Investment Case
| 01. Large and growing target addressable markets | • Target markets benefiting from strong structural growth drivers, including the growing popularity of self-directed trading and investing as well as intergenerational wealth transfer | • Opportunity to penetrate fast-growing new product adjacencies |
|---|---|---|
| • Closing product gaps and simplifying customer experience to take market share | ||
| 02. Delivering on self-help measures to unlock our potential | • Lowering fixed costs to enhance scalability via digital servicing and automation | • Exiting initiatives delivering unacceptable returns |
| • Increasing conversion of customer fee and commission income to net trading revenue while enhancing customer experience | ||
| 03. Well positioned to win | • Leading global provider of retail OTC derivatives | • Strengthening our crypto and stock trading and investments offering to add new revenue streams and enhance customer acquisition and retention |
| • Relevant footprint in the large and fastgrowing retail options and futures market in the United States via tastytrade | • Strong track record of compliance and risk management with regulatory licences in 16 countries | |
| 04. Attractive total shareholder return potential | • Strong balance sheet and cash generation provide capacity to invest organically in growth, evaluate value-enhancing acquisitions and return capital to shareholders via dividends and buybacks | • Clearly articulated capital allocation framework |
| • Management team with a strong track record of successful acquisition execution and integration |