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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Plus500 Ltd    PLUS   IL0011284465

PLUS500 LTD

(PLUS)
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Delayed Quote. Delayed London Stock Exchange - 08/16 11:35:28 am
705.6 GBp   -2.54%
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Plus500 shares jump on buyback, new customer additions

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08/13/2019 | 04:53am EDT

(Reuters) - Online financial trading platform Plus500's shares jumped 20% on Tuesday, boosted by a new share buyback plan and solid new customer additions.

Plus500, whose shares have been pummelled in recent months by a collapse in revenue due to lower market volatility and a European clampdown on highly leveraged betting, said it was on track to meet expectations for 2019.

It said it planned to buy back of up to $50 million (£41.4 million) of its shares and also revised its distribution policy to return 60% of net profit to shareholders, with half of that through dividends.

Plus500 shares rose 19.4% to 682.2 pence by 0824 GMT, making them top performers in the FTSE 250 midcap index <.FTMC> and marking a recovery from a near 60% plunge so far in 2019.

"This company will take quite a while to recover a rating, but remains as operationally excellent as ever," Liberum analysts, who have a "buy" rating on the stock, said.

The company added new customers, with numbers rising 19% to 47,540 in the first half compared with the second half of 2018.

"The group performed well during what was a difficult period for the entire industry," Chief Executive Asaf Elimelech said. "Financial markets from February 2019 to April 2019 were very stable, providing a limited number of trading opportunities for customers."

Net profit more than halved to $51.6 million for the six months ended June 30, partly reflecting low levels of volatility as investors held back their positions during the heated U.S.-China trade spat and ongoing Brexit uncertainty.

Plus500, hit hard by a regulatory clamp-down in Britain and the European Union on certain complex financial products, said the Australian securities watchdog had received new powers to address abuses in the sale and marketing of a range of such products.

The company competes with IG Group and CMC Markets and provides an online trading platform for retail customers to trade contracts for differences (CFDs), which allow traders to bet on financial asset prices without holding the asset.

While Plus500 said revenue had picked up recently, its first-half results still reflected pressure from regulators in Europe and Britain as they tighten rules on products that allow anyone with a bank card to make highly-leveraged bets on financial markets.

Making matters worse, the CBOE Volatility Index <.VIX>, the stock market's main gauge of volatility and investors' appetite for risk, ran at similarly low levels to a year ago for much of the first half of 2019.

(F
Or a graphic on 'Regulatory clampdown knocks Plus500 and its peers', click

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr and David Holmes)

By Muvija M

Stocks mentioned in the article
ChangeLast1st jan.
CMC MARKETS PLC -1.88% 83.4 Delayed Quote.-20.72%
IG GROUP HOLDINGS 2.26% 552.2 Delayed Quote.-3.12%
PLUS500 LTD -2.54% 705.6 Delayed Quote.-48.50%
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Financials (USD)
Sales 2019 361 M
EBIT 2019 183 M
Net income 2019 144 M
Finance 2019 280 M
Yield 2019 8,62%
P/E ratio 2019 6,76x
P/E ratio 2020 6,87x
EV / Sales2019 1,91x
EV / Sales2020 1,61x
Capitalization 971 M
Chart PLUS500 LTD
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Plus500 Ltd Technical Analysis Chart | MarketScreener
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Technical analysis trends PLUS500 LTD
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 8,86  $
Last Close Price 8,57  $
Spread / Highest target 40,9%
Spread / Average Target 3,36%
Spread / Lowest Target -20,3%
EPS Revisions
Managers
NameTitle
Asaf Elimelech Chief Executive Officer & Director
Penelope Ruth Judd Chairman
Elad Even-Chen Group CFO, Director & VP-Business Development
Ari Shotland Chief Technology Officer
Michael Charles Fairbairn Senior Independent Non-Executive Director
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