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Analyst commentary Plus500 is a UK-listed global multi-asset fintech group that offers retail customers a range of trading and investment services. It’s also constituent of the FTSE 250 and has a market cap of £1.95 billion.
The company provides a user-friendly online trading platform for contracts for difference (CFDs) on a wide variety of financial instruments, including stocks, indices, commodities, options, ETFs, and cryptocurrencies.
Plus500’s proprietary technology enables traders to access global financial markets with competitive spreads and no commissions. This competitive offering has resulted in more than 230,000 active users and $2.4 billion in customer deposits.
Is your money safe with Plus500?
Plus500 is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, ensuring strict compliance with industry standards, and its platforms are already trusted by 233,037 traders and investors. Financially, Plus500 maintains a strong cash position, with more than $900 million in net cash. Since its inception, Plus500 has held no debt or loans on its balance sheet. These factors should reassure potential clients.
According to data from TipRanks, there has only been one insider transaction in the past six months. As such, it’s hard to gauge insider sentiment towards the stock. In certain cases, limited insider activity can be interpreted in different ways, including confidence in the current valuation.
Customer deposits have steadily moved upwards over the past three years. Management says that continued investment in attracting higher value customers has helped the company achieve its strategic goals. Plus500 reported customer deposits of $2.4 billion in 2023.
Total assets vs previous year
Plus500 has reported surging total assets since the pandemic. According to data from FactSet, total assets were £788.1 million in 2023, down from a peak of £839.6 million 2022.
The fall between 2022 and 2023 actually reflects currency fluctuations as Plus500 typically reports total assets in dollars, and the pound rallied through 2023.
Total assets for 2022 were $1,010 million, slightly above the $1,004 million reported a year later.
Number of investing users vs previous year and quarter.
In 2023, Plus500 recorded 233,037 active customers – customers who have made at least one trade using real money on one of the Group’s trading platforms – down from 280,769 in 2022. The number of people who deposited into a trading account for the first time – new customers – also fell from 2022 to 2023.
Average revenue per user (ARPU) vs previous year and quarter.
Average Revenue Per User (ARPU) reached an annual record of $3,116 in 2023, reflecting a modest uptick from 2022. Companies operating platforms that are predominantly used for trading typically have a much higher APRU than investment platforms.
Average deposit per Active Customer
Plus500 has also recorded a considerable increase in the average deposit per active customer from 2022 to 2023. The company claimed this reflected the continued confidence that the customers have in Plus500.
Revenue vs previous year vs consensus estimates.
Revenue generation has been non–linear since 2021. As a trading platform, the company benefits from increased volumes and volatility. Revenue peaked at $832.6 million in 2022.
Earnings per share (EPS) vs previous year vs consensus estimates.
Earnings per share (EPS) has also followed a non-linear path, with 2020 representing the company’s best year since the turn of the decade. Once again, this demonstrates how, as a trading platform, Plus500 benefits from increased volatility in markets.
EBITDA margin vs previous year
The company’s EBITDA margin fell from 54% in 2021 and 55% in 2022 to 47% in 2023. This likely reflects increasing costs related to the inflation of goods and services.
Cash balance vs previous year vs consensus estimates
Since its inception, Plus500 has held no debt or loans on its balance sheet. The company maintains a very strong balance sheet with a net position a little short of $1 billion at the end of 2023.
Analysts’ price targets and ratings including commentary.
Based on six analysts offering 12-month price targets for Plus500 in the last 3 months. The average price target is £27.30 with a high forecast of £30.40 and a low forecast of £21.20.
The next Earnings Release update on the 17th of February 2025.
