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Investing.com - RBC Capital initiated coverage on PensionBee Group plc (LON:PBEE) with a Sector Perform rating and a price target of GBP1.70.
The research firm cited PensionBee’s "simple and differentiated proposition" as an ideal solution to the proliferation of unconsolidated UK defined contribution pension pots.
RBC Capital noted a "very compelling story" for investors able to take a long-term view of PensionBee’s structural growth runway.
The firm expressed caution about near-term performance, expecting that increased marketing expenses would bring only a "muted near-term uplift" with minimal adjusted EBITDA improvement over a three-year period.
RBC Capital indicated its "excitement is for now constrained" as it believes these factors are not fully reflected in current consensus estimates.
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