Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Very happy with the steady climb as we progress to profitability. I'm just disappointed I didn't pick up shares when they were circa 60p
Anyone have any idea on the reason for the recent climb? We've seen an increase of c.20% within the last two weeks without any news (with over 10% of it today!). Anyone else get the feeling that this is primed for a takeover?
Relatively low market capital
Now profitable
Expanding into US market
All of the above was known longer than two weeks ago.
One key piece of information seems to be missing from the US expansion RNS; if the partner is going to cover all marketing costs, what do they get in return? Surely there has to be either an equity share or commission element?
Great presentation of the business well on track to achieve what it plans. (RNS says where you can find it)
Slide 22 confirms the Q4 turn to profitability, graphing the nice trend from Adj. EBITDA margin of minus 98% in Q1 to plus 11% in Q4.
I'm thinking this a good one to stick with for future years, especially now they have their foot in the US, where just looking at how LGEN's platform -driven protection business has taken off, it seems the right proposition in PBEE's context could be massive.
Ahead of results today, when extent of turn to profit can be expected to be confirmed, there seems to be surprisingly little interest here.
A growth Fin Tech about to bust into the US market that is due to make a profit this year... Not sure how the share price currently correlates to the prospects of the company. If this was a US share it would be multiples of where we are now.
Don't buy stocks and shares if you think taking advice off a public chat board is a good idea lol
Hi all, I'm new to this board.
I was wondering what ur view is on long term share price?
Downhill? better to sell now & cut losses or some positive news on d horizon & worth holding for a bit longer. I only have 3k worth of Pensionbee, down 1.5k atm. Thanks for any advise u may have.
New report from Equity Development: https://www.equitydevelopment.co.uk/research/growth-still-strong-adj.-ebitda-turns-positive-in-q4
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.
5.71% new Morgan Stanley stake looks like a good sign to me.
Valuation still looks ridiculous to me.
10x P/S with slowing revenue. I can't find any way to get to their current valuation in a DCF
...and finally 15% up at the close makes the graphs more cheery - we ended up at a price not seen since April...but the business has made even more progress since then.
Also giving PBEE a fair wind for the future beyond "pot for life" if that comes in (seems quite likely at some point) is the phasing in plan for getting pension dashboards getting launched in the next couple of years (at long last), which will facilitate solving the current delay-ridden problems of the transfer market. Big impact commercial versions are already getting prepped to transform how easily people can manage their pensions.
Ooh, up 10% next time I looked, and a couple of bigger transactions.
I'm surprised there isn't more interest here for such a volatile stock which has that rare thing - a managment team that does what they say they'll do, plus actual increasing sales with line of sight to profitability!
Merry XMAS all - as I'm expecting it should be for anyone in here!
Near 7% price jump sent me over here to see what's happening, bucking the trend of peers today (not much - just a few small buys, seeming to propel the price a surprising amount) - and so I spotted Shear's post fearing pot for life not good for PBE.
I couldn't disagree more. Pot for life would force employers to pay into the place employees are choosing to be ...which is already Pension Bee. This would be the government doing their marketing for them!
Not surprisingly PBEE have jumped on the news in their PR saying much the same thing: "‘Pot for life’ is a great solution to the problem of people having lots of old pensions from multiple jobs.
A pension could become a bit like having a bank account, into which different employers can pay. It’s good for savers, giving them more say over how they want to grow their retirement fund and hopefully a decent solution to the problem of lost pension pots. "
Hope that's good news for all holding here.
Https://www.professionalpensions.com/news/4148678/jeremy-hunt-unveil-pot-life-pension-reforms
Oh the face of it not great news for PBEE, as it negates their raison d'etre... whether it'll happen or not is another question entirely, as it will require some joined up thinking for a change. Either way, it likely creates a sentiment headwind here for the foreseeable.
Pivotal Profitability Milestone Achieved
"PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, announces the achievement of Adjusted EBITDA(1) profitability for October 2023, with Assets under Administration(2) of approximately £4 billion.
Based on current market conditions, the Company expects to be Adjusted EBITDA(1) profitable across the fourth quarter of 2023 and for FY2024. The Company continues to maintain a robust cash balance of over £12 million."
A refreshing change from the less cheery news from most of my shares currently! Holding doubled by yours truly this pm on the basis of this.
OK it's making slow progress but still losing money and I wouldn't feel safe putting my pension into this private company, let alone investing my money at the moment.
As with many private companies they can go bust and then where are you with your pension money ? Gone.
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: https://www.equitydevelopment.co.uk/research/profitability-in-sight-with-investor-interest-building
New note here: https://www.equitydevelopment.co.uk/research/growth-on-track-as-is-target-of-profitability-in-fy24
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.
It's happening again. Ridiculous undervaluation. I'm going to free up some funds and jump in here this price is ridiculous for a growth stock still growing in a complex market and not far from positive cash flow.
and surprise surprise, lots of tiny trades walking it all the way down again.
It's the way the money men make their pennies :-)
PensionBee Group plc, a leading online pension provider, conducted an investor presentation covering the company's Full Year results for the period to 31st December 2022.
Romi Savova, founder & CEO, and Christoph Martin, CFO ran investors through the strategic pillars underlying PensionBee's growth ambitions and investments, and the vast scale of the market opportunity.
They provided an overview of the financial performance for FY22, discussed their high customer & asset retention rates, and progress towards achieving profitability on an Adjusted EBITDA basis by Year End. The management also took part in a wide-ranging Q&A session answering questions submitted by investors.
If you missed the live event, you can watch the full video below, divided into chapters for ease of viewing:
0:00:03 Introduction to PensionBee story
0:00:45 Strategic Overview
0:11:06 Finance Overview
0:19:39 Guidance Framework
0:21:25 Investment Highlights
0:22:22 Question & Answer session
Link to video: https://www.equitydevelopment.co.uk/research/pensionbee-investor-presentation-fy-results-march-2023
Research report & audio summary: ***************************detailed-result-full/PBEE/682
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.
***************************detailed-result-full/PBEE/682
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.
Research report & audio summary: https://www.equitydevelopment.co.uk/research/growth-and-delivery-driving-strong-investor-interest
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.