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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ifg Group Plc | LSE:IFP | London | Ordinary Share | IE0002325243 | ORD EUR0.12 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 193.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 192.00 | 194.00 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 193.00 | GBX |
Ifg (IFP) Share Charts1 Year Ifg Chart |
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1 Month Ifg Chart |
Intraday Ifg Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 12/8/2019 | 07:31 | IFG in Takeover talks for Christmas | 92 |
| 20/12/2013 | 20:00 | Growth rate 90% P/e of 9. INTERESTED? LOOK! | 181 |
| 16/11/2010 | 11:23 | IFG Group PLC | 16 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 10/7/2018 10:52 by edwardt ennismore thesis = latest commentary ...IFG is an Irish financial services company primarily operating in the UK, with a market capitalisation of GBP 142m. It has two subsidiaries – Saunderson House, a financial advisor with client assets of over GBP 5bn, and James Hay, an investment platform with assets under administration (AuA) of over GBP 25bn. Recent turmoil including legacy claims against James Hay and a poorly managed attempt to sell Saunderson House has led to substantial management change with the CEO, CFO and Chairman stepping down. We believe the accompanying negative sentiment towards the shares has resulted in a compelling value opportunity arising, even on very conservative financial assumptions. Saunderson House occupies an attractive position in the financial planning market, focussing on wealthy clients where there is less competition between providers. Typical clients have over GBP 2.5m of assets and pay hourly for advice, limiting the negative implications from regulatory changes in recent years. Given the loyal client base with retention rates over 95%, the earnings stream is largely recurring in nature, as whilst one-off tax or regulatory changes can sometimes boost revenues, clients typically want advice annually. The number of clients and revenues have grown by over 11% and 15% p.a. respectively over the last four years. Operational leverage has seen underlying margins rise from around 22% to 26% and underlying profit of GBP 8.3m in 2017. Discretionary management was launched in 2015 and whilst in the investment stage, it is currently delivering strong revenue growth and offers good medium-term profit potential. Whilst profit growth in 2018 is likely to be hampered by the uncertainty created by the aborted sales process, overall, we view Saunderson House as a top- quality business, capable of growing profits by over 10% p.a. The James Hay investment platform is predominantly used by financial advisors with a small proportion of direct business with consumers. It is particularly suited for assets in self-invested personal pensions (SIPPs), which form the vast majority of the platform’s AuA. The average client has a portfolio value of circa GBP 450k and customer churn is low at 7%, mainly due to death. Revenues come from annual fees based on either the portfolio value or a fixed amount, as well as some revenue from retaining a portion of interest earned on clients’ cash. Over the last five years the company has seen reasonable underlying growth, with AuA and the number of SIPPs increasing by 13% and 8% p.a. respectively. Profit trends however have been disappointing as fee pressure and lower interest rates meant operating profits were GBP 6.1m for 2017, versus over GBP 9m in 2012. From here we expect the trend to turn and the combination of cost reductions and higher interest rates to see profits rise above GBP 10m in 2018. With an outlook for stable fees and ongoing client wins, we expect the recurring nature of the fee income to be more apparent and sustainable margins to be over 20% versus 16% in 2017. New management already know the businesses well. The CEO was previously on the board as a non-executive director and the Chairman was previously interim CFO, which we believe will be helpful in returning the company to a steady growth path. Recent share buying by the new executives and Chairman is also encouraging. The company has GBP 4m of central costs covering both the board and central functions. We assume the central activities will be taken on by the divisions going forward, requiring additional costs of GBP 2m, which may prove to be overly conservative. The main legacy claim of up to GBP 20m against James Hay is for allowing an instrument (linked to an investment called Elysian Fuels) to be accepted into their SIPPs which has now been deemed unacceptable. In reality, apportioning the full blame for this to the platform, as opposed to other parties such as the advisor, seems unlikely. Nevertheless, we prudently adjust our enterprise value by GBP 15m for this. The platform no longer accepts non-standard assets and following a comprehensive review, the company is confident this will not recur. Given the two distinct businesses, we think it is best to value IFG on a sum of the parts basis. We prudently value Saunderson House at 18 times profit after tax due its high quality, defensive, recurring profit stream. We value James Hay on a multiple of 14 times profit after tax as we see this as an annuity like profit stream with some growth expected. After adjusting for cash generation expected over the next two years, central costs, legacy costs and additional short-term incentives to ensure senior staff stability at Saunderson House, we get to a very conservative upside of over 35% by the end of next year. |
Posted at 22/5/2016 15:40 by mick Nice solid progress in the IFG share price. |
Posted at 11/5/2016 12:20 by mick Solid trading update this morning. Share price supported by good earnings growth and 3% dividend. I still believe that IFG will be an attractive takeover target within the next 12 months. |
Posted at 28/5/2014 10:25 by caveat_emptor Nothing but good news coming from this company, but still the share price is in limbo. SIPP bolt-on to boost growth DAVY VIEW Reports suggests that the addition of Capita's SIPP book and related assets under administration (AUA) would take James Hay's pro-forma SIPPs and AUA to 43,251 (+6%) and over £16.6bn (+6%) respectively at the end of April 2014. Although IFG's growth strategy for James Hay is primarily organically focussed, it continues to look at opportunities to augment growth through selective bolt-on initiatives and acquisitions. Bolt-on to add circa £1bn AUA Capita had announced in its IMS last November that it had taken a decision to close its SIPP administration business based in Salisbury , where James Hay is also headquartered, as it was sub-scale and therefore unviable. Reports suggest that the book consists of 2,500 SIPPs with related AUA of circa £1bn. The terms of the deal have not been disclosed. James Hay typically generates circa £800 revenues per SIPP from year-two onwards. Assuming a similar metric would imply additional revenues of around £2m a year at James Hay in a full year (completion is scheduled for Q1 2015). James Hay reported revenues of £37m in 2013. Recent figures from Platforum ranked Jame s Hay fifth alongside Transact in a league table of advised platforms (led by Cofund s with AUA of £65.6bn and FundsNetwork with £48.7bn) with AUA of £15.64bn at the end of March. This bolt-on closes the gap with fourth-placed Standard Life (AUA of £20.3bn at end-March). IFG Group OUTPERFORM Closing price:135p |
Posted at 31/3/2014 17:42 by caveat_emptor IFG's issued share capital consists of 104,507,665 Ordinary Shares of nominal value of EUR0.12 each with voting rights. IFG does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in IFG is 104,507,665 Ordinary Shares. |
Posted at 23/3/2014 18:06 by caveat_emptor Goodbody Morning Wrap21 Mar. 14 IFG Group Focus on continued momentum IFG is due to release FY13 results on March 27. The company indicated in its November IMS that trends of the first half had continued. For H113, it reported adjusted EPS of 3.55p EPS and for FY13 we are forecasting 7.2p (8.6p on a Goodbody adjusted basis), from revenues of £77.3m and EBIT of £6m. We expect a net cash figure of £25m and DPS to remain unchanged at 3.6p. IFGs most recent IMS indicated it achieved its annual SIPP target 12 months ahead of schedule, Saunderson House client wins increased by 50% and it recently announced the disposal of some of its non core assets. Much of this performance will have been offset by continued investment, particularly in key managerial positions, although the vacancy for departing CEO Mark Bourke is yet to be filled. Pricing in the D2C SIPP market remains under pressure and we will be looking for evidence pricing at James Hay remains steady. Further, we expect continued momentum in the SIPP business and evidence Saunderson House has continued its strong performance into 2014. IFG Group is trading on 12x FY15 PE compared to 14x for its closest peers. Given similar growth rates, this looks overly punitive. We value IFG on 14x FY15 PE which generates a price target of 2.05. We remain positive on IFG and expect to see cash accumulate over the forecast period following a period of significant investment, which should lead to further returns to shareholders. BUY |
Posted at 14/3/2014 09:12 by caveat_emptor IFG Group PLC Stock Rating Reaffirmed reiterated their buy rating on shares of IFG Group PLC (LON:IFP) in a research report sent to investors on Wednesday morning, Analyst Ratings Network reports. IFP has been the subject of a number of other recent research reports. Analysts at upgraded shares of IFG Group PLC to a buy rating in a research note on Wednesday. They now have a GBX 150 ($2.51) price target on the stock. Finally, analysts at reiterated a buy rating on shares of IFG Group PLC in a research note on Wednesday, December 18th. They now have a GBX 150 ($2.51) price target on the stock. IFG Group PLC (LON:IFP) opened at 140.18 on Wednesday. IFG Group PLC has a 52 week low of GBX 108.00 and a 52 week high of GBX 161.00. The stock has a 50-day moving average of GBX 142.7 and a 200-day moving average of GBX 129.9. The company's market cap is £145.7 million. IFG Group plc (LON:IFP) is engaged in the provision of financial services, and corporate and trustee services. |
Posted at 11/1/2014 05:38 by caveat_emptor Since their projections would suggest a valuation of around 2.50 a share,what would the takeout price be.....not for anoter 3 months sure..but what would your estimate be? £3, maybe £3.50? |
Posted at 25/12/2013 08:43 by caveat_emptor Was it all a ruse to move the share price?Hardly? |
Posted at 24/12/2013 08:24 by caveat_emptor Friday´s announcement of an 'approach' for IFG Group came as little surprise to analysts at N+1 Singer, given that the company has been undervalued for an extended period of time and the sustained positive key performance indicators (KPIs) at James Hay, strong balance sheet and relative recent disposal of its International division.However, since the approach remains highly conditional and at an early stage they opted to lower their recommendation on the stock to 'hold' from 'buy' with a price target of 150p following the share price movements in the wake of the announcement. Nevertheless, they believed that any future offer should recognise the scope which exists for 'value creation based on the restructuring and cost investment which forms a foundation for significant earnings growth to come in future years.' Thus, a valuation multiple, of nine times´ enterprise value to operating earnings [EV/EBITDA] applied to the brokers´calendar year 2015 forecasts, alongside a premium, would yield a valuation of at least 175p, N+1 Singer explained to clients on Monday. A 'compelling' valuation would have to come in north of the 190p mark, it added. That would equate to a ten times´ calendar year 2015 EV/EBITDA ratio and represent a 37% premium to the price prior to the announcement. - See more at: |
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