Consensus Looks Light, PT Increase to £53.50

Research evidence excerpt

Consensus Looks Light, PT Increase to £53.50

ts from energy prices, rate expectations, AI

and credit market worries have all contributed to volatility. That is usually good for PLUS's

Exhibit 2 - Consensus revenue forecasts look

volumes. conservative, $m

3002. There will be more trading hours in the second half of the year. Something like 10% of

total NYSE trading volume happens out of hours. It may be a higher proportion of retail 250

trades. While PLUS's launch of 24/5 trading of some securities will cannibalise a little 200150

existing volume, we think it will increase its overall flow. 100

3. The World Cup effect will be mitigated. Major sporting events take attention and activity 50

from CfD and other retail financial markets. Now PLUS has exposure to sports prediction 0

markets, it will recapture some of that business. .

Source: Company data, Visible Alpha, Jefferies

Forecast changes: We have raised our FY26 trading income growth estimate to 4% from 1%, Exhibit 3 - 1yr forward P/E multiples: the

leaving NII at $41m and Market P&L at zero after 1Q26. That gives us $379m of EBITDA at a sector continues to re-rate

46% margin and puts our earnings c. 6% above consensus. 1816

Exhibit 1 - Forecast changes 1210

$m unless stated 2026e 2027e 86

Old New % diff. Old New % diff. 4

Revenue 800.3 828.0 3% 832.3 846.0 2% 20

EBITDA 362.5 378.6 4% 362.7 370.2 2% 24Jun 24Jul 24Aug 24Sep 24Oct 24Nov 24Dec 25Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 26Jan 26Feb 26Mar 26Apr 26May

EPS, $ 3.96 4.22 7% 4.13 4.31 4% IGG PLUS CMC

. DPS, $ 1.25 1.33 7% 1.30 1.36 4% .

Source: Jefferies Source: FactSet, Jefferies

Valuation: At 16.5x FY26e EPS, and adjusting for FX, we get a £53.50 price target. That is a

small discount to IGG and equates to a 4.4% dividend yield.