Thanks GMCay. I appreciate your work here.
If you have time, I think a better approach towards establishing an indicative share price would be to look at comparables - the valuations of competitors in Europe and the US, looking at the number of registered customers, number of active customers, assets under management, trade volume, revenue (if available), and whatever other KPIs are available. IMO a premium would also apply for territory licences, community size/vibrancy, and team quality. The latter two are qualitative, but we could probably collaborate to come up with rankings. With a good benchmark, we could then also track FT’s growth VS its competitors over time to get a view on marketshare.
The “neo broker” industry is still nascent, but we should expect some normalization of KPI reporting in the next 2-3 years (particularly as eToro & Robinhood go public), and then an inevitable wave of consolidation. As we consider investing more of our own money during these phases, having a model like this to share would be phenomenally beneficial for the community. I know any VC investing in this market will have the same, though they would also likely benefit from proper data sets instead of the stale morsels of data occasionally thrown casually to us braying wolves.