Ifg Share Discussion Threads

[xavico] 17/1/2007 13:40

by the way and for those who see the recent posting the mms dropped the share price down to 1.26 and then immediately raised it up to 1.3425. The spread is also interesting: it is discouraging buys.

My view is that mms are looking for stock and the share price will go up in the short term once the mms have either got enough stock or realise they will have to drive the share price up to get stock.

If the mms read this bb then it might help you to know that I wont be selling even if you continue to do these tree shakes.

There is the dividend to think of.

[xavico] 17/1/2007 12:38

sirprisingly low turnover of stock and what do we have but a good old fashioned tree-shake. May be the mms are dropping the price to get hold of stock. Hold on as there's gold in dem dere hills.

Targa*2, I'm holding onto mine for the long term also.

[xavico] 17/1/2007 10:03

My own thoughts on this one are that its share price will return to its previous highs as the (re)mortgage market has been v good as has financial services generally. I expect the share price to rise to about £2.50 within six months. DYOR.

[xavico] 16/1/2007 17:02

targatarga,

Do we only get trading info from lse here on advfn or do we get all trades?

Why are u holding onto these shares - you've already made a nice profit.

[targatarga] 16/1/2007 15:58

these actually trade more on the irish exchange [I brought my 20k there ages ago at 53p and it didn't show on advfn].

[xavico] 16/1/2007 12:56

The thing is the mms should be trying to create a market (hopefully with an upward surge in the sp) so as to attract investors. May be they've ignored this one too long. Let's hope it hits their radar screens soon.

Also, there is talk of consolidation in the industry and fingers x IFP could get taken out at a premium - that's a wild guess as I've no info.

[xavico] 16/1/2007 09:45

targatarga,

I believe it's their year end and usually the first few weeks of the year is indicative of the way the share price will head - usually north by about 50%. I'm looking forward to impressive earnings figures but always dyor.

[targatarga] 15/1/2007 16:07

hope so but why? regards

[xavico] 15/1/2007 16:01

Aren't we due a sharp upward increase in the sp? methinks so.

[targatarga] 04/7/2006 20:16

upwards from now i assume.

[targatarga] 31/3/2006 17:18

rare big trades pushing these higher, regards

[targatarga] 17/2/2006 16:25

100,000 buy at 120p must help. regards

[targatarga] 16/2/2006 12:22

sailing through 120p?

[targatarga] 31/1/2006 16:49

still moving. hope theres something good to be announced. regards

[targatarga] 09/1/2006 12:25

breakout - expecting news? regards

[lbo] 29/9/2005 17:18

Results not that great and debt is up a bit! Hope managment have not made promises again that they fail to keep again.

[lbo] 25/9/2005 17:30

The Sunday Times - Business



September 25, 2005

The Sunday Times

Sharewatch: Mortgage broker must prove it's fixed



SHOULD YOU BUY SHARES IN IFG GROUP?
IFG Group is Ireland's biggest mortgage intermediary, broking about 8% of new mortgages by value in 2004 through a subsidiary called Mortgage Business Solutions.



Headed by Richard Hayes, it provides a range of other independent financial advisory (IFA) services, including administration, trustee and actuarial services for small self-administered pension schemes and self-invested personal pension plans. It has subsidiaries in the UK, Isle of Man and the Channel Islands.

The company's share price has performed poorly in recent years, after IFG exited its troubled endowment trading business, restructured its UK IFA businesses, and focused on debt reduction. Its share price has rebounded this year, however, on the back of strong growth in its Irish mortgage broking business and a €21m cut in its debt.

The two experts below have been selected for their skills in several investment areas. They, or the funds they manage, may hold shares in the companies or sectors discussed.

Pramit Ghose, head of investment strategy, Bloxham Stockbrokers


IFG is a classic example of a company that ended up burdened with debt and underperforming businesses after a bold attempt to build scale turned sour. IFG's share price at €1.31 is still 65% below its July 2001 high of €3.75. Being heavily exposed to the UK endowment and IFA business at a time when those markets fell out of favour severely bruised the group. Since then, IFG has steadied the ship through a huge programme of debt reduction and divestments. By concentrating on growth in Ireland and its international businesses, stability has returned.

IFG's shares have risen by 73% since the start of the year as investors re-evaluated its growth prospects following the restructuring period. Back in July, IFG said its profit was set to double by 2007. This will be achieved by concentrating on international corporate trustee/administration services and lending in Ireland. That doubling in profits would equate to earnings per share of 20c in 2007. This year should see an EPS figure of more than 12c.

By implication, 2006 and 2007 could see yearly earnings growth of 30%, if no further mishaps occur. IFG does have a number of solid growth engines. The MBS mortgage broking business and title insurance, when combined with the international corporate trustee and administration business, provide a solid platform for sustainable growth.

Last November, IFG issued a profit warning three months after its 2004 interim results. Delivering on its own financial targets is a crucial first step in rebuilding investor confidence.

The group publishes its interims results on Wednesday. Market focus will centre on how IFG's UK businesses are performing. Since hitting €1.44 in August, IFG has fallen back by 9%, putting the group on a price/earnings ratio of 10.4 times 2005 earnings. If next week's results are strong, IFG should outperform over the short term.


Judgment: hold

Anna Lalor, equity analyst, Goodbody Stockbrokers

IFG's share price is up almost 40% since its 2004 full-year results were published in April. The repeated reassurance by Richard Hayes, its chief executive, that it plans to double earnings by 2007, alongside the continued strength of the Irish mortgage market in the first half of this year, appear to be the main drivers.

IFG's international trustee division, the Irish mortgage intermediary business and the UK actuarial and pensions business have been consistently strong performers.

However, the earnings growth delivered by these divisions has been eroded by volatile earnings in the UK IFA business, the discontinued pension release business and the discontinued investment business.

It is this track record that brings a degree of uncertainty to earnings growth expectations. Encouragingly, IFG has indicated that it does not intend to pursue further acquisitions and it is on the way to reducing its debt obligations. It is also reviewing its UK operations.

Cheques issued by lenders to IFG's Irish mortgage intermediary clients grew 39% in the first half of 2005, against growth in the mortgage market of 26%. This positive top-line growth should impact the earnings line, but its effect will be diluted with 50% of the main mortgage intermediary earnings going to its joint venture partner, GE Capital.

In addition, IFG last year grew the revenue line of this business by 35%, but operating profits dropped by 13%. This may have been a one-off, but we need to see evidence to the contrary before we change margin expectations.

Poor performers have eroded IFG's strong core businesses' profits in the past and, while there are early signs that this may improve, we need to see evidence of a consistent reduction in earnings volatility before we become more comfortable with the stock. These results could be an important step in this process.


Judgment: Add with a price target of €1.40


THE FIRM AT A GLANCE

Share price: €1.31

Market cap: €31m

Year end: Dec 05

EPS forecast: 12.1c

Dividend forecast: 2.5c

[finbarr] 09/9/2005 16:43

targatarga,

Tried to buy at offer price on AT and the price kept moving to price in Dublin.Finally bought at just under Dublin price

[targatarga] 09/9/2005 16:02

never seen the spread this narrow before here.

[lbo] 07/9/2005 09:10

Could be time to start buying again! Not easy to get stock on the ISEQ

[targatarga] 12/8/2005 15:38

could these trades be nordea upping it's stake? regards