reports
- Paul Bryant
Growth still strong, adjusted EBITDA turns positive in Q4
In March 22, our initiation note was titled A pensions fintech starting to look like a Rocketship. Since then, market, investor and consumer confidence have been rocked by geopolitical events and deteriorating economic conditions. But despite that, PensionBee has delivered. What’s more, it has moved into profitability on an adjusted EBITDA basis within the timeframe targeted at its Apr 21 IPO. Over FY23 (to 31 Dec 23), 46k net new invested customers (ICs) were added (ICs + 25% to 229k), £1.3bn ...
- Paul Bryant
Profitability in sight with investor interest building
Interims to 30th June 2023 show invested customers reaching 211k, with 28k added over H1-23 (+15%) and 52k y-o-y (+33%). Assets Under Administration was up £678m over H1 (+22% over 6m, +38% y-o-y), reaching £3.7bn, with £469m added from net client inflows and £210m from investment performance. Encouragingly, increasing brand awareness and sophisticated data-driven marketing has resulted in ‘cumulative cost per invested customer’ continuing to decline (H1-22: £260; H1-23: £247). This has, in tur...
- Paul Bryant
Growth on track, as is target of profitability in FY24
Invested customers reached 211k on 30 June 23, with 28k added over H1-23 (+15%) and 52k y-o-y (+33%). Assets Under Administration was up £678m over H1 (+22% over 6m, +38% y-o-y), reaching £3.7bn, with £469m added from net client inflows and £210m from positive investment performance. This progress is on track to meet our previous growth targets and confirms that PensionBee continues to gain market share in the £700bn UK transferable pensions market (it is aiming for a 2% share of this market i....
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: PensionBee* - Initiation - Sweeter than honey
PensionBee is disrupting the status quo in UK pensions. Its simple proposition, aimed at the vast but underserved mass market, is gaining traction due to its easy-to-use app, exceptional customer service and transparent fees. Competitors are asleep at the wheel. This has allowed PensionBee to rapidly take share, but a growing £700bn+ market suggests there is enough room for everyone. The business is highly scalable, with sticky revenues, but the market clearly underestimates the long-term margin...
- Paul Bryant
Growth and delivery driving strong investor interest
In FY22 (to 31 Dec 22) PensionBee continued to rapidly grow, despite market falls, and gain market share (page 2) in the structurally growing £700bn target market of transferable DC pensions (page 12). Invested customers grew 56% to 183k, AUA 17% to £3.03bn (net inflows +£863m, market movements -£424m), and revenue 38% to £17.7m. Adjusted EBITDA started to ‘turn the corner’ towards profitability and is forecast to turn positive on a monthly basis by the end of 2023. The net cash position is robu...
- Paul Bryant
Strong growth, customer acquisition costs fall
In Q3 of FY22 (to 30 Sep 22), customer growth continued to impress with invested customers* growing 9% in the quarter to 174k (30 Jun 22: 159k) and 68% y-o-y (30 Sep 21: 104k). Notably, the absolute number of new customers added in Q3 (15k), was almost as high as the largest D2C market incumbent, Hargreaves Lansdown (17k) and far more than AJ Bell (8k). This is even more impressive considering PensionBee only offers pension products. We have updated our forecasts to account for current custo...
- Paul Bryant
Guidance reiterated, positive adj. EBITDA by end-23
"Guidance re-iterated, positive adj. EBITDA by end-23" PensionBee’s H1-22 results confirm the momentum of its growth journey as it continues to disrupt the pensions market and drive the consolidation of UK consumers’ multiple pension pots. Its most fundamental growth driver, the number of invested customers1, grew 72% y-o-y to 159k on 30 Jun 22 from 92k on 30 Jun 21 (+36% over H1 from 117k on 31 Dec 21) and remains on track to meet our forecast of 200k by the end of FY22. Impressive marketing a...
- Paul Bryant
PensionBee: Guidance reiterated, positive adj. EBITDA by end-23
PensionBee’s H1-22 results confirm the momentum of its growth journey as it continues to disrupt the pensions market and drive the consolidation of UK consumers’ multiple pension pots. Its most fundamental growth driver, the number of invested customers, grew 72% y-o-y to 159k on 30 Jun 22 from 92k on 30 Jun 21 (+36% over H1 from 117k on 31 Dec 21) and remains on track to meet our forecast of 200k by the end of FY22. Impressive marketing agility was evident. The data platform was used to rapidly...
- Paul Bryant
Customer growth on track, markets slow AUA gains
PensionBee has continued to grow its customer base in line with targets, with a 72% annual increase in invested customers1 to 159k on 30 Jun 22 from 92k on 30 Jun 21 (+36% over H1-22 from 117k on 31 Dec 21). It remains on track to meet our forecast of 200k by the end of FY22. Registered customers2 (a ‘top of sales funnel’ metric) grew 66% y-o-y from 538k on 30 Jun 21 to 897k (+36% over H1 from 658k on 31 Dec 21). The rate of customer growth is evidence that the post-IPO ramp-up in marketing spen...
- Paul Bryant
PensionBee: Marketing investment bearing fruit, growth on track
In Q1 of FY22, PensionBee has reported an 18% quarterly increase in invested customers from 117k on 31 Dec 21 to 138k on 31 Mar 22, a y-o-y growth rate of 70% (31 Mar 21: 81k), and is on track to meet our forecast of 200k+ by the end of FY22 (f’cast annual growth 73%). Importantly, ‘registered customers’ (a ‘top of sales funnel’ metric) jumped by 141k from 658k on 31 Dec 21 to 799k, an increase far in excess of the previous quarter (+56k Oct-Dec 21). PensionBee has reiterated its confidence in ...
- Paul Bryant
PensionBee Group - a pensions fintech starting to look like a Rocketsh...
We initiate today on PensionBee Group - the leading disruptor of one of the UK’s most lucrative financial sectors. Pensions house a huge wealth pool (>£1 trillion in PensionBee’s defined contribution addressable market), with customers looking for a multi-decade relationship with their provider to achieve financial security. Fuelled by £50m raised in its April 2021 IPO, PensionBee is ramping up growth. At the end of its latest financial year (Dec 21), PensionBee had secured 117,000 invested cus...
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