Integrafin Dividends - IHP

Integrafin Dividends - IHP

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Stock Name Stock Symbol Market Stock Type
Integrafin Holdings Plc IHP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-3.50 -0.64% 541.50 16:35:05
Open Price Low Price High Price Close Price Previous Close
554.00 542.00 554.00 541.50 545.00
more quote information »
Industry Sector

Integrafin IHP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

bobsa: Yeah, great guy and well deserved semi-retirement. If I could correct, IHP is main market, not Aim
rndm355: Seems promising: hTTps://
bobsa: Clearly I didn't need to revise down my original expectations and the company has provided another strong set of results that shareholders have become accustomed. So my take: * Much better written than the quarterly reports which came across a bit glum. * Most new shareholders won't appreciate, that whilst market conditions are not ideal, Transact performs comparatively strongly during falling markets given: a) advisers use time to move clients from older products; b) Investors become less complacent and more mobile; c) Transact can hold cash, pays interest albeit low given BOE rates doesn't take a cut on interest earned. Was nice for Ian to touch on that even if not as detailed as I believe would be necessary for Mr Market to appreciate. * Margin expansion is good. * NPAT and dividend is good. * Hoping that some further efficiencies can be found as increase in staff numbers and costs essentially in line with growth could be controlled a little better. * The additional capital requirements for ILINT seems excessive given the relative size and limited, well essential no, risk of the business. 15M on 1.4B of assets. They have the cash so no issue, but sitting in the sidelines earning squat seems a waste. * I expect to see an announcement of a reduction in fees again, likely to be in wrapper fees this time though. Expecting maybe removal of ISA and 25% reductiom in pension wrappers; so maybe 3M hit to revenue. Anyway. Have a good day Sharian and any one else reading.
shavian: Very satisfactory set of results at first glance imho. I agree with Bobsa that IHP is grossly undervalued.
seadra17: Exane has initiated coverage on IHP. Price target: 370p. Hope this legs us over 300p.
bobsa: @thecashmoney - doesn't sound at all like IHP. Anyway, so back to IHP, the results. Clearly some didn't like the Q4 FUD update. I must admit the FUD numbers are slightly below my expectations, I elwas expecting 34M and so I'll need to revise my full year NPAT expectations a bit, however given the share price was already down c. 25% of it's peak, the market reaction is well overdone. I believe this is in part due to Ian's rather dovish tone "what is becoming an increasingly challenging market environment". I would assume he is referring to the ongoimg market correction, however this could be interpreted to mean more challenging competition in the market, which I'm not aware of, so unlikely, however more negative than the natural market correction. Hoping the presentation of information within the annual report is more carefully considered. So what's my expectations? I was expecting NPAT of 35-37M, excluding one off costs for the IPO, but now revising this down the 33-35M. So at 33M, we are currently trading at an historical PE of 28. Excluding the slim possibility (in my opinion) of a full market crash, I'm expecting Q4/19 FUD of 39B and NPAT of 41M. Assumimg my smoke pack calcs are close to reality we're currently trading at a Fwd PE of 23. I personally believe a c. 20-25% growth rate of NPAT should atleast justify a FwdPE multiple of 35, so a market cap of 1.435B or 433p/share, so we are trading at a 35% discount to my fair value. Putting my order in as I type.
bobsa: Shavian, probably a stretch to call Transact D2C given they don't accept direct clients, but acknowledge their are orphan clients. Not sure their processes for them these days though, however they used to have different fee scales for orphan clients to encourage them back into advice. Well after that horrible day on the market, thinking it's time to buy more. Unfortunately or fortunately depending on how you look at it, I don't have the cash to double my holding but an extra 5% is significant enough. Seems a little odd for IHP to fall based off Brexit fears or more than the index, but when opportunity knocks.
shavian: Good points Bobsa. However IHP has prospered because of its concentration on the advised market via IFAs where Transact has an unrivalled proposition. One reason why IHP featured so well in Brewin Dolphin's August podcast was that Brewin knows Transact well as their Managed Portfolio Service is used by many top-end IFAs for some of their clients on the Transact platform.It would be a major leap for IHP to offer Transact to the self-advised market. It is not very suitable for small punters because of a relatively high (50bps) annual charge on portfolios below £60k, although the charging structure is superb for those clients with big portfolios, especially over £1.2m for combined family holdings. Also the platform only trades in bulk once a day at 1400, which makes it unsuitable for active traders (and sometimes a bit frustrating for IFAs).Mucking about with the present set-up to accommodate the self-advised market would risk their revenue flow and the marketing required to compete with HL etc would be huge.I think they should stick to what they do best. We IFAs are growing the present business model very nicely thank you.
bobsa: HL. has the brand recognition with Joe Public who clearly care little about 15-20bps differential, so long as they see the value of their proposition. Whilst I appreciate the B2C vs D2C markets, never really understood the need for a Wrap to not partipate in all markets, and throw in B2B too. Not saying IHP yet has the brand recognition with Joe Public to dint HL's complete domination of this market. I don't want IHP to spend alot on advertising or anything, but would appreciate reading more in the media about Transact and the opinion of it's staff on related things; i.e free press. HL. have always been great at this, and you can't go far before reading an article on what a HL. broker thinks about xyz share or something. Bring on the Q4 FUD update which must be out soon; and full year results. Not sure what Mr Market expects, but I'm projecting NPAT @ £35M+ but hoping they surprise on the upside with c. £37M+
gsbmba99: I did try to warn you about not learning anything new... I imagine it takes some time to build or develop a reputation in the capital markets for reliable growth. Clearly someone like HL. has achieved this and are rewarded with an extremely high multiple - 40+ for 6/19e EPS. So, IHP, on about 28x 9/19e, are trading at nearly a 30% discount in comparison. I also have to believe that a fairly significant portion of HL's 35bps fund holding custody charge has to be at risk eventually in a world where a passive fund manager only charges 7bps to manage the fund plus everything else (audit, dividends, trades etc.).
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