, they make money immediately as they are the other side of the trade. This was however money which would otherwise have come to them over time through spreads, as the customer continues to trade. hence this is a timing issue. The other way round, if a customer makes money, on a gross basis, then they are likely to trade more and in greater size because their account is flush. It's important to understand that CTP and CI are a disaggregation of revenues. All that matters in the end is those revenues, which have averaged to a quarterly ARPU of $1006 since the start of 2019, or $1044 ex CTP. ARPU in the first three quarters of the year has averaged to $1220, which means that the rate at which customers' money has been flowing to Plus500 has been elevated, but only by 20%.
rhatton: Have just finished reading the broker note from the other day. Alludes to what simple has been saying in terms of the earnings for next year “Despite the likely increase in the latent earnings potential of the platform during the quarter, we leave our FY21 and FY22 forecasts unchanged at this stage given the uncertainties, and will revisit these once we have a sense for how the business is likely to perform in a more normalised environment. 1950p TP implies 20% upside potential Based on our updated forecasts for FY20 the shares trade on a PE of 4.8x and offer a dividend yield of 8.0%. We see the latter as particularly attractive given the upside that could prevail should our 4Q20 estimate prove too conservative, and the fact that on more normalised earnings the stock is just trading on just 11.1x CY21 earnings and 6.6x EV/EBITDA. Given the performance of the platform during the quarter, it is clear to us that Plus500 is the leading operator in the retail CFD space. As a result, we believe that the current discount at which it trades to its peers will unwind, and set our target price using a 13.0x multiple. We apply this to our FY21 earnings and add a small premium to reflect the supernormal returns being generated in FY20, part of which is likely to be returned to shareholders via the dividend. Our unchanged target price of 1950p implies upside of 20% from the current share price.”
simplethesis: oi-oi - When you say it doesn't smell right, I hope you will accept my suggesting why you recognise a peculiarity. This is not a normal company. It's an outlier. You recognise that. It's an exceptional marketing machine selling a very high margin product. No external hedging means high revenue volatility, but higher financial returns than the competition, recycled into more growth marketing and R&D. The people running it are, very probably, smarter than you/ we are. Changes are brought about by high-end industrial engineers, and if you see a change in the app, it's because it's been AB tested and provides a marginal benefit. Take a moment to look at the calibre and pedigree of the top management, and look over the careers site (URL below). The good news is that senior management are heavily paid on long term share price performance, through share appreciation rights, so they are aligned with minority shareholders. The acquisitions of which the company speaks could indeed be of customer lists, but if they'd wanted to do that they could have bought Gain Capital. They have consistently said that customer acquisition is best done organically. Acquisition/ development of simple share trading has been described as "trivial". The deals of which they speak will be more than that; new products and services, ancillary to CFD trading. Think of their technical competence now - approximately 36 million trades processed last year, low latency (when the IG site kept failing), fast online chat response, over $2.2bn of deposits in 2020 so far, low chargebacks, and a fully self developed cashier and processing system. Senior management at Plus500, and we as shareholders, will make great money as the company carries on taking share in a growing space, but the bigger opportunity is for the marketing machine also to work with other business lines such that the company as a whole attracts a higher multiple than 10x year two. hxxp://
oi_oi_savaloy: Simplethesis - thank you for your excellent response; I don't doubt that the numbers Plus are going to deliver are in excess (probably way in excess of) their written rns but I've been caught out before (buying Plus and then seeing the share price tank, rather like my disco dancing did at a rave in '89......) and just need the reassurance that this Board has considered all sides of the argument. I seem to remember we've been caught out by PNL going the wrong way for Plus before (last year?). As crazy as Djokivic1 has explained it (really, really hard for PNL to go against us) there's still that possibility of Plus being on the wrong side of that (and that's possible right?)
handykart: If you did get journalists to run a story, I suspect they would sensationalise it. This is what they do. I suspect they would look at Plus500 past history, and come up with some negative opinion, which will not be good for the share price, and us shareholders.Might be worth bearing this in mind before e.mailing them.
sophia1982: That is a nice write up of PLUS by James Hanbury (if it has not previously published). hxxps:// An interesting comment is the following: "Instead they limit customers’ position sizes. They are very happy to have whale traders, but they don’t like single whale trades. Their profile of winning/ losing days is extremely impressive: 85% of days are winning days. They do have big losing days. The biggest one came on a day in the Crypto craze in Oct 2017 where they lost £3.5m. Hanbury’s view is that is easily coverable by the £200m cash on the balance sheet. When there are high levels of downside volatility, Plus500 tends to make back money that it has lost quickly because volatility stimulates activity elsewhere". I would like to know more about PLUS' risk and how they cover it. Perhaps it has already been dealt with in previous posts, I am quite new to the company. But if anyone can shed more light onto this, that would be helpful.
sailing john: ST - Thanks for your detailed response. Our numbers are now very close since I have changed the formulas that generate Selling and admin costs to reflect higher fixed and variable costs and they now pretty accurately match current and previous actuals. Re Q3 costs I have around $98m (split 85 selling and 13 admin) Here is the half yearly detail for both years 2020 Rev (564/525) 1089 Sell (179/155) 334 Admin (24/26) 50 FY PAT $620 (12% tax) eps 460p New cust/q (83/115/90/70) 2021 Rev (325/270) 595 Sell (101/87) 198 Admin (18/17) 35 FY PAT $326 (12% tax) eps 242p New cust/q (50/30/30/30) cautious? Edit - I should say that I always assume customer p&l is zero. It won't be on a half year basis but the historic average very close to zero Other variables are shares in issue set at 105 but reducing and fx rate set at 1.28 but changing weekly mainly dependent upon Brexit! For anyone new to PLUS, the modelling that we do is generally cautious (and certainly not ramptastic) even though significantly different to Brokers. The Broker forecasts and share price have always been behind the curve and we try to look forward in what can be a rapidly changing market due to opportunities (cryptomania and recent events) and threats (regulatory - and a couple of banana skins!) PLUS is mostly driven by market volatility and with US elections, Brexit, European banks/Gov debt and a few nutters in charge around the world I don't think the next couple of years are going to be quiet in that respect! dyor SJ
groveman1: Found this on Yahoo Financial - OK, not the most august organ of financial matters, but exposure, none the less: 'FTSE 250 stock Plus 500 is soaring today. I think there could be more to come Shares in online trading platform and FTSE 250 member Plus 500 (LSE: PLUS) were well into positive territory this morning as the firm hailed an “outstanding performance” over the first half of 2020. I suspect there could be more gains on the cards over the rest of the year. Plus 500: market crash winner Thanks to March’s market crash and the volatility seen since, total revenue at Plus 500 rocketed 281% to $564.2m compared to the same six-month period in 2019. Earnings before interest, tax, depreciation and amortization (EBITDA) came in at $361.8m — a stonking 452% higher. Unsurprisingly, the company welcomed a huge number of new customers (over 198,000) over the half-year. Client deposits jumped from just over $467m in 2019 to $1.65bn over the period and 47 million trades were placed — a dramatic increase on the 17.5 million seen last year. For those already holding the stock, the good news didn’t stop there. Dividend delight! In addition to announcing a new share buyback programme, Plus 500 also confirmed an interim dividend of $0.95 per share. That’s a rise of almost 250% on 2019’s cash payout! It also said that it was considering paying a special dividend to holders at the end of the full year. Based on trading over the last couple of months, I think the latter is very likely to happen. It said today that customer income in the second half of its financial year so far was still “more than double that of the prior year“. Moreover, Plus 500 is absolutely rolling in money. With no debt to its name, the FTSE 250 stock had almost $588m in cash at the end of June. The nature of its business means the firm won’t be to every investor’s taste. Nevertheless, it’s hard to be bearish on the company as things stand. Indeed, with the shares trading on just six times earnings before today’s results and the possibility that markets could remain skittish for some time to come, I certainly wouldn’t blame anyone for taking a stake now.'
Plus500 share price data is direct from the London Stock Exchange
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