This one , Osb , Stb and cbg all looking good Devon lad ! |
Looking good now to test recent highs imho! |
Indeed. As I have posted many times over the years. Great yield. Excellent management. Strong hold. Still very undervalued IMHO. |
Yes very! Liking the chart |
looking perky again.. |
Blackhorse you seem to have forgotten that VANQ paid 1p last year with no interim dividend whilst IPF ,as lookagain points out, paid 11.4p this year. VANQ is currently 53p and therefore paid about 1.9% last year , whilst IPF at 135p yielded 9% last year. So on what basis is your dividend ratio better there? |
This looks better- overhang looks to be clearing |
This looks better- overhang looks to be clearing |
VANQ better dividend ratio than here. liquidity 3 times more than here , better interest margin than here |
IPF dividend record for the past 5 years: 4.6p, 8.0p, 9.2p 10.3p & 11.4p |
Thanks dream, it was the fx flows over recurrent years I was struggling to get my head around.
Astonishing events at the Whitehouse without wishing to take sides. |
Wonder if his fans on here still think Trump is sane? |
The fx adjustment that you refer to is the retranslation of opening receivables at the end of 2023 at the 2024 year end exchange rate e.g. at the end of 2023 they had £187m Mexico home credit receivables at the then exchange rate of 21.5 which means that they had 4.02bn mex$. Retranslating those at the 2024 fx rate of 26 – in today’s money those receivables are worth £154m, so an fx loss to reserves of £34m (This is part of the £57m along with losses on Hungarian forint receivables). This is normal accounting. If you look over the last 10 years, these ups and downs pretty much balance themselves out as exchange rates have moved up and down. IPF used to hedge this many years ago but it was way too costly and as an investor in IPF you are always going to have some fx risk on equity/net assets. |
But the growth potential for IPF tapping into new and rapidly growing/expanding international credit markets has much more potential than the saturated, over-competitive and over-regulated UK domestic markets.
all imo. dyor.
qp |
VANQ is better value and stock than IPF , VANQ market is in UK & IRELAND where more regulated markets whereas IPF Mexico market is week regulation & unstable |
Thanks longhorn |
Basically, if the pound gains against the currencies they lend in that is a loss to IPF. With hindsight, currency hedges would have been a good idea during 2024. They may be a good idea going forward given the yield differentials on gilts. |
i don't know if anyone can help me out with the fx bit of this, i find it too complicated to get my head around.
they had a loss on fx of £57.3m (2023: gain of £22.8m), which is taken into reserves. i presume this gets described as exceptionals. this mostly came from strengthening of the £ v mexican peso and hungarain forint.
there is some mention of hedging but really hard to see what this actually equates to in the accounts. it doesn't seem to be a big hedge.
big eurobond, so most debt is not in £
do i worry more about a fall in euro v £, or an increase? or a collapse in the peso due to trumpanomics? |
We need Sigmund Freud on this thread lol. |
Calm down Mr Ranty Ranty, it's just electrons lighting up pixels on a screen |
Please stop Guys. This is meant to be a thread about IPF at what should be a positive time after the latest results. I wish you both well. |
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