Integrafin Share Discussion Threads

[seadra17] 22/7/2019 14:05

Any one else think we'll see a continuous rise here?

[thecashmoney] 18/5/2019 12:41

Can see this pushing alot higher here. £5 maybe more .

[bobsa] 16/5/2019 21:48

Nice close to new highs. May not be all time high, think that was 4.20 intraday, but highest close I think.

Let's hope this breakout pushes on and 4.00 is now the support.

[thecashmoney] 09/4/2019 15:36

Double bottom in and about to test all time highs. Out performance .

[rndm355] 20/12/2018 08:49

Seems promising:

[bobsa] 13/12/2018 09:27

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] 13/12/2018 07:46

Very satisfactory set of results at first glance imho. I agree with Bobsa that IHP is grossly undervalued.

[seadra17] 08/11/2018 23:17

Exane has initiated coverage on IHP. Price target: 370p. Hope this legs us over 300p.

[bobsa] 23/10/2018 21:33

@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.

[thecashmoney] 16/10/2018 19:53

Algw main market listing ,only 3.5m cap. Next big asset manager ,life insurance policies early settlement.100 billion industry in us with former AIG director danny swick at the helm, not made the transition to UK market but they are the first and well positioned for growth imvho

[shavian] 10/10/2018 23:37

Take your point on D2C.
Gift horses like this don’t come along every day

[bobsa] 10/10/2018 22:05

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] 10/10/2018 17:07

Bobsa, agreed, great entry point coming up. In answer to your earlier point about D2C, CEO Ian Taylor made the point to FCA in their recent platform consultation that Transact’s model is already D2C, in that his legendary Mrs Miggins has total access to the platform herself, as well as her IFA. Orphan clients who have lost their IFA can retain a direct relationshaip with the platform, they are No 5 in size, but top in profitability. The gain:loss ratio to rival platforms is an astonishing 9:1. Having been a user since 2008, that does not astonish me. Taking business away from the likes of Elevate, Aviva etc on behalf of very grateful clients has been a breeze thanks to the efficiency and client care from Transact.

I gather that the quarterly results are out on Monday. I have Absolutely no knowledge of these, but imho all the indicators are pointing one way. I’m using this dip to double my holding.
Disclosure: I hold IHP and I am still a semi-retired IFA user of Transact

[bobsa] 09/10/2018 21:20

Decent pull back of late. Might be the perfect time to start buying leading into the first full year results.

One can understand the pull back as it has been way too quietnon the news front for IHP. Almost 3 months of nothing, yawn...

No idea when results will be out, but hoping for sometime in the next few weeks. I know they used to come out in December, but surely they'll be quicker now listed.

[bobsa] 25/9/2018 23:40

@Shavian, definitely not saying IHP shouldn't concentrate on the advised market, as this should always be their number 1 focus, just saying that I don't see the need for platforms to offer either a D2C or B2C model.

In fact, offering both can be quite complimentary and could allow advisers to penetrate the self-advised segment which doesn't want ongoing advice, but wants one-off advice along their journey.

I also don't think they should be looking for direct clients with low net wealth, as I agree Transact is most suitable for HNW or UHNW clients.

I guess I would just like to see them and the market being more receptive to offering a platform for all clients, and also spend more time on free marketing, buy getting their names out in the press a bit more.

Totally agree with the lack of live share trading though. Express trades and standard brokerage isn't too expensive, but online trading would be beneficial as would features like L2 available for clients/advisers.

[shavian] 21/9/2018 09:11

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] 17/9/2018 21:55

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] 17/9/2018 15:22

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.).

[bobsa] 17/9/2018 13:53

Not a bad piece, but Ian Taylor didn't found Integrafin nor does he own anything near 40%. He hasn't sold any though and from memory holds about 5-6%. Ian has been with the company since essentially the start though, before launch of Transact anyway.

Mike Howard founded Integrafin after creating the software with his other company Object Mastery aka Integrated Application Development, which Integrafin now owns. He sold about 30% to ensure sufficient liquidity as part of the float and to ensure it's inclusion within the indices; however I think his current holding is more like 12.5%. Mike is brittish but lived and worked alot of his adult career in Australia, working as managing director of Norwich Union Australia when it launched Navigator, one of, if not the first wrap in Australia, c. 1990.

Good to get some institutional coverage though, as I agree Integrafin is a stable income share with a relatively strong growth profile.

I would love to see Integrafin step out into the limelight a bit more though, and build a wider audience which appreciates just how well run a company it really is. I know management though, and they will carry on doing their thing, letting their service and offering do the talking; steadily growing by 15-25% year on year, irrespective of market movements. They are supurb at piloting a steady ship and why I can't bring myself to cash in on the windfall they have already brought me.

[gsbmba99] 13/9/2018 14:52

IntegraFin featured as the third of three shares discussed in 17 Aug Brewin Dolphin Podcast. However, if you know the company well, you probably won't learn anything new. "In this week’s Podcast Ben Gutteridge, Brewin Head of Fund Research, speaks to Blake Hutchins, Investec’s lead fund manager on their UK and Global Equity Income funds. The conversation is a stock specific one, analysing the prospects for several businesses Blake is backing, namely Tesco, Rolls Royce and the less familiar Integrafin."

[thecashmoney] 26/8/2018 14:08

Just do your own research and ignore the noise is my advice,it's quite obvious that NUOG /MFDEVCO is on the cusp of transformational news .Comms from the company via tweets says negotiations are drawing to a conclusion,last rns from chairman states it's progressing .Recent podcast designed to be non promotional imvho .Think of it like buying a car ,you don't tell the other parties how much you love it ,you say it needs new tyres , exhaust is on its way out etc ,you want the best deal possible . According to my research it's a win win win for all involved. OSX-3 owners want more from their asset , dommo current operators need cash revenue to raise to develop other assets.Mfdevco obviously will be truly transformational as the podcast states it will put mfdevco in a very forward position,with most of the steps allready completed,alot of money has already been spent and will put this company in a very advanced state compared to its current market capitalisation.CM

[thecashmoney] 26/8/2018 13:59

Just do your own research and ignore the noise is my advice,it's quite obvious that NUOG /MFDEVCO is on the cusp of transformational news .Comms from the company via tweets says negotiations are drawing to a conclusion,last rns from chairman states it's progressing .Recent podcast designed to be non promotional imvho .Think of it like buying a car ,you don't tell the other parties how much you love it ,you say it needs new tyres , exhaust is on its way out etc ,you want the best deal possible . According to my research it's a win win win for all involved. OSX-3 owners want more from their asset , dommo current operators need cash revenue to raise to develop other assets.Mfdevco obviously will be truly transformational as the podcast states it will put mfdevco in a very forward position,with most of the steps allready completed,alot of money has already been spent and will put this company in a very advanced state compared to its current market capitalisation.CM

[thecashmoney] 26/8/2018 13:31

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Nu-Oil & Gas Share Chat - NUOG
Current Price
0.97p

-0.05p

-4.90%

Bid Price Offer Price
0.94p 1.00p
High Price Low Price Open Price
1.015p 0.94p 1.015p
Shares Traded Last Trade Market Cap (m)
20,515,095 16:29:53 13.11

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[opodio] 22/8/2018 08:15

moving over 400p soon