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After Brexit & Trump, nothing seems to divide us more than Plus500 (LON:PLUS). I am in the supportive camp, and feel they should not continue to be doubted - not least because they have been paying these tremendous profits as dividends year in year out - what better way to end debate on whether these profits are genuine. Yes, there is a withholding tax applied…

I should add that dividend cover for Plus500 (LON:PLUS) has been consistent at around 1.67x, sufficient for me to be comfortable so long as its not reducing over time. If you add the TTM (inc exceptionally strong 2018 interims) this dividend cover reduces to an estimated 4x, showing that unless their is a bump in the road, either the Co will generate a significant amount…

Plus500 (LON:PLUS) has been taking a lot of my attention recently - it has a very high ROCE, and very high FCF, but low Price to FCF, so it suggests you're not overpaying for that cash generation. I also ran a DCF calculation on this and found that I could only match the current SP if I assumed zero growth from here on in. Its…

Also re: housebuilders generally, I think the Barratt Developments (LON:BDEV) results this morning were the poorer of the few I've seen lately, and all seem to show evidence of headwinds approaching. Yes the housebuilders have been incredibly cash-generative, with much money being shared amongst Execs and PI's alike, but this looks to be getting tighter to me. If Help To Buy were abolished or tightened,…

About 6 months have passed since this evaluation, and everything appears to have continued well, except perhaps the share price if the last few weeks are anything to go by. A high of £20.10 per share, then interims knocked this back to around £15 - fears of regulations hitting revneues, which I think have been overdone in the SP given the slides the company put…


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