The All Ordinaries Index (ASX: XAO) has gained 5.4% over the past 12 months, with ASX All Ords tech stock Plenti Group Ltd (ASX: PLT) delivering almost four times those gains.
And that's despite the sharp retrace over the past week and a half.
Plenti shares closed down 0.49% on Thursday, trading for $1.015 apiece.
While that leaves the Plenti share price down 20.7% from the recent closing highs posted on 20 January, shares remain up a market-beating 19% over the past 12 months.
And looking to the year ahead, the analysts at Moelis Australia expect an even stronger performance from the ASX All Ords tech stock.
Here's why.
Plenty to like about Plenti shares
Plenti released its December quarter update (Q2 FY 2026) last Wednesday, 28 January.
Highlights for the three months to 31 December included a 25% year-on-year increase in loan originations to $480 million. That marked the fifth consecutive quarter of new all-time loan origination for the ASX All Ords tech stock.
The company's loan portfolio increased by 24% from Q2 FY 2025 to $2.98 billion. And Plenti reported quarterly revenue of $79.9 million, up 22%.
Commenting on the quarterly results on the day, Plenti CEO Adam Bennett said, "Plenti has delivered another exceptional quarter, achieving a fifth consecutive quarterly loan originations record of $480 million."
Bennett added:
In addition to very strong third quarter results, it has been fantastic to hit our FY26 loan portfolio target of $3 billion, well ahead of our original anticipated timing. This was an ambitious strategic goal when we set it in early calendar 2025 and achieving it in January 2026 is a testament to the hard work of the entire Plenti team.
Why Moelis has a buy rating on the ASX All Ords tech stock
Following Plenti's quarterly update, Moelis reaffirmed its buy rating on the stock.
The broker noted:
PLT is executing strongly across its core verticals. This was confirmed with today's announcement that PLT has surpassed its $3.0bn total loan book target (incl. NAB) in Jan'26, ~2.5 months earlier than expected. Ex-NAB we expect ~18% total loan book growth in FY26. Acceleration of Horizon 2 should help sustain growth in FY27/28, and could provide upside to our estimates.
Better than expected credit performance gives us confidence in PLT's underlying loan book.
The ASX All Ords tech stock has partnered with National Australia Bank Ltd (ASX: NAB). At its December quarter results, the company reported, "The 'NAB powered by Plenti' car loan portfolio increased to $90.1 million."
Connecting the dots, Moelis said Plenti's valuation remains "undemanding".
The broker has a $1.87 price target on Plenti shares, representing a potential 83.3% upside from Thursday's closing price.
