Member Info for ggplyr

So from that, we are all wrong, and the statement doesn't really tell us anything.

I asked what period it relates to.

The reply "we arent being specific as we're not yet at the end of the quarter.
But more generally its best practice for such comparisons to reference the year on year dynamic."

Thanks all

Ive emailed investor relations to see if they will clear it up what the comparison is to, im still unclear personally. I dont know if they respond to private investors, if they do ill let you know.

Has posted a solid trading update.

I'm not a fan of CMC over PLUS, or at least if you like them both id overweight PLUS. CMC is trading at a P/E twice that of PLUS.

I'm curious exactly what "Active customer base" means in this bit of the RNS:

"Revenue, in particular Customer Income, has remained strong in H2 2020 to date, supported by further growth in the Company's Active Customer base."

Does it mean:
Rolling 12 months active customers (if so this isnt that exciting)
Rolling 3 month active customers (very exciting as this implies more active customers than Q2 which 264k which is the highest so far)

In the annual reports it give actives customers for the whole year, whereas in quarterly trading updates it gives active customers for the quarter, so its a little ambigious in this current trading update imo.

I dont think that bonus is unreasonable. The tax change &rebate results in a $100m boost to PAT. Without some incentive for management to look for extra unordinary profit they won't bother, and the share holders wouldn't have a share of the $100m less the $1.23m bonus.

I agree still long term positive, but i am not sure why you thought today it was going to rise. The update was pretty much as expected.

I can't see this doing much to the SP. They are saying the might add a new product line/s in the future. They might change their organic growth strategy and acquire another company. If they actually do it with a timeline then they do have a large customer listing to cross sell to though.

Lol @ Daimawr - I was going to write something similar.

I don't understand how that works so let us know when you figure it out!

and yet everyone's gone quiet here....

Thanks for this mark.
2020 Revenue forecast of 757 doesn't seem to make sense in liberums forecast.
H1 Revenue = $564m
H2 YTD - Quote for interim results : "Customer Income so far in H2 2020 is more than double that of the prior year"
I make this about 100m for 40 calendar days, based on 2019 Q3 revenue of $110.6m
So only need to do 100m to in 140 days to hit liberiums forecast??

Regarding tax "Accordingly, Plus500 Ltd's Corporation Tax rate for these three financial years has been reduced from 24%, 23% and 23% in each respective year to 12% in each of these years. Over $100 million of initial repayments and cash savings are expected to be delivered, with a c.$47 million rebate already received from the ITA in July 2020."

I had interpreted this incorrectly - I had assumed the £47m related was a rebate relating to 2017, 2018 & 2019 and the rest related to 2020 & 2021. Looking at the tax over 2017, 2018 & 2019 the $100m is for these prior periods.

How much do you pay for app annie? - I did look at it a while ago but it wasn't very transparent on pricing, so went about it using google play reviews rather than installs. But yes, actual installs would be a better KPI.

I've looked at 1 star google play reviews (companies might manipulate/pay for 5 star reviews but not 1 star reviews).
in 2019 the average number of 1 star reviews/day = 0.6.
In July 2020 (first month of Q3) there have been 1.6 reviews/ day - this indicates new customers is still very high within H2 of 2020

Cant edit my post: should read...
...(for info 2020 Q2 hit 9.7/reviews per day)...

I think Liberum's H2 is very low.
Googleplay reviews in 2019 averaged at 2.3 reviews per day shown by quarter below
2019 Q1 =2.2
2019 Q2 =2.4
2019 Q3 =2.6
2019 Q4 =2.1
The first 35 days of Q3 reviews/day = 3.6 (c50% more than 2019)

Reviews are strongly correlated to new sign ups. So more people are signing up than usual(for info 2019 Q2 hit 9.7/reviews per day)

HI 14cr- I'm struggling to understand your post/terminology. Apologies for my ignorance but could you please explain a few things.

"Gold has returned ~10% (on 20x leverage) MTD, but PLUS’ net position has only been ~25% (vs most stocks: ~90%+)."
what do you mean by plus net position has been 25%? 25% of what? & the vs most stock ~90%?

Re the tesla comment - are you saying plus may be very exposed to Tesla?

By changing assumptions but not the numbers!

I'd originally figured that $300m was available for distribution, so 50m in buy backs, leaving $250m.
$250m/106m shares = 2.35

I hadn't adjusted for the free float vs shares in issue either.