tradestation due anni dopo - gz
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By: GZ on Giovedì 08 Dicembre 2005 13:02
TradeStation, la società che produce il software di borsa che uso e tanti usano e che ora è un broker continua a stupire
Pensavo che ora scendesse, ma qui i numeri sono in effetti impressionanti. Essendo al 100% automatizzato sia come broker che come piattaforma software e consentendo l'automazione di praticamente tutto da parte degli utenti si differenzia dagli altri brokers che sono piuttosto simili tra loro.
Il suo competitore maggiore è InteractiveBrokers che è pure pesantemente automatizzato (non è quotata) e poi ovviamente Man Financial che ha assorbito Refco, ma MAN è un mega conglomerato
In Italia c'è Directa che è simile, è piccolo, con un proprietario-fondatore e guadagna molto di più delle sim di intermediazione bancaria che hanno maggiori costi
^TradeStation#^ ha margini operativi del 35% nonostante abbia commissioni molto basse. Con 22 mila clienti TradeStation riesce a guadagnare quasi 20 milioni l'anno, prima delle tasse e ha clienti che sono ancora in maggioranza piccoli (media di 89mila dollari per le azioni e 20 mila per i futures). Ora offre la piattaforma (che è la migliore in assoluto) gratis a chi produca un minimo di transazioni e nessun broker ancora si è avvicinato ad avere qualcosa di simile, c'era WealthLab ma hanno venduto al mega conglomerato Schwab. Gli mancano i mercati esteri ma ha il forex
Capitalizza 593 milioni per cui costa sui 35 volte gli utili, ma non vedo perchè non possa passare da 22mila a 40 mila clienti. Guardo il grafico e ricordo anche i tempi in cui ^massimo peppe la spingeva a 1.5 dollari#http://www.cobraf.com/forumf/cool_r_show.asp?topic_id=3819&reply_id=0^
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TradeStation Reports Record Revenues, Income, DARTs and Brokerage Accounts
TradeStation Group, Inc. today reported record quarterly net revenues of $24.1 million, record quarterly income before income taxes of $8.9 million, record daily average revenue trades (DARTs) of over 41,000, and record total brokerage accounts of over 22,000. TradeStation Group's 2005 third quarter net income of $5.3 million, or 12 cents per share, was a 188% increase over 2004 third quarter net income of $1.8 million, or 4 cents per share.
The company's 2005 third quarter income before income taxes of $8.9 million was a 205% increase from its 2004 third quarter income before income taxes of $2.9 million. The company's 2005 third quarter operating margin of 35% was a 110% increase from its 2004 third quarter operating margin of 16%, and an 11% sequential increase from its 2005 second quarter operating margin of 31%. The company's 2005 third quarter net revenues of $24.1 million were a 40% increase over 2004 third quarter net revenues of $17.2 million.
Year-to-date 2005, the company had net income of $13.7 million, income before income taxes of $22.3 million, an operating margin of 31%, and net revenues of $68.7 million. When comparing 2005 year-to-date results to 2004, the company believes that focusing on income before income taxes, as opposed to net income, is a more meaningful comparison of its performance (in 2004 the company recorded the benefit of a large reversal of a valuation allowance on its deferred income tax assets). Year-to-date 2005 income before income taxes increased 145% from year-to-date 2004 income before income taxes. "We are very pleased with our record 2005 third quarter results," said David Fleischman, the company's Chief Financial Officer. "In the third quarter, our 40% year-over-year revenue growth and our continued increase in our operating margin resulted in a 205% year-over-year growth in income before income taxes."
"We attribute our growth in DARTs to consistent account growth, the robustness of our high-end client base and the diversity of our service offering," said Fleischman. TradeStation had 22,341 brokerage accounts at the end of the 2005 third quarter, a 35% increase year over year. TradeStation's Average Client Trades Nearly 500 Times Per Year and Has an Average Account Balance of $85,000 for Equities and $19,000 for Futures.
TradeStation today announced that, effective December 1, 2005, it will launch two initiatives designed to accelerate its growth in futures business. The first initiative, designed to attract high-volume traders, is the change from the current one-price-fits-all futures commission structure to a tiered commission structure that rewards more active traders with lower pricing. Under this new pricing structure, the commission that will be charged over the applicable exchange fee will range from $1.20 down to 25 cents per contract (per side). Also, TradeStation currently charges an all-in-one futures commission that includes both exchange and brokerage fees. Under the new plan, these charges will be unbundled, so that the customer will pay the applicable exchange fees for the contracts traded, plus the tiered TradeStation fees applicable to that customer. This will enable customers to see how much each exchange charges for trades, and to better understand and take advantage of reduced fees for exchange members.
In addition, TradeStation plans to further reduce the trading activity thresholds futures and forex customers need to meet to qualify for a waiver of the monthly platform fee. Under the new thresholds, futures clients who trade 10 round-turn contracts per month, as opposed to the current threshold of 50 round-turns per month, and forex clients who trade 10, as opposed to 25, deals per month, will qualify for the waiver
