Member Info for ggplyr

At the half year id say they are sitting on $550m- which is probably $250m more than they need for working capital and risk buffer. So maybe $50m buy back & $200m for dividend, so that's $2.35/share available to dividends- less the with holding tax.

I don't see what reason they'd have to sit on cash balances much higher than $300m. They can't do anything with the cash.

I follow you now, thanks Mark

Hi Mark,

quote - "IG £11m revenue from bad debt Vs £0m PLUS due to negative balance protection"
That's true (although its a bad debt cost rather than revenue, I initially read your post to mean they are reducing a bad debt provision by 11m for it to be revenue) but I dont really see what it means for PLUS. On the flip side the marketing cost as a percentage of revenue is 24% for the last 4 years for plus, where as its only 10% for IG. They are just different business models so I don't see what we can infer from the absence of bad debt in plus.

Hi Daimawr, I agree with your revenue forecast of $900-950m, EBITDA seems a little optimistic though. If revenue is 950 I make EBITDA more like 675, which is still decent. What are you making the advertising costs for the year?

Hargreaves did mine yesterday too actually (couldn't see for looking!)

I use Halifax & Hargreaves lansdown, ive not had the dividend in either yet.

P/E ratio based on most recent 12 month period for
PLUS = 6
IGG = 15
CMCX = 11

Why does the market hate PLUS so much?

Thanks for the detailed explanation 14cr

How does the wildcard saga affect plus?
I am not sure about the logic of mean reversion, (unless I am miss understanding what you mean). I don't think it follow that plus will recover this loss... if you toss a coin and it shows heads 2 times in a row it doesn't make your next throw more likely to be tails. Should this not be the same logic for the customer gains? i.e. that loss bares no impact on the loss or gain after that trading update?

Hi Blackrock, 8 june reported total revenue after customer gains was 102.5m dollars. The 249 was pre customers gains, none of its reported in euros.

Hi All,

debate starter...
Why does everyone choose IGG over PLUS or CMCX?

No probs, I took by figures from the RNS on 24th of april, although I missed 5m of costs out as well for the IG Brighter Future fund

Also P/E isn't of great use for volatile earnings, you cant really use it to compare it to other companies, only the same type of companies during that same yeah financial year so PLUS and CMCX.

How do you get that PE?
Revenue = 649m
Op costs = 300m
Remuneration = 42m
Profit before tax =307
PAT = 245m (estimated tax rate of 20%)
market cap= 2900m
2900/245 = a P/E of 12

@MattThebrave, how are they better than those flagged in april? They did 173m in 36 days of trading (revenue/day =4.8m/day in the april upudate, they have now done 86m in the last 25 days of trading, that's 3.4m/day. There was nothing actually unexpected in the RNS, therefore it was already priced in.

@ Simple- where do you stand now on forecast of Q2 for PLUS?

Because while it was a good RNS, it was basically an expected set of good results.

Igg - 649 in the end

I've plugged it into my (crude) model, I'm thinking its 720m for IGGs revenue

There is a little chat about IG within Plus if anyones interested...