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1. Company Snapshot

1.a. Company Description

CMC Markets plc, together with its subsidiaries, provides online retail financial services to retail, professional, stockbroking, and institutional clients in the United Kingdom, Ireland, Europe, Australia, New Zealand, Singapore, Canada, and internationally.The company offers its clients with the ability to trade contracts for difference and financial spread betting on a range of underlying shares, including indices, foreign currencies, commodities, cryptocurrencies, shares and ETFs, and treasuries through its trading platform.It also provides a range of education services through tools and resources, trading webinars and events, platform guides, advanced trading strategies, articles from market analysts, and others.


The company was founded in 1989 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on CMCX

CMC Markets' recent performance has been marred by a 25% decline in share price over the past quarter, following a tumultuous period. The company's inability to capitalize on market volatility has resulted in a significant erosion of investor confidence. Furthermore, the absence of any notable acquisitions or strategic partnerships has left the market questioning the company's growth prospects. Additionally, the recent earnings release failed to provide any significant upside, with the company's revenue growth coming in below expectations.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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CMC Markets PLC (CCMMF) (Q2 2026) Earnings Call Highlights: Transformative Growth and Strategic ...

Nov -25

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Financial Services Roundup: Market Talk

Nov -20

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FTSE 100 up but mixed US jobs data tempers gains

Nov -20

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B2PRIME Accelerates Institutional Expansion with Strategic Hires from iSAM Securities

Oct -17

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B2PRIME Accelerates Institutional Expansion with Strategic Hires from iSAM Securities

Oct -17

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Paysafe Limited (PSFE) Announces New Partnership with CMC Markets

Sep -26

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CMC Markets (LON:CMCX) Is Increasing Its Dividend To £0.083

Jun -24

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CMC Markets PLC (STU:T8Q) Full Year 2025 Earnings Call Highlights: Strong Financial Performance ...

Jun -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.69%)

6. Segments

Trading - Contracts for Difference and Spread Bet

Expected Growth: 6%

CMC Markets plc's 6% growth in Trading - Contracts for Difference and Spread Bet is driven by increasing demand for online trading, expansion into new markets, and improved mobile trading capabilities. Additionally, competitive pricing, advanced risk management tools, and a wide range of tradable instruments contribute to the growth.

Investing - Stockbroking

Expected Growth: 4%

CMC Markets plc's 4% growth in Stockbroking is driven by increasing online trading volumes, expansion into new markets, and a growing client base. Additionally, the company's investment in digital platforms and mobile trading apps has improved customer experience, attracting more users. Furthermore, the rise of retail investors and increased market volatility have contributed to the segment's growth.

7. Detailed Products

CFDs

Contract for Difference, a type of derivative that allows clients to speculate on the price movement of underlying assets without owning them.

Spread Betting

A type of derivative that allows clients to speculate on the price movement of underlying assets, with tax-free profits in the UK.

Stockbroking

A service that allows clients to buy and sell shares in companies listed on major stock exchanges.

Corporate Accounts

A service that provides corporate clients with access to CFDs, spread betting, and stockbroking services.

API Trading

A service that allows clients to automate their trading strategies using APIs and programming languages.

Indices

A type of CFD that tracks the performance of a specific stock market index, such as the FTSE 100 or S&P 500.

Commodities

A type of CFD that tracks the price movement of physical commodities, such as gold, oil, and natural gas.

Forex

A type of CFD that tracks the exchange rate between two currencies.

8. CMC Markets plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CMC Markets plc is medium due to the presence of alternative investment platforms and brokers. However, the company's strong brand reputation and diversified product offerings mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is low for CMC Markets plc due to the company's strong market position and the lack of significant buyer concentration. Additionally, the company's products and services are diversified, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for CMC Markets plc due to the company's strong financial position and the availability of multiple suppliers. The company's diversified supply chain also reduces its dependence on any single supplier.

Threat Of New Entrants

The threat of new entrants is high for CMC Markets plc due to the relatively low barriers to entry in the online trading and investment platform market. New entrants can easily enter the market, posing a significant threat to the company's market share.

Intensity Of Rivalry

The intensity of rivalry is high for CMC Markets plc due to the highly competitive nature of the online trading and investment platform market. The company faces intense competition from established players and new entrants, which can lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.06%
Debt Cost 6.45%
Equity Weight 96.94%
Equity Cost 6.45%
WACC 6.45%
Leverage 3.16%

11. Quality Control: CMC Markets plc passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
OVB Holding

A-Score: 6.6/10

Value: 5.5

Growth: 5.8

Quality: 5.2

Yield: 7.5

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

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FlatexDEGIRO

A-Score: 5.7/10

Value: 4.9

Growth: 7.4

Quality: 8.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
CMC Markets

A-Score: 5.6/10

Value: 8.0

Growth: 5.8

Quality: 8.2

Yield: 8.1

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Alpha Group International

A-Score: 5.5/10

Value: 2.4

Growth: 9.4

Quality: 8.5

Yield: 0.6

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Flow Traders

A-Score: 5.4/10

Value: 8.2

Growth: 5.0

Quality: 6.1

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Close Brothers

A-Score: 4.4/10

Value: 7.8

Growth: 1.9

Quality: 3.5

Yield: 4.4

Momentum: 8.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.88$

Current Price

2.88$

Potential

-0.00%

Expected Cash-Flows