Ig Share Discussion Threads

[hunter154] 14/3/2024 09:53

Nice to see market likes the announcements

[lovewinshatelosses] 14/3/2024 07:50

Well, not an easy job of course, but I meant the evidence appears to suggest that he has taken on a role where plenty of stuff is working OK, rather than one where he has got to put out multiple fires etc.

[hunter154] 14/3/2024 07:49

Agreed.
I am happy because we needed a CEO who was going to help us change course rather than carry on as we were. These resignations/firings were key to it happening.
I think he will bring his team in who can steer things in the right direction. We don't need to fix much; just get back to an entrepreneurial mind set.

[lovewinshatelosses] 14/3/2024 07:41

I did not see that directorate change RNS until I read your post, Hunter.
Not sure why they did not simply put it all in the one and first RNS, which I did see.
Anyway, not surprised that the CFO is leaving; a taste of the top job, which I presume he would have liked to continue in (might be wrong, just a viable scenario), but the COO moving on looks more like it could be a push. Been there for a long time, so might genuinely be seeking fresh pastures, but on the balance of probabilities...
Anyway, is TT making a profit yet? Revenue growth good of course, but is it now at least washing its own face?
Not a disaster of a financial update by any means, but hardly a bumper update either. Looks like a hold, rather than a buy or sell, to my mind at this point.
No kitchen sink information either though, which was one of the potential risks before this update, so fingers crossed, the new CEO is not going to have an especially challenging job on his hands. Much to do still though, IMO. GLA.

[hunter154] 14/3/2024 07:23

OMG, I take back what I said a few minutes ago.
Just seen the rns where CFO and COO are leaving, with the latter going with immediate effect. @LWHL , we have been saying that the C suite needs to go and hopefully the new CEO fires these guys…..looks like they have jumped before being pushed. Probably explains why no Q&A today.
I am very happy that the garbage has been cleared, as these guys are the reason why profits have dropped and share price is below £10.

[hunter154] 14/3/2024 07:17

Steady- interest income still a big chunk of revenue.

I’m surprised that the new CEO did not make a statement outlining his initial thoughts of where the business is and the direction of travel.
In fact, last year’s 3Q update included a webcast presentation and Q&A. I note there does not appear to be one this year.
This is not a criticism as I would rather he formulates his plan and announces to the market rather than makes it up to appease the market….the latter would not help in the long term.

[bargainsniper] 14/3/2024 07:03

Good update

[lovewinshatelosses] 11/3/2024 07:19

In fairness, he has only been in place for six weeks or so. Give him more time to settle. Whenever the next update is released (and what he says about forward guidance) will be the time to start judging his performance, IMO.
Meanwhile, the buy backs are giving this one a floor. IMO, the last update was pretty weak. Need to see profit up (and profits start to be generated in TT), as well as further cost reductions, to demonstrate the ship is starting to turn.
Luckily the main business is still a cash machine, so the poor decisions under JF's tenure have not led to an entire business disaster. Still on the watch list for me, but not a buyer at this point. GLA.

[adamb1978] 10/3/2024 10:47

Keep looking at these given the huge FCF yield and aggressive buyback.

On the latter, I went back 15 years to 2009 and the share count then was c.360m. The buyback has brought it back to 376m and the remainder of the buyback will get us back to below the 360m level.

Turnover and EBIT is up c.4x in that period so just into double digit %s annualised.

This does feel cheap here, and hard for sentiment to be much worse that it has been. Personally I'm happy for them to keep hammering on the SBB til this re-rates to a more sensible FCF yield level.

[wolfhh] 09/3/2024 20:02

The share price went up for a while when the new ceo was selected, but now the sentiment completely changed since he stepped in. Any expectation changed? Thought he would be better than previous one

[luderitz] 09/3/2024 18:01

How very helpful.

[smidge21] 09/3/2024 11:56

Suggest you look at interim results

[luderitz] 09/3/2024 10:37

Pretty please?

[luderitz] 08/3/2024 19:59

I’ve been out of the picture for a while on shares, so can someone tell me why the big drop in late January this year please.

[bargainsniper] 08/3/2024 18:56

That is in line with other brokers

[smurfy2001] 01/3/2024 16:06

Noticed their bank transfers are much slower as well. Why 1 business day when banks transfer instantly. Catchup IG.

[smurfy2001] 01/3/2024 15:11

Finally closed all my trades with some modest profit. Banks/insurance recovering nicely. I don't intend to trade further with IG as their overnight costs are eyewatering. Plus the fact they don't pay money for holding plenty of cash in the account, is annoying.

[tourist2020] 06/2/2024 16:23

You are right APAD, thats 100k shares per day out of an average of around 1m shares per day traded.

And it has accelerated since the start of Feb. First three days average 500k shares per day. Take this away from the buy-side and the shsares would be somewhat lower I would guess.

If I remember well from the Trading Statement there is about 129m pounds left in the buyback pot, which at todays prices is around 18m shares to go.

[apad] 05/2/2024 16:57

The point I made was not about buybacks in principle.
It was the SIZE of this one.
apad

[adamb1978] 05/2/2024 15:58

Problem with buybacks usually is that a company only has confidence to do them when things are going well...which is also when the share price is high, in which case they represent less obvious value

For profitable small-caps today who have a net cash position, I'd be very happy if they commit some cash to a buyback if they're trading at the sort of derisory levels which some are

[mister md] 05/2/2024 11:17

CMCX getting a bit of a boost today.

[apad] 02/2/2024 07:24

"Since 7 November 2023, the Company has purchased 9,221,188 shares at a cost (including dealing and associated costs) of £65,313,079.08."
Over Dec & Jan the shares bought would be about 10% higher than Nov and current.
It's a very aggressive policy.
I'm not sure I fully understand the driving force?
apad

[florence141414] 01/2/2024 15:08

H124 results to November 23 showed legit adjusted profits of 150m or 300m annualised. These are subject to interest earned on client deposits and client appetite for trading. I think that the return of trading activity, implementation of 50m cost savings and only a small reduction in interest rates mean that if anything risks to these profits are skewed to the upside. The FCA inquiry into interest earned on client funds will continue to be a drag to the share price until it is resolved. If a worst case outcome is that they lose 50% of interest earned then that would equate to a 70m drop in annual profits. My suspicion is that it won't be anywhere near this bad and even if it is that would in turn make holding money with these people much more attractive which could lead to increased trading profits. Wait and see what happens with the FCA but I think it could turn out that profits increase here in the medium term.

[aeonflux] 30/1/2024 14:55

Jefferies cuts IG Group price target to 900 (1,000) pence - 'buy'