# PXA - PEXA Group



## So_Cynical (23 June 2021)

After years of speculation and anticipation PEXA will list in early July, trading is expected to start at around $17 with a market cap of about 3 billion, the IPO seems to be a done deal with few shares available to the retail market, After the listing LNK will hold 47% and CBA 29% so not much of a free float.

PEXA has a digital platform that handles about 80% of all Australian property settlements, the platform is scalable thus has international growth potential much like Afterpay and Xero and a few of the other tech favourites. Given the current exuberance the listing is expected to go of with a bang!






						Online Property Settlement, Tracking & Insights | PEXA
					

Secure online property settlement. PEXA allows lawyers, conveyancers, buyers and sellers to transact & track online property settlement through shared tools.




					www.pexa.com.au


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## Dona Ferentes (23 June 2021)

Torrens Group Holdings Limited (to be renamed *PEXA Group)* - 07 July 2021 #


*Listing date*07 July 2021 #*Company contact details*





						Online Property Settlement, Tracking & Insights | PEXA
					

Secure online property settlement. PEXA allows lawyers, conveyancers, buyers and sellers to transact & track online property settlement through shared tools.




					www.pexa.com.au
				



*Principal Activities*Operator of digital property settlement platform in Australia*GICS industry group*TBA*Issue Price*$17.13*Issue Type*Ordinary Fully Paid Shares*Security code*PXA*Capital to be Raised*$1,175,000,000*Expected offer close date*28/06/2021*Underwriter*Fully underwritten. Barrenjoey Advisory Pty Limited, Macquarie Capital (Australia) Limited, Morgan Stanley Australia Securities Limited and UBS AG, Australia Branch (Joint underwriters and Lead Managers)


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## Tyler Durden (28 June 2021)

This will be an interesting one. Lists on the ASX 1 July 2021. I think it is mandatory that all conveyancing transactions be done on this platform now, or almost mandatory. My friends got an invitation for the IPO, so I'm left to buy out in the wild.


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## So_Cynical (30 June 2021)

To buy on the opening day or wait and see if there's any negativity next week, i do think Pexa is a must hold stock - but at what price?


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## Dona Ferentes (1 July 2021)

So_Cynical said:


> To buy on the opening day or wait and see if there's any negativity next week, i do think Pexa is a must hold stock - but at what price?



opened at $16.40 and now $17.12.  No stag here.


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## Garpal Gumnut (1 July 2021)

What a coincidence. PXA was in my twitter feed and I open ASF and here it is. 

Certainly getting eyeballed. 

gg


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## Dona Ferentes (1 July 2021)

Garpal Gumnut said:


> Certainly getting eyeballed.
> 
> gg



$3 billion company


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## Tyler Durden (20 July 2021)

Been a bit of a disappointment thus far, went under IPO price for a bit and now it's only slightly above IPO price.

I still think it's a good long term hold, but maybe the SP of $17 on listing was a bit optimistic.


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## divs4ever (20 July 2021)

i hold LNK 

 like most new floats  i look at ( except YFZ ) i like to wait a year or two and see  how management performs


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## So_Cynical (1 August 2021)

1 Month since the float and PXA is at $16.38, I'm a little surprised at the share price weakness, was fully priced at listing
and was a very big listing, always was one for the long term anyway.


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## peter2 (4 August 2021)

Noticed last two high volume bullish bars. Bought a parcel for short term trade but this has potential to be a longer term hold if price can stay above 16.40.


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## qldfrog (5 August 2021)

peter2 said:


> Noticed last two high volume bullish bars. Bought a parcel for short term trade but this has potential to be a longer term hold if price can stay above 16.40.
> 
> View attachment 128567



Bought for ling term investor holding.will see could be a good new blue chip on the ASX


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## peter2 (10 August 2021)

It's been a few more days and we can see that each time price has gone down there's been some buying to get it back to 17.00. I think it won't be long before price rallies and we won't see 17.00 again for a long time. I've got to be a bit cautious as the daily volume is very low. A sizable seller could force price down quite easily.


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## Dona Ferentes (25 August 2021)

PEXA has been trading for two months as a listed company; today the company stated it was on track to meet its prospectus forecast for a near-12 per cent increase in revenue this year and narrow its net loss after tax.

The country’s first electronic settlements platform said on Wednesday transaction volumes through its main PEXA Exchange platform were up 53 per cent last month from a year earlier, supporting its forecast of revenue of $246.9 million this year, up from $221 million in the year to June.

The company’s net loss after tax of $11.8 million would likely narrow to $2.5 million. EBITDA earnings would likely fall to $75.6 million from $94.4 million, the company said.


> “_The positive property market conditions in the second half of FY21 have continued, and as we move into the coming year, we have reaffirmed our prospectus forecasts for FY22_,” PEXA chief executive Glenn King said.





> “_Our strategy to leverage our position as the operator of Australia’s leading digital property settlements platform is delivering attractive results_.”




At the start of July, PEXA said property market volumes remained strong at the end of FY21 and that transactions in the fourth quarter were more than 4 per cent over predictions in its pre-listing prospectus and more than 48 per cent over the same quarter a year earlier.

PEXA said it was developing strategy to expand into the UK and that market scoping had also begun in New Zealand.


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## Dona Ferentes (24 September 2021)

*Ally Selby (Livewire Markets) :* Next up we have PEXA, which was listed on the ASX on 01 July this year. Nathan, I’ll stay on you, is it a buy, hold or sell?

*Nathan Hughes (Perpetual) :* Again it’s a sell, Ally, but really that is valuation driven. I mean, PEXA is a really unique business. So they’re dominant in the Australian market. They’ve solved a problem for the industry and we think their competitive position here is relatively assured. I don’t think that competition, whilst it’s there, I don’t think it’s going to impact them because of their first-mover advantage and the links that they’ve built with industry participants, be it conveyances or banks and the like. There are some concerns that pricing might be kept under check here, domestically. And also, I think in today’s valuation, you are assuming success offshore, which comes with execution risk, time and considerable investment.

*Ally Selby (Livewire Markets) :* Mike, its share price has plummeted around 6% since it listed. Is it a buy, hold or sell?

*Mike Murray (Australian Ethical) :* I don’t disagree with Nathan’s comments about the business, except we have a different view on the opportunity. I’m going to call it a buy. We own the stock. And really it comes back to the fact that stocks like this rarely look attractive on near-term earnings. We’re believers in the long-term opportunity here. And I think the experience with these kinds of platform-style businesses has been, they tend to grow for longer periods of time at higher rates than might be apparent when they first list, so we like this one.


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## Tyler Durden (24 September 2021)

PXA receives approval to operate in the ACT:



			https://company-announcements.afr.com/asx/pxa/efdcd6f0-1bfa-11ec-a418-aec886af292c.pdf


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## Dona Ferentes (30 December 2021)

PXA has had a silent Santa rally. No real news, but at a high since IPO


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## Dona Ferentes (23 February 2022)

Positive property market conditions experienced during 1H22, coupled with deeper penetration in key States delivered 60% of PEXA Exchange’s FY22 Prospectus volumes in the first half. 

As a result, PEXA is now expecting to exceed its FY22 Prospectus forecasts, and has upgraded guidance across key financial metrics:

A_*$ million ................FY22F Updated .......... FY22F *_
Prospectus Revenue ........ 265.0 – 275.0 ... was 246.9
 PEXA Exchange EBITDA ... 140.0 – 150.0 ... was 126.3
Pro Forma EBITDA  ............120.0 – 130.0 ... was 107.6
Pro Forma NPATA ................ 70.0 – 80.0 .... was 59.2
Statutory EBITDA ................. 95.0 – 105.0 .... was 75.6
Statutory NPATA  ................... 55.0 – 65.0 .... was 37.0


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## dyna (4 May 2022)

Bought 10 grand worth at $ 16.55, bang on closing time .
Will hold on until there's a takeover.
Someone will have a go at it, I believe.
It's a better proposition than Link Group, anyway.


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## Dona Ferentes (16 June 2022)

Dona Ferentes said:


> PXA has had a silent Santa rally. No real news, but at a high since IPO



_and now, with interest rates rising and property sales reportedly taking longer plus sellers playing wait-n-see, it would seem PXA may be struggling.

$15 to $12.50 in the first two weeks of June, and this is the low since listing a year ago._

Not helping is the intervention by the ACCC in a mooted takeover for Link (LNK)


> _While the regulator is happy to see Dye & Durham acquire Link’s core back-office financial services business, it has concerns about the Canadian company getting Link’s 42.8 per cent stake in property transactions exchange PEXA._




Dye & Durham owns GlobalX, which is one of the software providers that solicitors use to access PEXA, and SAI Global’s property division. It bought both last year.


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## Dona Ferentes (18 November 2022)

Link has sold 10% of its existing 42.77% shareholding in PEXA Group Limited, representing approximately 4.3% of the issued capital in PEXA. The PEXA Selldown will proceed at *$13.50 *per PEXA share.  

 .....  following the selldown, Link proposes to proceed with an _*in-specie *_*distribution *of the remainder of its PEXA shares to Link Group shareholders, subject to matters including Link Group shareholder approval. This shareholder approval is proposed to be sought in December 2022 with the Distribution proposed to occur in January 2023.


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## Dona Ferentes (27 December 2022)

Vote on the Distribution Resolution to effect the proposed in-specie distribution by Link Group of all of its 38.49% shareholding in PEXA, to Link Group’s shareholders has been held, with 99.9% in favour.

To implement the Distribution, Link Group will undertake a Capital Reduction, which may be accompanied by a Distribution Dividend, which will be satisfied by an in-specie distribution of PEXA shares to Eligible Shareholders (other than Selling Shareholders).

If the Distribution is approved, Eligible Shareholders (other than Selling Shareholders) will receive one PEXA share for every 7.52 Link Group shares held at the Record Date rounded down to the nearest whole PEXA share.

_... this will take place over the new year. How it affects PXA price I'm not sure but definitely the free float is better. And probably inclusion in an index or 2; even a T/O candidate?

Meantime, single digit guidance reaffirmed_.


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## divs4ever (27 December 2022)

Dona Ferentes said:


> Vote on the Distribution Resolution to effect the proposed in-specie distribution by Link Group of all of its 38.49% shareholding in PEXA, to Link Group’s shareholders has been held, with 99.9% in favour.
> 
> To implement the Distribution, Link Group will undertake a Capital Reduction, which may be accompanied by a Distribution Dividend, which will be satisfied by an in-specie distribution of PEXA shares to Eligible Shareholders (other than Selling Shareholders).
> 
> ...



 as a future  PXA holder ( i hold LNK ) i notice the LNK board  have organized a share sale for ineligible ( new ) holders of PXA  that MIGHT  cause a short term dip in the PXA share price  , but surely LNK ( now PXA is being divested ) is the more probable take-over target  , given the last year in board moves .


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## So_Cynical (1 January 2023)

So_Cynical said:


> After years of speculation and anticipation PEXA will list in early July, trading is expected to start at around $17 with a market cap of about 3 billion,



18 months since listing has seen the share price hit $20 before following the housing bubble downward and now trading at close to all time lows under $12, revenue growth continues and the UK expansion has the potential to at least double revenue in the medium term.


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## Dona Ferentes (Tuesday at 8:59 AM)

_Nice lift yesterday.  .... with Pendal Group now taken over and out of the index,_

PXA Group Ltd – Placeholder that is currently a constituent of the S&P/ASX 200 following its in specie distribution from Link Administration Holdings Limited (ASX: LNK) will no longer be removed effective prior to the open of trading on Wednesday, January 11, 2023. The PEXA Group Ltd – Placeholder will be removed effective prior to the open of trading on Friday, January 13, 2023, to coincide with the *addition of PEXA Group Ltd (ASX: PXA).*


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## eskys (Tuesday at 11:27 AM)

Gone into trading halt


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## Dona Ferentes (Tuesday at 11:58 AM)

eskys said:


> Gone into trading halt



Just a pause, for announcement that the .... "_in-specie distribution of Link Group’s shareholding in PEXA Group Limited (ASX: PXA) to Eligible Shareholders (as defined in the Explanatory Memorandum in connection with the Distribution dated 22 November 2022) was implemented *today..*_*."

.... *back trading, and around $12.35


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## eskys (Tuesday at 12:43 PM)

Thank you, Donna.

I get the impression that the majority of conveyancing will be done through Pexa in the future going by our recent experiences. Watching this and contemplating an entry...........all the best to holders.


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## So_Cynical (Tuesday at 9:14 PM)

eskys said:


> Thank you, Donna.
> 
> I get the impression that the majority of conveyancing *will be done* through Pexa in the future going by our recent experiences. Watching this and contemplating an entry...........all the best to holders.



Something like 80% of all Australian conveyancing is done via the PEXA platform, industry standard now.


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## eskys (Wednesday at 3:36 PM)

So_Cynical said:


> Something like 80% of all Australian conveyancing is done via the PEXA platform, industry standard now.



I'm happy with the way it trades today. Didn't manage to get the low of the day, but good enough.


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