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A week ago I posted about the upcoming likely changes in the FTSE 100, and here we are with the formal selections. I know all the headlines will be about Marks & Spencer (MKS) rejoining, whilst Persimmon (PSN) shares fall out but, of the other changes, my guess would be that Johnson Matthey (JMAT) falling out (again) is more of an opportunity than a threat for a personal pension fund holding that I will now have to refer to as a FTSE 250 play. However, there is another stock I would like to talk about today…and that brings me to, how the hell is it up c.40% year-to-date, PensionBee (PBEE)?!…

NEWSFLOW

NEWSFLOW

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Bodged bullshit earnings plus what? Historically EBITDAM is EBITDA but also subtracting from the “cost base” either management or management excess. But a spokesperson says that PensionBee (PBEE) views this as a key metric in today’s FY trading statement and predicts adjusted EBITDAM profitability by December 2022.  

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Back in April here, at the time of its IPO, I observed that PensionBee Group plc (PBEE) - which describes itself as ‘a leading online UK pension provider with a mission to make pensions simple, so that everyone can look forward to a happy retirement’ - was ‘certainly not buying it on day one’.  Well that was a smart choice as whilst the shares hit 180p a few days after the float, they ended Friday’s trading at 140p.  

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Hello PensionBee Group plc (PBEE), as ‘further to the announcement on 21 April 2021 in connection with its initial public offering, the Company announces that all of its issued share capital, consisting of 221,213,333 Shares, has today been admitted to trading on the High Growth Segment of the main market of London Stock Exchange’. Well done it, especially with a launch share price of 165p, a market cap of £365 million. I see unlike the excitement on day one of Deliveroo (ROO) - whose share price is still going down - at least PensionBee’s shares are 175 pence plus as it starts its listed market life. So what does the slightly unusually named PensionBee Group plc do?