Share Name Share Symbol Market Type Share ISIN Share Description
Impellam Group Plc LSE:IPEL London Ordinary Share GB00B8HWGJ55 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 400.00 2,983 08:00:03
Bid Price Offer Price High Price Low Price Open Price
390.00 410.00 405.00 400.00 400.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2,000.90 -20.40 -46.20 182
Last Trade Time Trade Type Trade Size Trade Price Currency
14:50:35 O 800 400.0005 GBX

Impellam (IPEL) Latest News (1)

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Date Time Title Posts
29/7/202109:56IMPELLAM - 2008411

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Impellam (IPEL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-09-17 13:50:37400.008003,200.00O
2021-09-17 13:11:28400.001352.00O
2021-09-17 13:00:21402.006002,412.00UT
2021-09-17 12:59:28400.006822,728.00O
2021-09-17 12:18:19402.008003,216.00O
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Impellam (IPEL) Top Chat Posts

Impellam Daily Update: Impellam Group Plc is listed in the Support Services sector of the London Stock Exchange with ticker IPEL. The last closing price for Impellam was 400p.
Impellam Group Plc has a 4 week average price of 336p and a 12 week average price of 276p.
The 1 year high share price is 405p while the 1 year low share price is currently 220p.
There are currently 45,553,630 shares in issue and the average daily traded volume is 16,797 shares. The market capitalisation of Impellam Group Plc is £182,214,520.
loads2: Share price went up over psst 2 days. Maybe even better days ahead for shareholders
nicolaw: i bought this share mid 2020 but got out at first increase as it is stagnant. nothing seems to happen even though fundamentally there should be. it seems to me no one is interested as they are not paying out dividends and even when they do well in their reports it makes no difference as the profits will never make it to PI hands.... i am being cynical i know, but this share should be so much higher than it is!! it is being held back and the buybacks dont help as definitely no dividends. bit of a conundrum to me this one. DYOR, IMO etc
loads2: I wonder about this company perhaps being a big beneficiary from covid ie making money out of it. Lord ashcroft and his medical business here certainly reaping the benefits ... Impellam (and Carlisle) are possibly morally and ethically compromised but so too are lots of other businesses Impellam (and Carlisle) must be making a fortune right now. And ashcroft in Belize must be enjoying it all for himself ... so private investors can only get crumbs from the table of wealth created by these businesses Does anyone here have any idea of how might look the next set of results due April 2021 The share price seems low, the pe is low. Money is being made out of covid? Is this right? Does it matter? Ethics aside, where is this share price going?
sphere25: Nibbled a few of this laggard as a shorter term speculative one. The sector has moved big whilst this has been sat doing nothing. A little more interest today with the price shifting a tad higher and threatening the key resistance atm. Will the rising tide continue to lift all laggard boats? As per always this is nothing more than an opinion DYOR
cb7: I monitor this company and have owned shares several times in the past, although not now. These staffing companies usually do badly in a recession, hence the falling shareprice. Also remember Ipel is always lowly rated, typically p/e of 6-8 even during good times. If you think the price is low you could buy a small amount for a possible bounce when their interims are announced, assuming results are not as bad as market expects. These results are usually in the next few weeks. Otherwise if you prefer to play safe and are cautious then wait to see what clarity those results bring.
nicolaw: Hi, anyone watching this company in 2020? they are doing a share buyback which in theory is the opposite of share dilution so should make the share price go up as there are less shares available... however since the buyback started it seems to have dipped... anyone know if should buy in? looks a great profitable company? just unsure why share price keeps going down instead of up....
bench2: Interesting to see what Cenkos make of today's trading statement and 17% price fall .
davebowler: Cenkos; Impellam Group Plc (IPEL LN, 460p, £225.5m, BUY) Strong Managed Services Growth Impellam’s interims reflect a resilient performance over H1/18A despite facing unfavourable USD:GBP FX movements and continued market challenges within UK public sector markets (healthcare and education). Outperformance by UK/AUS/EUR Managed Services underpins this delivery, alongside growth across private sector focused Specialist brands in these territories. We expect another strong H2E weighting to results again this year given the typical seasonality, added to by the group’s strong new businesses pipeline and measurable returns on strategic growth initiatives. n H1/18A results: Impellam delivered NFI of £135.5m (-3.3% YoY) and adj EBITDA of £22.2m (-8.3%) which was materially skewed by unfavourable USD:GBP FX versus H1/17A (Underlying NFI -0.5% YoY, adj EBITDA -5.0%). Trading updates included: § UK/AUS/EUR Managed Services performed ahead of expectations, growing 13.8% YoY, supported by 14 new client wins and several expansions within existing clients. Slightly lower EBITDA conversion of 27.1% (H1/17A: 29.5%) arose from changing client mix and internal investment. The business currently holds a strong sales pipeline, positively positioning itself for further growth. § UK/AUS/EUR Specialist Staffing continued to experience challenges with regards public sector cost constraint in UK healthcare and education markets, as well as facing a full year effect of IR35 legislation. This lead to overall YoY declines of 5.5% in NFI and 23.9% in EBITDA. For healthcare, this masked the fact that within this declining market Impellam is materially winning market share and delivering increasingly cost effective solutions for the NHS. Beyond this, private sector focused brands have traded much more positively, growing NFI by 5% YoY. § Both US Managed Services and Specialist businesses witnessed underlying YoY decreases in NFI of 3.6% and 4.7% respectively, owing to a small number of client losses in Managed Services, alongside reduced automotive sector volumes and some candidate shortages within the Specialist brands. That said, the far larger Managed Services business grew underlying EBITDA by 15.8% partly through integration synergies and ongoing increases in fill rates of client spend, which have improved 24% YoY. n Working capital outflow: A working capital outflow of £13.1m was witnessed in H1/18A, owing to the unwind of overly favourable US cash receipts prior to the FY17A year-end. This led to net debt of £79.1m for H1/18A, on a higher trajectory than that expected by our previous FY18E full year forecast of £51.1m. We expect conversion rates however to improve over H2/18E, such that net debt is now expected to come in at £66.2m (1.1x EBITDA) by the year-end. n Share buyback in place of dividends: The Board has announced no interim dividend will be payable in respect of H1/18A, instead favouring a material ramp up in its share buyback programme from Q3/18. This is to take advantage of the company’s current undervaluation. The programme will last for 12 months with purchases up to the c£12m dividend cash cost expected to have been paid in respect of FY18A. We therefore amend forecasts accordingly, eliminating our FY18E DPS and expecting a c2.5m reduction in the share count by the end of FY19A. n Forecasts largely unchanged: Our income statement forecasts remain unchanged from today’s update, expecting a 64% (FY17A: 59%) H2E weighting to adj EBITDA this year. We update elsewhere for the effects of the working capital outflow & buyback. n Valuation – now below book value: We consider Impellam’s current valuation, now below its NAV p/s of 541p (p/book of 0.85x) and at 5.6x its FY18E’s adjusted earnings, as a clear mispricing. We feel the market has yet to fully recognise progress made in recent years in geographically diversifying the business, alongside the continued shift in mix to the higher quality of earnings delivered by Managed Services. At present, we believe the market has discounted to severely for the challenges currently faced in UK public sector markets and consider current pricing to be very attractive.
davebowler: Cenkos; Impellam has delivered FY17A results in-line with our expectations (NFI: £285.6m, adj EBITDA: £58.3m), confirming a strong H2/17A delivery (£35.2m adj EBITDA vs £24.2 in H1/17A). This robust performance has been based upon another sound Managed Services delivery, which comprises an increasing share of NFI and profit. The business continues to face structural headwinds in certain UK Specialist Staffing markets, which caused YoY decline in FY17A profits. Despite this, we expect Impellam to deliver growth in FY18E, in part through expansion into international growth markets outside the UK, increasing digital and people investment, and by the effective management of the cost base. n Robust FY17 results: FY17A NFI declined 1.1% YoY to £285.5m, benefitting from favourable FX (NFI declined 3.1% on CC basis). Adj EBITDA declined 15.3% to £59.4m, principally reflecting the ongoing challenges in UK Specialist Staffing (see below), and costs incurred in integrating the US business. Despite the profit decline, DPS has been maintained at 20.5p p/s, indicating confidence in the future. n Managed services an increasing share of NFI/profit: Managed Services accounted for 39% of NFI and 52% of adj EBITDA in FY17A. This represents a material shift in mix when compared to only 12.5% of adj EBITDA in FY12. In UK/Eur/Aus Managed Services NFI grew 2.1% this year, while the US business demonstrated underlying growth despite showing flat NFI from the timing of wins and losses. Managed Services provides a high quality of earnings given the high retention rates of 96%. n UK Specialist Staffing still challenging: Impellam has faced structural headwinds in UK healthcare (doctor/nurse pay caps, IR35) and education (pay restraint, teachers leaving the profession), which has made filling roles more challenging despite strong demand. We do not see these conditions improving in the short term. This has weighed on UK Specialist Staffing results along with economic uncertainty, with adj EBITDA reducing 20% this year to £23.6m. This is despite the more technical brands (science, engineering etc) continuing to grow strongly this year. n ...but progress is being made: We are cognisant of progress Impellam has made in UK Healthcare, gaining market share. Several new NHS Trust contracts have been won by utilising technology to support the government’s cost saving targets. n Material cash flow outperformance: FY17A net debt came in £75.9m, materially ahead of our forecast of £88.8m. Stronger US collections prior to year-end helped to prompt this healthy cash performance. Free cash of £36.9m (FY16A: £32.0m) was produced despite the company increasing its total capex commitment to £11.3m (FY16A: £8.2m). This gives a FCF yield of 12.7% for FY17A, reflecting both the current focus on cash collections and the company’s current undervaluation. n Increasingly geographically diversified: Impellam is becoming increasingly diversified away from the UK, with 34% of NFI in FY17A generated overseas (from 19% in FY14A). Investment is being focused in growth markets beyond the UK, such as the successful Australian business given current UK economic uncertainties. n Growth initiatives underway: Impellam is currently investing in its people and IT infrastructure to stimulate future growth. It has invested in the development of 96 virtuoso managers this year, yielding £7m of additional NFI, with plans for a further 150 managers in FY18E. This increasing opex investment is being carefully managed to ensure delivery of profitable outcomes and margin enhancement. n Group fill improves: As the sixth largest staffer globally by spend under management (£4.4bn), Impellam has improved its own group fill to 25.2% this year (FY16A: 24.5%), producing £3.7m of additional NFI. Going forward, we believe opportunities exist to improve the generally lower US fill rates by encouraging greater brand collaboration. n Share buyback underway: In December, the company announced a share buyback plan limited to purchases of £75k per month up to the June 2018 AGM. To date, 38,750 shares have been purchased, with the company paying between 540-597p p/s. We see this as a positive indicator of FY18E FCF’s and the board’s belief in the true value of the company, despite its current low rating. n FY18 forecasts rebased to reflect greater UK caution: We see a more stable performance ahead as Impellam adapts its offer to the new normal in its challenged markets. That said, the optimism for UK markets per our previous FY18 forecasts no longer holds. We therefore pair back our FY18E to now expect adj EBITDA growth of 4.4% to £62.0m (was £67.7m) with a 15.4% reduction in adj EPS to 81.5p p/s. Adj EPS is still expected to improve by 10.4% this year, as the positive effect of the share buyback is witnessed. n Valuation – unbeatable value: Impellam trades on low multiples of FY18E P/E of 7.1x or 5.5x on an EV/EBITDA basis. Given the strong cash generation and increasingly de-risked model through geographic diversification, we do not feel the market is valuing Impellam appropriately, when comparing to similar recruitment peers at mid-teens P/E multiples.
lullabite: What are your thoughts on impellam vs staffline group? Do u know inpellams market share ?
Impellam share price data is direct from the London Stock Exchange
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