Plus500 Share Price (PLUS)

Quite a week all in all. Possibly some profit taking next week (down to high 19's perhaps?) with a slow rebound back up to £23-£25 depending on investor sentiment etc imo.

It feels like the next natural stop is £25 but with a slight profit-take/downward pressure - in between, as you say. You called the £21.00. nice.

I'm guessing we'll breach 2100 then consolidate for a while. I guess the market will be watching progression of CFTC data to observe how the US business is developing. VIX is up 40% since end March, so that is broadly supportive too.

That's a fair challenge gglvr. I thi k we are on the same page. My aim is not to precisely value the business but to fotm a firm view as to whether buying at today's price offers a margin of safety. I think so.

What institutions overlook to date but will appreciate in time is the diversity of the business today, by geography, regulatory oversight, and product. PLUS does not need to hammer one particular market, such as UK CFDs, with marketing dollars to squeeze growth out at any cost whilst eroding margins. PLUS can be seen as a technology and regulatory platform which is truly global, thus targeting niche markets and segments all over the place at the same time, eeking out incremental clients and profits without depressing profitability. The next legs are US commodity futures, UAE, Japan, but there will be more after that, such as European derivatives.

This is why this is a sustainable growth business and is worth an ex Cash PE of >10x, in my view.