A year and a half ago, I evaluated the then INDEXO IPO and then decided not to participate in it. However, I already wrote that sooner or later INDEXO shares will probably be in my portfolio. This moment of capital raising is potentially a good moment and an opportunity to buy INDEXO shares.
Ar INDEX Both you and I are familiar with stocks, so I won’t get into long descriptive “sheets”. I’ll jump right into what has changed since the IPO.
In short, the pension business has grown significantly, the bank is almost ready to start, the offer has a very attractive valuation.
But let’s go through each of the points.
Pension business
Back then INDEX was 82 thousand customers, currently the number of customers has reached 124 or increased by 50%, the amount of assets in management has increased to 812 million. euro. Market share, if measured by assets under management, has grown from 7% in 2021 to 11% currently.
Income from commissions or pension administration in the 3rd quarter of 2023 is 824 thousand euros. If this indicator were to be converted into annual turnover, it would reach 3.3 million euros.
According to INDEXO’s forecasts, the cost of attracting customers in the next few years will be similar to the trends of these years, i.e. between 1.6 and 1.8 million. euro. Meanwhile, commission income from pension management will continue to grow and the net profit after customer attraction costs is already planned to be positive this year, but with the 2027 plan it could reach 3.1 million. euro.
INDEX has proven so far that it can significantly grow its business throughout its history, so at this point I have no reason to doubt its ability to continue to do so.
2023-12-20 09:18:21
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