Plus500 Ltd. (PLUS.L) | Investment Case

1. Company Snapshot

1.a. Company Description

Plus500 Ltd.develops and operates an online and mobile trading platform for individual customers to trade contracts for difference (CFDs).The company's Plus500 Invest, an online trading platform allows its customers to trade CFDs on over 2,500 underlying financial instruments, including equities, indices, commodities, options, exchange-traded funds, cryptocurrencies, shares, and foreign exchange in approximately 50 countries.

Its trading platform is accessible from various operating systems, such as Windows, iOS, Android, and Surface, as well as web browsers.The company was formerly known as Investsoft Ltd.and changed its name to Plus500 Ltd.

in June 2012.Plus500 Ltd.was incorporated in 2008 and is headquartered in Haifa, Israel.

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1.b. Last Insights on PLUS

Plus500's recent performance was driven by robust revenue growth, strategic partnerships, and expansion into new markets. The company's H2 earnings call highlighted accelerating progress in its OTC business, growing US futures franchise, and entry into prediction markets. A "extremely strong" year resulted in beating sales and earnings expectations. Additionally, the company's Valentine's Day spending report showed consumer resilience, and its Fashion Week report drove $2 trillion in global sales. Strategic partnerships, such as with Topstep Brokerage, also contributed to its growth.

1.c. Company Highlights

Last Price	4157
Change Percentage	-0.17%
Open	4132
Previous Close	4164
Market Cap ( Millions)	2921
Volume	74494
Year High	4974
Year Low	2464
M A 50	4096.84
M A 200	3454.86

FCF Yield	7.07%
Dividend Yield	4.12%
ROE	47.78%
Debt / Equity	7.38%
Net Debt / EBIDTA	-218.33%
Price To Book	6.9
Price Earnings Ratio	13.9
Price To FCF	14.15
Price To sales	4.92
EV / EBITDA	9.04

2. Transcript Summary

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3. NewsRoom

Plus500 Ltd (PLSQF) Q4 2025 Earnings Call Highlights: Strong Financial Performance and ...

Feb -09

Source:

Financial Services Roundup: Market Talk

Feb -09

Source:

Plus500 H2 Earnings Call Highlights

Feb -09

Source:

Valentine's Day 2026: Economic impact and spending trends

Feb -03

Source:

Topstep Brokerage Unveils Industry’s First Prop-to-Brokerage Funding Model

Jan -27

Source:

Plus500 beats sales and earnings expectations after ‘extremely strong’ year

Jan -12

Source:

Fashion Week 2026: How fashion styles the economy

Jan -05

Source:

Plus500 revenues dip after subdued quarter for financial markets

Oct -20

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Contracts for Difference Trading, Share Dealing and Futures and Options on Futures

Expected Growth: 10.2%

Growing demand for online trading, increasing adoption of CFDs, and expansion into new markets drive growth. Plus500's user-friendly platform, competitive pricing, and diverse asset offerings also contribute to its market share gain.

7. Detailed Products

CFDs on Forex

Contract for Difference (CFD) on Forex allows traders to speculate on the price movement of currency pairs without actually owning the underlying asset.

CFDs on Indices

CFDs on Indices allow traders to speculate on the price movement of stock market indices, such as the S&P 500 or the FTSE 100.

CFDs on Commodities

CFDs on Commodities allow traders to speculate on the price movement of commodities, such as gold, oil, or natural gas.

CFDs on Cryptocurrencies

CFDs on Cryptocurrencies allow traders to speculate on the price movement of cryptocurrencies, such as Bitcoin or Ethereum.

CFDs on Shares

CFDs on Shares allow traders to speculate on the price movement of individual shares, such as Apple or Amazon.

Options

Options allow traders to buy or sell an underlying asset at a predetermined price on or before a certain date.

8. Plus500 Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Plus500 Ltd. is medium due to the presence of other online trading platforms and brokers that offer similar services.

Bargaining Power Of Customers

The bargaining power of customers for Plus500 Ltd. is low due to the company's strong brand reputation and the lack of switching costs for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Plus500 Ltd. is low due to the company's ability to negotiate with multiple suppliers and the lack of dependence on a single supplier.

Threat Of New Entrants

The threat of new entrants for Plus500 Ltd. is high due to the low barriers to entry in the online trading platform market and the increasing popularity of online trading.

Intensity Of Rivalry

The intensity of rivalry for Plus500 Ltd. is high due to the presence of multiple competitors in the online trading platform market and the need to constantly innovate and improve services to stay competitive.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	2.56%
Debt Cost	4.05%
Equity Weight	97.44%
Equity Cost	4.05%
WACC	4.05%
Leverage	2.63%

11. Quality Control: Plus500 Ltd. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Plus500

A-Score: 7.7/10

Value: 4.8

Growth: 7.4

Quality: 9.6

Yield: 8.8

Momentum: 7.5

Volatility: 8.3

1-Year Total Return ->

VIEL

A-Score: 7.4/10

Value: 6.8

Growth: 7.1

Quality: 6.9

Yield: 6.9

Momentum: 9.5

Volatility: 7.3

1-Year Total Return ->

XTB

A-Score: 7.1/10

Value: 5.0

Growth: 9.8

Quality: 9.2

Yield: 10.0

Momentum: 4.0

Volatility: 4.3

1-Year Total Return ->

ABG Sundal Collier Holding

A-Score: 6.7/10

Value: 5.1

Growth: 3.3

Quality: 7.6

Yield: 9.4

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

Tradition

A-Score: 6.6/10

Value: 3.6

Growth: 5.2

Quality: 7.1

Yield: 5.6

Momentum: 10.0

Volatility: 8.3

1-Year Total Return ->

Bourse Direct

A-Score: 6.5/10

Value: 5.8

Growth: 8.8

Quality: 7.7

Yield: 5.0

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.76%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.05%

Plus500 Ltd. - IL0011284465

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PLUS

1.c. Company Highlights

Better Quality

Strong Momentum

Fairly Valued

Higher Growth

Medium Volatility

Revenues Beats

Average Yield

Higher Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Contracts for Difference Trading, Share Dealing and Futures and Options on Futures

Expected Growth: 10.2%

7. Detailed Products

CFDs on Forex

CFDs on Indices

CFDs on Commodities

CFDs on Cryptocurrencies

CFDs on Shares

Options

8. Plus500 Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Plus500 Ltd. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

41.57$

Current Price

41.57$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA