AGFX - Stockopeda comments12 Dec 2022 10:11
It has already raised full-year expectations in October, and followed that up with robust interim results in November.
Today we learn of “continued improvement to its trading”, as strong momentum has been maintained. Revenue and earnings for the current year will be ahead of current market expectations.(Note that the “year” is only nine months long, from March to December, after the company changed its reporting timeline.)
Everything is going according to plan:
The Group's growth strategy continues to deliver results with robust trading across all products and geographies. This includes our core FX offering benefiting from market tailwinds, sustained outperformance from our new Amsterdam office, continued optimisation of product mix including structured solutions and growth in client numbers in the online platform.
I would caution that the market tailwinds - unusual currency movements and unusually strong public interest in exchange rates - are beyond the company’s control and can’t be counted on as a permanent fixture.
However, the other factors cited as contributing to the company’s success are things that the company itself can take responsibility for: expanding to Amsterdam, selling more advanced, higher margin products such as options, and growing the number of clients on its online platform. All fine achievements!
I continue to rate this stock currently as my favourite listed FX broker, and I also believe that it has grown into its IPO valuation and can potentially offer decent prospects from here.
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