Which company has the most valuable customers?

Wednesday, Apr 11 2018 by
2

I've been thinking about different approaches to valuation. Customer bases for example have wildly different values. Three UK companies:

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ASOS (y/e Aug 2017)
Sales £1.9bn
PBT £80m
Active customers 16.5m

ASOS annual PBT/customer £5

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Tesco (y/e Feb 2018)

  • Sales £51bn
  • PBT £1.3bn
  • Active customers 40m (based on 79m shopping trips/week - I've assumed that customers visit twice/week on average)

TSCO annual PBT/customer £33

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CMC Markets (y/e Mar 2018(e))

  • Sales £185m
  • PBT £57.5m
  • Active customers 39K

CMCX annual PBT/customer £1,475

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CMC Markets seemingly have got a licence to print money.

Can you think of any other listed company that has such an elevated profit/customer?


Filed Under: Value Investing,

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CMC Markets plc is a holding company. The Company is a provider of online and mobile trading servicing both retail and institutional clients. The Company enables clients to trade over 10,000 financial instruments, including indices, commodities, foreign exchange (FX) and equities through its trading platform. It operates through three segments: UK and Ireland (UK & IE), Europe, and Australia, New Zealand and Singapore (APAC) and Canada. Clients can trade the markets via contracts for difference (CFDs), financial spread bets (UK and Ireland segment only) and binaries. With the Company's spread bet, a client bets a specific stake size per point movement of a product, rather than trading a specific number of shares or units. The Company offers four types of binaries: Ladder, One Touch, Up/Down and Range. It also offers Australian wholesale and retail clients the ability to buy and sell Australian Securities Exchange (ASX) and SSX (formerly APX) listed products and managed funds. more »

LSE Price
187.2p
Change
0.7%
Mkt Cap (£m)
537.6
P/E (fwd)
15.6
Yield (fwd)
4.0

Tesco PLC (Tesco) is a retail company. The Company is engaged in the business of Retailing and associated activities (Retail) and Retail banking and insurance services. The Company's segments include UK & ROI, which includes the United Kingdom and Republic of Ireland; International, which includes Czech Republic, Hungary, Poland, Slovakia, Malaysia and Thailand, and Tesco Bank, which includes retail banking and insurance services through Tesco Bank in the United Kingdom. The Company's businesses include Tesco UK, Tesco in India, Tesco Malaysia, Tesco Lotus, Tesco Czech Republic, Tesco Hungary, Tesco Ireland, Tesco Poland, Tesco Slovakia, Tesco in China, Tesco Bank and dunnhumby. The Company's brands include Finest, Everyday Value, Chokablok and Technika. Finest and Everyday Value are the two food brands in the United Kingdom. The Company offers a range of personal banking products, principally mortgages, credit cards, personal loans and savings. more »

LSE Price
246.41p
Change
0.3%
Mkt Cap (£m)
24,028
P/E (fwd)
16.8
Yield (fwd)
2.3

Asos PLC is a global fashion destination for a range of things. The Company sells and offers a range of fashion-related content on ASOS.com. The Company's segments include UK, US, EU and RoW. It sells over 85,000 branded and own-label products through localized mobile and Web experiences, delivering from its fulfilment centers in the United Kingdom, the United States, Europe and across the world. It offers approximately 75,000 separate clothing ranges, spanning women's wear and menswear, footwear and accessories, alongside its jewelry and beauty collections. The Company's collection of specialist own-label lines includes ASOS Curve, ASOS Maternity, ASOS Tall and ASOS Petite. The Company caters a range of customer segments and sizes, across all categories and price points. It also operates returns centers in Australia and Poland. It operates country-specific Websites in Australia, France, Germany, Italy, Spain, Russia and the Unites States. more »

LSE Price
6657.92p
Change
2.2%
Mkt Cap (£m)
5,448
P/E (fwd)
57.8
Yield (fwd)
n/a



  Is CMC Markets fundamentally strong or weak? Find out More »


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