Fund Manager Summary on Plenti Group Ltd (ASX:PLT)
In January 2026, Forager Funds commented that Plenti Group Ltd (ASX:PLT) is showing strong revenue growth and improving profitability as operating leverage emerges, underpinned by high-quality underwriting and the potential to look cheap on earnings within 12–18 months. Across fund managers the consensus is cautiously positive: Plenti’s rapid loan book growth and record originations have pushed the portfolio to about $3.0 billion ahead of schedule, margins and credit metrics have improved (net credit losses around 90–100bps), and recent funding transactions (ABS and a global bank warehouse) plus the scaling “NAB powered by Plenti” partnership materially strengthen distribution and funding efficiency; these factors represent structural tailwinds as major banks retreat from personal, auto and renewable lending and as rate cuts could provide further upside. Key risks highlighted are funding and bad-debt cycle sensitivity—a macro downturn or tighter funding conditions could hurt non-bank lenders—plus corporate execution risks such as the recent CFO resignation; actionable considerations for investors are to monitor continued operating leverage, sustained credit discipline, the pace of NAB partnership monetisation and funding cost trends, and the potential for strategic outcomes (M&A interest from larger banks) if execution continues to validate the platform.
Commentary From The Managers
There are 15 insights from 6 fund managers regarding their investment in Plenti Group Ltd (ASX:PLT) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
TAMIM Asset Management
31 Jan 2026
$1.11
Summary
- TAMIM Asset Management believes Plenti’s 3Q26 trading update confirms strong operational momentum and continues to hold because sustained record originations, portfolio scale, revenue growth, improving credit performance and demonstrated funding execution outweigh short-term market sentiment.
- Record originations: fifth consecutive quarter at $480m, up 25% PCP.
- Portfolio scale: loan book increased to $2.98bn, up 24% PCP, and reached the $3bn target in January 2026 ahead of the original March timeline.
- Revenue growth: quarterly revenue of $79.9m, up 22% PCP.
- Improving credit metrics: annualised net credit losses declined to 91 basis points from 103 basis points in the PCP.
- Funding execution: completed a $559m automotive ABS transaction, underlining diversified access to capital.
- Operational execution: company is tracking ahead of its forecasts, reinforcing confidence in continued growth.
- Short-term sentiment headwind: recent Australian rate hike has pressured sentiment toward non-bank lenders and contributed to a share sell-down despite strong profit momentum.
- Management change noted: CFO Miles Drury’s resignation with a four-month notice is disappointing given his investor standing, but the underlying business momentum remains intact.
- Strategic outlook: scale, improving metrics and funding capability sustain conviction that Plenti will continue to grow and remain an attractive takeover target for larger players.
Forager Funds
22 Jan 2026
$1.26
Summary
- Forager Funds believes Plenti Group Ltd is a high‑quality non‑bank lending platform and continues to hold because rapid revenue growth together with emerging operating leverage is materially improving profitability and should cause the company to appear to be on a very cheap multiple of earnings within 12–18 months.
- Non‑bank lending model: scalable platform capturing consumer and SME lending demand outside the banking system with relatively low incremental capital intensity.
- Strong revenue growth: clear top‑line expansion driven by higher origination volumes and loan servicing fees.
- Operating leverage driving margins: fixed costs being spread over larger volumes is producing outsized improvements to profitability.
- High‑quality underwriting: disciplined credit standards reduce default risk and protect earnings as lending scales.
- Valuation pathway: expectation that continued revenue and margin progress will make the business look very cheap on a multiple of earnings in the 12–18 month timeframe, creating a potential rerating.
- Key execution risks: the thesis depends on sustained underwriting performance, continued growth in originations, and disciplined cost control.
Forager Funds
5 Jan 2026
$1.14
Summary
- Forager Funds believes Plenti Group Ltd is an attractive opportunity and continues to hold because it appears cheaply valued (single‑digit multiple of 2026 earnings) while growing quickly.
- Valuation: Trades on a single‑digit multiple of forecast 2026 earnings, implying a material margin of safety relative to many peers.
- Growth profile: Rapid top‑line expansion underpins upside potential if macro conditions remain supportive.
- Sector dynamics: Plenti sits in the Australian non‑bank lending sector, which can deliver strong returns in benign environments but is cyclically sensitive.
- Downside risk: A recession would be very damaging for non‑bank lenders — credit deterioration could sharply reduce earnings and asset values.
- Positioning: Continued ownership reflects a balance of compelling valuation and growth versus acknowledged macro and sector risk; modest expectations for 2026 inform a cautious stance.
Forager Funds
31 Dec 2025
$1.12
Summary
- Forager Funds believes Plenti is transitioning to scalable profitable growth, and continues to hold because originations, margins, credit quality and operating leverage together point to rapid growth in cash earnings.
- Originations +46% drove the loan book to > $2.8 billion, with strong momentum in automotive, renewable energy and personal lending.
- Lending volumes are being placed with higher credit quality borrowers at appropriate loss rates, preserving asset quality as scale is achieved.
- Operating leverage is emerging rapidly: cash profit before tax for the half was $14.1m (equal to the prior full year) and cash profit rose 133%.
- Net interest margin remained stable at 5.4%, supported by favourable funding outcomes and disciplined pricing, while the portfolio mix tilts toward lower‑risk automotive and renewable energy loans.
- Credit metrics improved: net loss rates fell to 0.94% and 90+ day arrears declined to 39bps, reflecting the strength of the prime borrower focus.
- Revenue scalability evident: net interest income up 27% versus operating cost growth of 16%, highlighting the leverage in Plenti’s proprietary technology platform.
- Management reiterates a target of a $3 billion loan book by March 2026, with growing operating cash flows helping to fund ongoing expansion.
- With accelerating originations, resilient margins, improving bad debts and clear operating leverage, Plenti is positioned for rapid growth in cash earnings over the next phase of its cycle.
Tyndall Asset Management
30 Nov 2025
$1.25
Summary
- Plenti is a neobank lender experiencing double-digit growth in both topline and bottom line.
- Currently trading at under 10x earnings.
- While there are funding risks and potential exposure to the bad debt cycle, the company is well capitalized.
- Plenti is focused on the prime segment of the market, which is deemed economically resilient.
- Strong market share gains have been observed.
- With only a low single-digit market share in the autofinance market, there remains a long runway for growth.
Tamim Funds Management
30 Nov 2025
$1.25
Summary
- Plenti (ASX: PLT) reported strong H1 FY26 results, with $912m in originations (+46% PCP) and a loan book growth to ~$2.8bn, aiming for a $3bn target by March 2026.
- Cash PBT rose to $14.1m (+147% PCP) and cash PAT increased to $12.8m (+133% PCP), with revenue exceeding $150m.
- Net interest margin improved to 5.4% and credit losses decreased to 94bps, while net margin increased by 27% despite operating costs rising by 16%, indicating operating leverage.
- Funding has strengthened via a $550m ABS with a blended margin of ~1.02% and a new global bank warehouse, enhancing funding efficiency.
- The partnership with NAB is scaling rapidly, with daily originations jumping 110%, validating Plenti’s technology and improving conversion rates while diversifying low-cost distribution.
- This partnership is viewed as a potential game changer over the next few years and could position PLT as a takeover target for NAB in the future.
- PLT is currently the highest growth, scaled lender on the ASX, trading at an attractive cash PE of 9x.
Wilson Asset Management
14 Nov 2025
$1.22
Summary
- Wilson Asset Management views Plenti Group Ltd as a buy.
- The non-bank financial sector is experiencing a strong comeback due to decreasing rate expectations and improving economic activity.
- There is a structural tailwind as major banks withdraw from personal and auto lending, benefiting Plenti.
- Plenti is well-positioned to gain market share.
- Management is considered excellent, with a strong track record of navigating the business cycle.
- The company demonstrates strong operating leverage and has a scalable platform.
- The potential upside from the NAB partnership is seen as underestimated by the market.
- There are opportunities for expansion into other verticals.
- The stock is currently valued at 10 times earnings.
- Wilson Asset Management continues to have a positive outlook on Plenti Group Ltd.
Forager Funds
12 Sept 2025
$1.40
Summary
- Forager Funds continues to hold shares in Plenti Group Ltd.
- Plenti operates as a non-bank lender, gaining market share from major banks.
- The company's efficiency is driven by its superior software platform.
- Historically, Plenti has been constrained by its asset-heavy business model.
- Partnership with NAB for auto-lending marks a significant opportunity.
- NAB utilizes Plenti's platform, showcasing its effectiveness.
- The next 12 months are crucial for validating Plenti's business model.
- Plenti appears reasonably priced based on current operations.
Forager Funds
31 July 2025
$1.10
Summary
- Forager Funds notes that Plenti (PLT) has announced a record quarter for loan originations.
- The company’s goal of a $3 billion loan book is now within reach.
- Its lending partnership with National Australia Bank (NAB) is performing well, with originations per day up 110% from a low base.
- Bad debts have improved, indicating a positive trend.
- Further interest rate cuts could provide additional support for growth.
Wilson Asset Management
31 July 2025
$1.10
Summary
- Plenti Group offers a fintech platform focused on consumer and renewable energy loans across personal, automotive, and sustainability lending.
- The company reported a record quarter ending 30 June 2025, with loan originations reaching $437 million, a 44% increase compared to the previous period.
- Loan portfolio approaching $2.7 billion, reflecting a 21% year-over-year growth.
- Secured management of the government-backed Western Australia Residential Battery Scheme, which is expected to open new revenue channels.
- This initiative is likely to generate a steady stream of income through financing and rebate administration fees.
- Demonstrated rapid development of a technology solution, showcasing operational and technological capabilities in clean energy finance.
- Partnership with NAB for automotive loans saw a 110% increase in daily origination rates compared to the prior quarter.
- Wilson Asset Management continues to hold due to the expected benefits from potential rate cuts, which may provide further tailwinds.
Centennial Asset Management
18 July 2025
$0.90
Summary
- Centennial Asset Management views Plenti Group Ltd as a promising non-bank lender focusing on three key areas: autos, personal loans, and solar financing.
- With lower interest rates, there is a potential increase in demand for financing in Australia, particularly in the auto and personal loan sectors.
- Plenti is expected to benefit from a growing demand as banks become more stringent in lending.
- The company is experiencing rapid growth and has recently achieved profitability.
- Centennial Asset Management believes Plenti is not overly expensive and could be a beneficiary of lower rates in the coming years.
- Plenti's domestic focus and strong balance sheet position it well for future growth.
- Recent news flow has reinforced confidence in Plenti's financial stability.
Centennial Asset Management
6 June 2025
$0.87
Summary
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Forager Funds
30 Apr 2025
$0.86
Summary
- Forager Funds continues to hold its position in Plenti Group Ltd (PLT) due to positive quarterly reports.
- Plenti is successfully growing their customer bases.
- Bad debts are well under control, indicating effective risk management.
- Loan books are growing for both businesses, which is a promising sign for future revenue.
- The team anticipates only small increases in overheads, which should enhance profit margins.
- As loan books and revenue increase, this is expected to drive rapid increases in profits.
Wilson Asset Management
31 Jan 2025
$0.89
Summary
- Plenti Group is a fintech company focusing on consumer and commercial lending solutions, including car loans and renewable energy finance.
- In the latest update, Plenti Group reported record quarterly loan originations of $383.3 million, representing a 32% increase from the prior corresponding period and a 19% increase from the previous quarter.
- Additionally, the company previously reported a 260% increase in cash net profit after tax (NPAT) for the first half of FY2025, which has further strengthened market confidence.
- Given these developments, Wilson Asset Management continues to hold its position in Plenti Group due to the positive growth trajectory and strong financial performance.
Forager Funds
30 June 2024
$0.72
Summary
- Forager Funds continues to hold a positive outlook on Plenti Group Ltd (PLT) due to recent developments.
- Plenti showcased the value of its technology by entering a partnership with National Australia Bank (NAB).
- The partnership involves NAB utilizing Plenti’s technology for auto loan applications and client management.
- NAB will leverage its marketing strength while managing funding and bad debts.
- This arrangement enables Plenti to gain substantial financial benefits without impacting its own balance sheet.
- The stock finished the previous year 110% higher than its starting point.
- Plenti's performance contributed 1.7% to Forager Funds' overall portfolio performance.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Plenti Group Ltd (ASX:PLT)?
Fund managers including Forager Funds, Centennial Asset Management, Wilson Asset Management, Tamim Funds Management, Tyndall Asset Management and TAMIM Asset Management have invested in Plenti Group Ltd (ASX:PLT).
Why do fund managers invest in Plenti Group Ltd?
Fund managers invest in Plenti Group Ltd due to its strong growth potential in the non-bank lending sector, particularly in consumer finance for autos and renewable energy. The company has reported significant increases in loan originations and profits, indicating a healthy demand for its services. Plenti's solid capital position, efficient technology platform, and strategic partnerships with major banks like NAB enhance its market competitiveness. These factors suggest a favorable risk/reward profile as Plenti aims to increase market share while maintaining manageable credit risks.
What happened to Plenti Group Ltd (ASX:PLT)?
Fund managers are investing in Plenti Group Ltd due to its robust growth potential in the non-bank lending sector, driven by market share gains as major banks withdraw from personal and auto lending. The company's scalable software platform enhances efficiency and reduces capital constraints, notably through its strategic partnership with NAB, which has significantly boosted loan originations. With strong financial metrics, including double-digit growth in revenue and profits, and a competitive valuation of under 10x earnings, Plenti is seen as well-positioned for future expansion and potential acquisitions.
What is the short interest in Plenti Group Ltd (ASX:PLT)?
According to ASIC filings, there is negligible or no short interest in Plenti Group Ltd (ASX:PLT).
What does Plenti Group Ltd (ASX:PLT) do?
Plenti Group Ltd. provides consumer lending and investing platform. It focuses on lending to creditworthy borrowers in the following segments: secured automotive loans, renewable energy loans and personal loans. The company's product categories include barrow, personal loans, car loans, green loans and legal loans. Plenti Group was founded by Daniel Robert Foggo, Glenn Nicholas Riddell and Benjamin Henry Milsom in November 2014 and is headquartered in Sydney, Australia.