Ifg Share Discussion Threads

[caveat_emptor] 04/5/2012 17:20

I could only find two...........

[caveat_emptor] 04/5/2012 11:11

I wonder who the major insiders and institutions are these days?

[caveat_emptor] 03/5/2012 18:45

Actually, that was what convinced me to dip my toe
in the water.....

This also helped a bit...



DAVY VIEW: Following the sale of its international corporate and trustee business, IFG's UK business (SIPP provider James Hay
and IFA Saunderson House) is now the key focus. The new wrap offering targets a market where providers like Hargreaves
Lansdown have had great success - its flagship 'Vantage' product has been a key driver. The revamped James Hay wrap is
one of a number of products it offers, including a bespoke SIPP (offers a wide choice of investment options for larger or more
complex pensions) and an i-SIPP (a low-cost online option). When it reported results recently, IFG acknowledged that SIPP sales
momentum had been slower than hoped but stressed that it still expects to hit an annualised rate of 3,000 new SIPPs by
September 2012, meeting the three-year target it set at the time of its acquisition of James Hay by the year-end. It will have
then delivered on its original acquisition plans within the timeframes set out. Beyond this, IFG sees the potential for James Hay
as a business as "enormous".

[mick] 03/4/2012 17:59

Very disappointing to see a director Declan Kenny disposing of over 800k shares.
I was contemplating purchasing some IFG but this disposal has raised serious question and reservations for me.

[wexboy] 30/1/2012 09:07

Hi folks,

Just posted Part III of The Great Irish Share Valuation Project on my blog. I'm setting a Fair Value Price Target for every listed Irish company. So far I've valued almost 3 dozen companies, including IFG Group:



I hope you'll take a look (plse don't hesitate to comment/email me), and perhaps become a regular reader.

Cheers,

Wexboy

[djderry] 29/1/2012 15:31

Fiordland continue their stakebuilding.

[djderry] 18/9/2011 19:48

Yes,stephenbowler,that's the acquisition I mentioned above.

[stephenbowler] 17/9/2011 23:43

does this company own James Hay? sold by Santander in 2010?

[djderry] 14/9/2011 19:04

Interesting calculations Wexboy.Without wishing to sound critical,I think using operating fcf is much too blunt.You're not capturing the future cash flow of the game changing acquisition,their market leading position in the UK SIPP market and the presence of a potential acquirer on the board,the relative predictability/low-risk nature of their profits.

[wexboy] 13/9/2011 21:09

i've always been a fan of the IFG business, and been in and out of the stock a few times in the past 10-15 years – however, in the past year and a half i became increasingly puzzled at the apparent undervaluation and at the apparent disconnect between adjusted earnings/operating profit figures and the cashflow statement – after endless fiddling around, i eventually plumped for measuring Operating FCF (Cash from Operations less Net Capex) over the past 4.5 years, as i think this is often the best way to drill down to the true underlying Operating Margin of a business – the stake-building going on in IFG at the time re-inforced my preference for this approach as, in my professional experience, companies contemplating an acquisition invariably focus on historical/projected operating cashflows & capex and pay virtually no attention to earnings/adjusted earnings – looking back, IFG's average Operating FCF Margin is at a reasonably consistent 13.9%, which i'd normally equate to fair value Price/Sales ratio of about 1.2 – taking IFG's LTM, Revenues are at GBP 110.3 mio, corresponding to a fair value of about EUR 152.6 mio or EUR 1.21 per share – therefore, until earlier this year, I kept an eye on the stock but always concluded: nice business but no decent upside in the stock... – since then, I'll admit i was tempted by the potential arbitrage profit (on the indicative EUR 1.80 bid price), but i couldn't bring myself to pull the trigger based on a potential takeover valuation i couldn't understand for the life of me (btw, this has saved my bacon once or twice before, so performing a complete fundamental valuation is essential when doing any kind of M&A investing, in my opinion – even when there are tempting rumoured/indicative bids being thrown around!) – now with IFG at EUR 1.20 i guess we're back to square one/fair value, from my perspective

[djderry] 28/6/2011 09:24

Perhaps we could have an offer sometime this year?

[djderry] 10/6/2011 06:05

Guys,the longer you make us wait,the higher the price is going to be!

[djderry] 09/6/2011 21:22

Well,let's have the RNS first thing in the morning.Remember,if it's not a knock-out offer,we'll have to entertain bids from the other interested party!

[djderry] 08/6/2011 16:51

Now guys,do not lob in a low-ball offer!

[djderry] 03/6/2011 15:17

As if on cue..Irish Times reporting 'firm offer' expected as soon as next week!

[djderry] 02/6/2011 16:31

I think we should be getting an offer soon.Board member absenting himself,another one gone,c'mon,make me an offer!

[djderry] 23/5/2011 16:38

Up another 8.5% today on the Irish Exchange,UK will play catch-up tomorrow.

[djderry] 23/5/2011 16:01

Excellent,the board confirms there has been a second approach.This one is from our new shareholder.So,who made the first approach? What we need now is a bidding war.Let the deepest pockets win.You can have mine for £2.60.

[djderry] 18/5/2011 20:53

Mark Bogard has been running the UK operation.Is his departure linked to the approach?

[envirovision] 09/5/2011 13:41

Falling on back to 1.30, someone using the takeover excuse to dump their holdings for sure.

[djderry] 06/5/2011 16:01

Well,one of our new shareholders owns 20% of the co. already.