Integrafin Share Discussion Threads

[shavian] 15/8/2018 05:59

Interesting trading pattern after hours last night. Total of 200k shares bought. Looking forward to a rise this morning.

[opodio] 09/8/2018 08:10

Inflows 5x more than out

WOWOWOW

[shavian] 06/8/2018 10:30

Latest from IntegraFin on the Transact adviser newsletter:

“We are pleased to announce that Transact has kept the title of CoreData Best Overall Platform and Best Large Platform in the industry in 2018. Transact has also again been rated top by advisers in the ninth Annual UK Investment Trends Adviser Technology & Business Report. This was based upon the views of 963 advisory professionals. In this year’s study, Transact was rated first for overall satisfaction, overall adviser support services and overall investment capabilities which ultimately benefit clients. Transact also obtained the highest advocacy rating from adviser relationships.”;

[bobsa] 05/7/2018 23:44

@dk6v07 - I'm a Australian resident now, so expect this won't be possible. Also, Have so much capital in IHP, with huge gains I won't crystallise due to CGT, it will be a relatively minor investment.

[dk6v07] 05/7/2018 11:44

Hi there - if you'd like to buy Nucleus pre-ipo then please send me a private message - I am building a book of retail.

[nick_dunton] 04/7/2018 17:16

Cant seem to find anything in the news wires explaining the 5% advance since lunchtime.. late reaction to Nucleus float news? Rumour? Trader monkey business?

[bobsa] 04/7/2018 12:59

It's no Integrafin however it's one of the better ones, and the price seems reasonable to me. I'm considering getting a small chunk following listing.

Alot of players are struggling with technology transitions, except the propriety ones like Transact, AJBell, James Hay, and luckily Nucleus went through this earlier than most transitioning to Sonata and whilst it wasn't smooth sailing, it is now complete from my understanding.

Growth good, service good, in profit and growing steadily, what's not to like. Like a junior Transact, just lacking in a few areas to take it to next level IMO.

[gsbmba99] 02/7/2018 07:38

Nucleus announces intention to float ( ) Any views from industry folks?

[bobsa] 01/7/2018 03:24

Transact's Taylor says inflows beating outflows 10-1
hxxps://www.ftadviser.com/platforms/2018/06/27/transact-s-taylor-says-inflows-beating-outflows-10-1/

[bobsa] 02/6/2018 05:40

I agree, both are commensurate with costs, but buy commission makes up such minimal revenue it just prevents that argument.

Wrapper fees would be a larger impact on revenue, and clearly a pension or Bond has alot higher costs compared to a GIA. As such, I think they will look at reductions as opposed to the removal, except maybe for the ISA products.

As such, expect we'll see: GIA/ISA - 0; Pensions, MIP and onshore bond - 15; and offshore bond - 50, or even remain at 60 given IoM office costs.

Could imagine almost all going by 2020 though.

[shavian] 01/6/2018 13:40

I still hear of non-Transact-using IFAs criticise the charges on the platform, but that has been 'fake news' for several years. Trading charges of 0.05% and share dealing costs of £3.75 (shared between all investors buying that share that day, on the bulk dealing trading run!), family discounts starting to take effect above £60k total AUM with an annual platform charge now reduced to 0.29% etc.

Brilliant value for the level of service provided. The growth of AUM should more than protect the bottom line from erosion of revenue through reducing client charges IMO.

[bobsa] 30/5/2018 22:51

I have it on a 35 FY18 (30/9) PE, 28 FY19 PE and around 22 FY20 PE.

Not cheap, but you need to pay for quality growth stocks in markets these days.

The above assumes that they will contimue to reduce fees, which I believe will continue to occur over the next few years, probably starting with investment snd/or wrapper fees being reduced and/or eliminated.

This will be slow to ensure the company careful controls growth in profits, but will eventually make them on of the cheaper advused platforms and will cement their already best value position.

This will then lead to platforms who make no or little profit either exiting the market or consolidating, which is full of problems in itself.

The 2020s will be interesting times for the market.

[nick_dunton] 29/5/2018 22:47

Thanks Bobsa, I'm in IHP because I like the firm and it's long term prospects, and it meets the criteria I have on fundamentals. But the valuation is getting stretched in the short term for me, so likely to exit soon after the index uplift. Will definitely look to buy back in when the fundamentals get back in line with my valuation. Cheers

[bobsa] 29/5/2018 22:21

Formally announced inclusion to FTSE250.

Not certain Nick, however I would expect that Index managers would now begin to open their required positions leading up to formal inclusion and then continue to purchase until the require % is held based on their underlying funds held.

They would then continue to rebalance their holding to maintain the required split, so if the funds the hold goes up and Integrafin continues to rise compared to other companies within the index, they will need to buy more. Conversely the same would be true if. Intefrafin underperforms and/or the funds held goes down.

Given my expectations in respect to IHP growth and the continued trend in passive investing, I would expect and hope that this will result in net daily purchases being required for a while yet... Atleast until either IHP or the market has a correction, which could both occur similateously.

I think when this occurs, we will see a great buying opportunity as I think the market will not appreciate how well a company like this will perform in a down market. Whilst AUA will reduce in a significant market correction, which will be a hit on fees, gross performance of advised clients will be impacted much less than the market. Also if history is anything to go off, from my experience advisers generally use downturns to migrate clients between providers. Given Transact is by far the most financially stable advised platform and doesn't clip interest off cash like alot of competitors it makes them a prime candidate for these transfers.

Be interested in the advisers on here's thoughts on this scenario.

[nick_dunton] 29/5/2018 17:31

Thanks Bobsa, that's a big help I hadnt seen that. Is it a fair assumption that any share price movement related to index buying and/or punters selling to indexs will have worked through by close on 18th, or do indexs continue buying afterwards?

[bobsa] 25/5/2018 20:59

It's earlier than I thought 😁.

"Next week’s FTSE reshuffle promises to pile a bit more woe at the doorstep of some familiar high street names. The reshuffle is calculated based on closing prices on Tuesday 29 May, will be formally announced after the market closes on Wednesday 30 May, and becomes effective from Monday 18 June."

" FTSE 250 promotions

Integrafin, the owner of adviser platform Transact, is expected to enter the FTSE 250 following its recent listing. Premier Oil and the AA group also look like securing promotion to the mid cap index, and AO World has a shot too.

FTSE 250 Relegations

Woodford Patient Capital Trust looks like it may fall out of the FTSE 250 for the first time since it listed in 2015, with the shares now trading around 26p below the £1 launch price. Successes in the fund include Benevolent AI, Oxford Nanopore and Purple Bricks, though these have been outweighed by poor performance from stocks like Prothena, Circassia and Northwest Biotherapeutics. Investing in early stage companies clearly comes with risks attached and, as the title of the trust suggests, a good deal of patience is required. It’s worthy of note that the trust works on a ‘no win, no fee’ basis, so the investment manager shares in the financial fortunes of investors. The trust has to return a cumulative 10% a year before Woodford Investment Management makes a penny, and to date no management fee has therefore been charged."

[nick_dunton] 25/5/2018 10:55

Timing question.. do index funds all buy on announcement day, or is there a later date of actual inclusion?

[davydoo] 25/5/2018 09:17

Index funds don't buy on anticipation of entry, but others do, and then sell to the index funds who have to buy on entry

[bobsa] 24/5/2018 23:09

Strong performance last few days, £3.60 support looks to be in place.

3 week count down to FTSE250 inclusion.

Bring on the index fuelled purchases! Has this already started and due to heat up or does the flock for shares to meet index requirements only begin once included?

Will likely be close to be 250th largest company on the main market by then, 264th as at Wednesday, so will be near middle of the FTSE 250. So really rough calculations should result in it making up to 0.2% of the index.

Doesn't sound like much I appreciate, but equates to £2 million which must be invested for every £1 billion invested through index trackers.

I have no idea what is total amount invested through FTSE250 index trackers, however given the move to passive investments internationally, especially in the UK and US, it has gotta be in the tens of billions. Anyone got any idea?

[luapdog] 18/5/2018 19:46

One thing not yet mentioned is the 'no borrowings and no supply chain problems'.

If we take good management, a good product, a good customer-base( growing month by month) virtually no proven and serious rivals (in my opinion),a "can-do" "fix it now and try to say yes when possible" attitude from staff as the basic reasons for this successful company's market debut, the things that brings most companies to their knees are :

bad management
disillusioned customers
loss of customers
couldn't care-less staff and bad staff attitudes
high borrowings
supply chain worries

There are none of the usual potential problems with this company.

I declare i hold these shares as a former IFA and confirm my experience with them as being wonderful. I was able to run a very profitable business almost single-handed by using their systems and technology. There is nothing to compare with them. Most of the original shareholders are, like me , former IFAs or practising IFAs. They are highly unlikely to wants to sell their holdings and as you all know only 25% of the shares are on the market. This virtually guarantees (if I can use that word) a solid price and as demand and supply are basic economics we can all understand why the price keeps moving higher. It's a unique share on the market and there really is no other to compare properly.
I am highly likely to top up on any weakness but frankly don't see too many opportunities and I sense the momentum will bring this share onward and upwards. I do see a price of 500p and why not given the massive dividends they pay.
Today's interim news confirms the position remains brilliantly positive.
All in my HO. DYOR.

[bobsa] 18/5/2018 10:20

Looks like a solid first report. Obviously the IPO costs impacted the performance, however I think my expectations of full year NPAT of 35-37M to be fairly likely.

Be interesting to see if the expected guidance is in line.

[shavian] 18/5/2018 08:10

As Ian says, a pleasing set of results following a more volatile quarter on the market. Funds under management up again despite market worries in February. My own firm's stats mirror these results in miniature. Let's see what the analysts say in the presentation later today.

[bobsa] 15/5/2018 13:01

It's like I wrote it myself.

Only difference is I thought the companies financial year change from ending 30/09 to 30/06...but could have that wrong.

[gsbmba99] 15/5/2018 07:27

There's a page up on Digital Look with the estimates for this year 9/18 and next 9/19

[bobsa] 14/5/2018 22:03

I just feel for @Opodio, spruiking 400p and ASX250 and then got out 2 days later for fear of the sky falling.

Looks like his predictions will come true, however I never had a doubt.