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Quite a bit of that cash is regulatory capital, but you are broadly correct that this is a very cash generative business hence all the buy backs and dividends yet cash still keeps piling up.
AvalueInvestor.
I don't understand
I did some calculations about how much cash on the balance sheet was attributable to outstanding shares (which are diminishing) quarter by quarter to
£2.22
£2.05
£2.06
£3.70
£4.26
£5.29
£4.41
£5.10
£5.47
£5.85
£5.75
£6.70
£7.84
£7.66
£7.67
£7.99
£7.94
£8.34
£8.83 (31 Dec 2023)
With fewer shares than has been the habit having been bought back during calendar Q1 (about 666,000 rather than 1.5-2M per quarter in past 2 years), I think the cash per share at 30 March could be at least £9.24.
For me that means that this highly cash generative business (after setting the cash aside) is worth just about £10 a share based on Mr Market's efficient market hypothesis.
I think it's worth more myself. The cash on the balance sheet in the trading update will be very interesting - hoping to see above £9.24.
All my calls are based on RNS statements.
Does it feel different this time? Could we see a slight fall back today, but then a big push into the trading update and perhaps be at £21 at trading update point? Certainly feels different this time (every other time we've got close to £20 we haven't had the American market).....................we live in interesting times.
Sadly, any maniac nymphs haven't found me attractive in the past! ............so I'll just sit in me speedos reading a book or something.......... :)
£20 has been a target for years and with all of the share buybacks really should have been reached a long time ago. However a new dynamic adding $50m to annual revenue is the $2bn+ of customer deposits on which PLUS can earn 2% margin easily like any other 'bank'. With interest rates likely to stay above 4% for the foreseeble future and not return to the COVID induced 'la-la-land' that's a very healthy extra income that should add about 200p to the share price by itself
This volatility is great for PLUS
Estimates please...
im going with new customers excluding US 23,000. Active customers excluding US 130,000.
US.... who knows, be interesting to see whether they start giving a break down of the US revenue.
New speedos incoming and a bumper pack of womb-ferret protectors purchased!
(but call me a cynic............we've been here before and the last lot of condominiums, as it were, perished for lack of use........as the share fell back considerably). Time will tell!
Get your suit case packed oi_oi
Honestly; can't wait. We've been so close to £20 a couple of times before and all it's done is an Icarus thereafter............crashing to earth, along with everyone's hopes. Let's hope America have come on strong. Also that they announce an NASDAQ listing. That will the re-rate we've all been hoping for.
You have a world of pleasure awaiting you next week in which case
That will be massive, if it happens. Over £20 for this share is like the distant land you hear about full of sex-crazed nymphs, and endless summer days..............ie it doesn't exist.............:)
The trading update is going to be a good one, so in my view it is likely to break £20 by this time next week
Can it do it? can it?!
Brokers have been talking about business in UAE being really strong with high net worth traders
Also, what makes you believe the UAE business if roaring, the downloads in the last 30 days from UAE are between 10 & 20k
Thanks, where did you find the date? i was looking everywhere for it!
16 April
Should be good update with Vix rising, UAE CFD business roaring, and growth of US operation
Any ideas what date we can expect the Q1 trading update?
@ggplyr A FinTech listed on NYSE with a P/E of 7.5 would get an immediate upgrade. The Yanks do not do P/Es of 7.5
This is what BUR (Burford Capital) did and it's worked a charm. One thing they had do was increase HY reports to quarterly, which is a bonus.
What are the impacts of a dual listing for individual investors? do we notice anything different at all if it were dual listed tomorrow for example?
The Annual Report published on 2 April notes the London office of US law firm Latham & Watkins LLP as a new legal advisor. This would indicate to me that a US dual listing is well progressed and likely imminent. My guess would be sometime around September.
There is also the likely IPO in London or New York of e-toro later this year. They have indicated they are seeking a valuation above $3.5bn (twice Plus500’s current valuation). In some ways e-toro (Israeli FinTech established 2007) have a very similar profile to Plus500 but without the 10 years+ track record of significant shareholder distributions of $2.1bn. If they get that IPO away at $3.5bn+, Plus500’s current valuation at $1.8bn looks extremely low.
Can we infer much from the number of US downloads & what it means for revenue and profit? according to Appmagic there have been over 200k since the US app launched, still over 50k in last 30 years. The buckets are quite large on app magic, it seems to be >5k, > 10k, >20k, >50k, >100k, >200k etc so difficult to get exact numbers out of it.
The fees Plus earn for the futures are a commission fee of $0.49 per Micro contract and $0.89 per Standard contract (per side). So as Seatank points out its low margins as Plus are just the middle man for the futures rather than taking a side like they do in the CFD business
App downloads data is a nice find!
Trying to piece it all together.
This is the stats for the download for the US app, "Trade & Invest". which is the us futures platform
https://appmagic.rocks/google-play/plus500-trade-and-invest/com.plus500.futures
it shows in the last 30 days its had over 50k downloads from the US. thats half of the all the downloads in the most recent month since it launched A few months ago, that sound like its growing very fast. not all downloads result in a revenue generating customer of course.