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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Internet Bus. | IBG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 9.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 9.50 | 9.50 |
| Top Posts |
|---|
Posted at 19/12/2007 11:14 by stemis Sorry Baheid,TMN might be a great company, IBG might do better under TMN's ownership, TMN shares might be cheap and have great prospects, BUT there is no getting away from the fact that Maz and the other directors have stuffed this up big style. Less than 12 months ago our shares were worth mid 30's. Today they are worth 10.75p. That's a historic P/E of 5.8 and a prospective of 5.4. Its worth reviewing how we got here. Having explored the potential of a strategic buyer when the share price was 30p+, IBG management decided to forgo short term profit with the intention of building up the business for an eventual sale. Some of us were supportive of management, despite the obvious pain, in the belief that as long as IBG delivered on its plans, the share price would recover and there would be an eventual exit. What bloody fools we were. Now, having walked the share price down to a fraction of its original value, Maz et al have done another about-face and decided to abandon that strategy at the worst possible time for IBG shareholders. We've taken all the pain and now 70% of the gain has been sold from us. If Maz thought being part of a large internet marketing group was the way forward, he should have done this 12 months ago or in 12 months time. This isn't strategy, its a shambles. These guys clearly don't know what they are doing from one day to the next. When I spoke to Maz last week he was very cagey and defensive. I asked about the forecast for next year remaining the same and he said it was what they needed to do and implied they were still happy with it. However he noted that the market had voted with their feet in respect of the current strategy and they needed to have regard to that and the interests of shareholders. If this is the result then he has completely lost the plot. None of this means that TMN won't thrive and that a combination of TMN and IBG isn't a powerful tie up. However even if TMN trebles to 120p (which would be an all time high and no doubt a tremendous result for TMN shareholders), its only back to 32p for IBG shareholders. Hardly delivering the long term value that Maz promised us at the famous meeting six months ago, is it. |
Posted at 16/12/2007 10:48 by nghomi Aleman is raising a good point. IBG-TMN are offering a different level of risk/reward ratio compared with what IBG was two or three years ago. Hence we are seeing that the type of investors who bought three years are exiting as the new emerging IBG-TMN is not the reason they bought IBG. imo, this merger is more a defensive move as IBG management is probably worried about a potential downturn in the UK economy in the next 24 months. The question is whether a £40m (revenue) company is immune from such a situation. Whatever the answer, it is certainly a better position than a £16m company. IBG has reduced the downside risk as much as it has reduced the upside potential to the business. So if you are optimistic (like SteMis), then you would complain that the upside potential is now a lot less than before merger. But if you are more pessimistic, you would think that the downside risk is now reduced too. As Maz is the largest holder, surely he would do the best option for the benefit of the shareholders. imo, he is either seeing a big risk to the business in the next 24 months such that he has decided to reduced the risk by merging with TMN. Or he is planning to retire and this is the only way of selling his stake at a reasonable price. |
Posted at 15/12/2007 03:43 by outsider Whilst the IBG Directors remain confident as to the medium to long-termprospects of IBG, they believe that there are potential disadvantages associated with remaining at its current size. These include: ● Reduced client influence as a result of relative size compared with larger competitors ● Competitive disadvantage for IBG resulting from only being able to offer one element (affiliate marketing) of the overall online marketing activities of most clients. The IBG Directors believe that their strategy of creating a substantially larger advertising and media operation can best be achieved at this time by means of the Acquisition. This will allow the IBG Directors the opportunity to focus on growing the business within the TMN Group and without the distraction to operational matters that the on-going requirements of being a smaller independently quoted business bring. TMN operates in the complementary areas of operating media assets, e-mail campaign management, e-mail sales representation and market research and has demonstrable expertise in both sales and account management. In addition, TMN owns complementary technology and know-how in the lead generation market. In addition, there is little cross-over at present between the TMN and IBG customer bases, providing potential opportunities to cross-sell products and services. |
Posted at 14/12/2007 23:37 by stemis ta,Just passing on my impressions. I don't understand anymore than anyone else why Maz has chosen the worst possible time to do this deal. As I've said before; IBG shareholders have taken all the pain now Maz has handed over 70% of the 'potential' gain to TMN shareholders. I struggle to understand the strengths of the TMN business. It seems largely build around emailing advertising material to internet users who have been induced to opt into email marketing by various ploys. Presumably Maz believes the growth potential of TMN and the synergies with IBG are as good as the growth potential of IBG alone. I'll probably give it a while, certainly till the TMN finals, but I don't think I have the long term commitment that I had with IBG. It seems like the end of an era but I guess like many, in retrospect, I hung on too long. If TMN shares hit 84p or so (equivalent to a 2009 forecast P/E of 12) I think I'd be out. That would be equivalent to an IBG price of 22p. I never thought I'd take that sort of price for IBG but I guess its all different now. |
Posted at 14/12/2007 10:41 by omlaysause We were told that IBG were taking a new approach and investing over the short to medium term for the increased benefit of the shareholders. We're how long into that .... 3-4 months and now suddenly IBG feel that a merger with TMN is going to be better idea.That to me seems that they have realised they aren't going to turn this around with their new focus/plans or whatever the hell it is. I've actually been behind Maz since I bought into IBG over 4 years ago but I think what has happened over the past 6 months is a bloody disgrace!!! First off we get that ridiculous RNS saying we MAY have a problem with profits and then to say it could be effected for 2 years, which as we all know, killed the share price there and then. Coupled with the strategic review which turned out to be a complete waste of time. We are then told, don't worry lads, we've got some great ideas and you'll all reap the benefits if you stick around for the next 2 years. Then a few months later, do you know what, we're just going to sell up with no benefit to the IBG shareholders in the deal, it's a simple swap of IBG to TMN. I'm now going to hold shares in a company I don't know and seriously doubt will give me the return I expected from IBG. Obviously Maz and the board realise that don't have the ability to take IBG to the next level and believe TMN is the answer. I think Maz also knows why he probably isn't going to be on the new board because he's better sticking to the techie side of things and letting the managers manage, hopefully TMN can. I can see the benefit of being involved with TMN but I still can't see it returning 4 or 5 times it's level from here but who knows ........ hope I'm wrong, I really do. |
Posted at 14/12/2007 07:59 by the analyst "TMN has received irrevocable undertakings from certain IBG Directors andConnected Parties to vote (or procure the vote) in favour of the Scheme in respect of 28,649,270 IBG Shares, in aggregate representing approximately 37.11 per cent. of IBG's existing issued share capital. TMN has also received irrevocable undertakings from other IBG Shareholders to vote in favour of the Scheme in respect of 8,701,000 IBG Shares, in aggregate representing approximately 11.27 per cent. of IBG's existing issued share capital. Such undertakings from these other IBG Shareholders will cease to be binding, broadly speaking, in the event of a higher competing offer being made for IBG." hmmm, are the 'other IBG shareholders', representing 8.7m shares hoping for a better offer then? Are you one of those shareholders Ken? |
Posted at 13/12/2007 10:33 by stemis I don't know enough about DGM's business to know whether it would be a decent add on. However DGM's UK business turned over £16m in 2006 (although admittedly 2007 H1 figures were well down). It would certainly give scale to IBG and presumably there are 'some' decent people in the business (which has been mentioned as a constraint on IBG's expansion). If (and I know its a big if) IBG could retain the merchants and affiliates and migrate them to its platform, it seems plausible that it would massively enhance profitability, e.g. - IBG retain £8M of turnover - Marginal contribution was, say, 30% - Cost of restructuring of £1m - Acquisition cost £3m After tax that would be a 2.4 year pay back and would more than double IBG's size in one fell swoop. Obviously I don't know if any of this is accurate. I was just musing if IBG had considered it. |
Posted at 11/12/2007 20:32 by the analyst Hi hirsch, it was Maz that was explaining to us that the market growth rate for affiliate marketing was slowing. That's not to say he thinks it won't continue to grow for years to come, just that it will not grow at such a fast rate and that competition will increase even more. He still seems to have very big ambitions for IBG, though, and I'm sure he will create investor value for those buying in at these levels. He said he is aiming for IBG to become a £100m company - he just doesn't think he can do purely through AF, because it is a maturing market, but through synergies with his marketing division.When you say about 700 merchants, you are, of course, talking about just AF, not the online market in general. How saturated is the online market as a whole? That is, how many of the significant merchants are already into it and how many are yet to consider it. AF only have a fraction of the online market so I guess that even if most big merchants already have an affiliate marketing strategy then there is potential for IBG to expand at a larket-leading rate if they poach merchants from other networks. Are they doing that? More importantly, can they do it without compromising on terms? They need to maintain margins as well as increase revenue. As we know, most of the revenue comes from the big merchants (those with high sales) - Have you seen any evidence of recent success by IBG in persuading big merchants to leave other networks and come to AF recently? Or perhaps evidence of mid-sized merchants on the AF network becoming 'big' merchants? do you have any thoughts on the type of innovative new media products Maz may be considering launching? I don't know why, but I have high hopes and I think that by this time next year we could have quite a few new, innovative, revenue-generating business ideas beginning to bloom at IBG and a lot of optimism back on these boards again... |
Posted at 31/10/2007 09:08 by hirschnathan New research note from st helensStill prediciting 22.m for 2008 & ebita £2.5m Internet Business Group (IBG), the online performance marketing,media and e-commerce specialist, has announced in today's trading update that it has brought forward some of its planned investment in mid-term organic growth into Q4 FY07 from Q1 FY08, the key trading period. As a result, some management attention has been diverted from Q4 sales. In light of this, we are reducing our PBT forecasts for FY07 to £1.4m from £1.6m (Initiation note 30/07/07), EPS to 1.8p from 1.9p and share price target to 27p from 30p. FY08 remains unchanged. Although some short-term share price weakness is likely, we retain our BUY recommendation. Our revised price target implies a 13.5x FY08 PER Internet Business Group (IBG), the online performance marketing, media and e-commerce specialist, has announced in today's trading update that it has brought forward some of its planned investment in mid-term organic growth into Q4 FY07 from Q1 FY08, the key trading period. As a result, some management attention has been diverted from Q4 sales. In light of this, we are reducing our PBT forecasts for FY07 to £1.4m from £1.6m (Initiation note 30/07/07), EPS to 1.8p from 1.9p and share price target to 27p from 30p. FY08 remains unchanged. Although some short-term share price weakness is likely, we retain our BUY recommendation. Our revised price target implies a 13.5x FY08 PER. Areas of investment new toolset for AffiliateFuture and additional data centre IBG has developed and deployed a new toolset and user interface for both affiliates and merchants within the AffiliateFuture affiliate marketing network. This includes improved traffic analysis tools. The new toolset was recently previewed at the A4U Expo in Excel and feedback is reported to have been good. A beta version will be made available early next month with all users expected to switch over by the end of 2007. IBG has also brought online a third data centre in London to improve AffiliateFuture reliability and uptime. Expansion of travel features ahead of key January trading period IBG has had a number of launches across its Media travel properties. It has added a dedicated ski channel to CheapHolidayDeals.co Reviews.CheapHoliday Henoo.com, IBG's holiday search engine and technology platform. These should feed into revenues in both the AffiliateFuture and Media divisions. E-commerce improved performance but not key focus The new management and processes in H1 FY07 are having positive impact on the Ecommerce division. Although there are expansion opportunities for this division, the main management focus remains Media and AffiliateFuture. Management will consider strategic options for this business during FY08. |
Posted at 04/10/2007 15:50 by the analyst If last year is anything to go by, the trading update should be in about three weeks time. This was last year's update:"RNS Number:9850K Internet Business Group 25 October 2006 Internet Business Group plc ("IBG" or the "Company") Trading Update Internet Business Group plc, the AIM listed online advertising and e-commerce specialist announces an update on trading for the financial year ended 31 October 2006. Financial Update Following a positive outlook reported at the time of our interim results trading has remained strong. As a result, turnover for the financial year ending 31 October 2006 is anticipated to grow by at least 105% to #13.0 million (2005: #6.32 million), representing an increase of 13% above current market expectations of #11.54 million. As a result of this increase and the operational gearing of IBG, earnings before interest, tax, depreciation, amortisation and movement on investments are anticipated to grow by almost 175% to approximately #1.15 million (2005: #0.42 million), 20% above current market expectations of #0.96 million. Profit before tax is anticipated to be in the region of #1.1 million (2005: #0.41 million), 9% over current market expectations of #1.01 million. This strong performance is primarily attributable to the better than anticipated trading of IBG's performance advertising division, AffiliateFuture, supported by solid progress in the newly established media division of the Company. IBG will be adopting International Financial Reporting Standards early and will be reporting in line with the new standard from the financial year commencing on 1 November 2006. Operational Update IBG is in the preliminary stages of establishing a discrete media division, incorporating the two key websites acquired from Cheap Flights Limited, as reported on 5 July 2006. These acquisitions have been successfully integrated and the newly recruited commercial team seek to exploit the on-going opportunities. Since IBG's acquisition of the websites the consumer experience has remained unchanged, however, the underlying platform has been completely replaced and upgraded by an IBG in-house designed platform. IBG's media team in London has been supplemented by further recruitment in our Spanish office. IBG's own travel search engine, Henoo.com, is undergoing significant levels of commercial and technical development. The Directors believe that whilst this activity is strictly a media operation, it provides our performance advertising business, AffiliateFuture, with technologies that significantly differentiate us within the travel sector. AffiliateFuture Inc., the US online advertising division, is continuing to make good progress and to increase its client base. Whilst the operation's earnings have not broken even on a monthly basis in the current financial year, it is expected to make a small contribution to profit during the course of the 2007 financial year and remains important to the medium-to-long term development of IBG. Maziar Darvish, Chief Executive, commented: "We are pleased, once more, to be providing a positive trading update which re-iterates the strength of our business model and the growth in our underlying markets. I believe strongly that our core competencies of technology and online marketing, coupled with a solid strategy, differentiate our offering and provide us with strong competitive advantages in the sector. We continue to invest in both infrastructure and people in order to exploit the substantial market opportunities available." The Company expects to report its preliminary results for the year ended 31 October 2006 by early February 2007" |
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