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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ip Group Plc | LSE:IPO | London | Ordinary Share | GB00B128J450 | ORD 2P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.70 | 1.48% | 48.15 | 4,633,688 | 16:35:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 47.70 | 48.00 | 48.95 | 46.85 | 47.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | -140.1M | -174.4M | -0.1741 | -2.75 | 475.45M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:06 | AT | 2,542 | 48.15 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 17/9/2024 | 09:56 | ALNC |  TOP NEWS: IP Group net asset value falls but outlook optimistic |
| 17/9/2024 | 07:01 | UK RNS | IP Group PLC Half-yearly results |
| 17/9/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 13/9/2024 | 17:30 | UK RNS | IP Group PLC Transaction in Own Shares |
| 13/9/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 11/9/2024 | 16:55 | UK RNS | IP Group PLC Transaction in Own Shares |
| 11/9/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 10/9/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 06/9/2024 | 16:56 | UK RNS | IP Group PLC Transaction in Own Shares |
| 06/9/2024 | 15:48 | UK RNS | IP Group PLC Holding(s) in Company |
Ip (IPO) Share Charts1 Year Ip Chart |
|
1 Month Ip Chart |
Intraday Ip Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 17/9/2024 | 19:09 | IP Group PLC | 3,219 |
| 27/9/2021 | 08:52 | ONT future steps. | 4 |
| 23/12/2020 | 09:51 | IP Group - commercialising university technology. | 971 |
| 11/10/2012 | 07:43 | ::: The DIRECT LINE IPO ::: | 83 |
| 08/11/2010 | 07:59 | IP 2 IPO, digging up value, from the boffins. | 213 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:35:06 | 48.15 | 2,542 | 1,223.97 | AT |
| 15:35:06 | 48.15 | 2,585 | 1,244.68 | AT |
| 15:35:06 | 48.15 | 5,126 | 2,468.17 | AT |
| 15:35:05 | 48.15 | 1,315,345 | 633,338.62 | UT |
| 15:27:28 | 47.95 | 893 | 428.19 | AT |
| Top Posts |
|---|
Posted at 17/9/2024 09:20 by Ip Daily Update Ip Group Plc is listed in the Finance Services sector of the London Stock Exchange with ticker IPO. The last closing price for Ip was 47.45p.Ip currently has 1,002,010,888 shares in issue. The market capitalisation of Ip is £480,464,221. Ip has a price to earnings ratio (PE ratio) of -2.75. This morning IPO shares opened at 47.50p |
Posted at 17/9/2024 07:37 by bamboo2 FOR RELEASE ON17 September 2024 ("IP Group" or "the Group" or "the Company") Half-yearly results Good progress on exits with more in pipeline; encouraging developments in key portfolio companies, maintaining balance sheet strength remains a priority IP Group plc (LSE: IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, today announces its financial results for the six months ended 30 June 2024. Good progress on exits with the pipeline of future cash realisations strong through to the end of 2025; the pipeline includes a number of transactions at an advanced stage of negotiation - Agreed sale of Garrison Technology Ltd ("Garrison") to Everfox in the period; sale completed in August with £30m proceeds received. - Cash proceeds(i) of £3.4m in the period with a further £41.2m already received (including Garrison) in the second half (HY23: £32.2m; FY23: £38.6m). - Further exits expected including several at an advanced stage of negotiation and would be expected to take place at or above 2023 year end carrying values. Encouraging developments within our maturing portfolio - £380m of total capital raised by portfolio in the period (HY23: £299m; FY23: £667m). - Healthier future (Life Sciences): Four companies reported positive clinical trial data; awaiting trial data readout from Istesso Phase 2b for Leramistat in rheumatoid arthritis; Mission and Enterprise closed significant investment rounds to fund the next stage of clinical development. - Tech-enriched future (Deeptech): Agreed sale of Garrison to US-based cybersecurity firm Everfox for proceeds of £30m; continued strong revenue growth at Featurespace with FY23 revenues increasing 46.5% to £50.4m. - Regenerative future (Cleantech): Hysata completed its oversubscribed $111m Series B funding round, the largest Series B in Australian cleantech history and which was reflected in our 2023 year end valuation. Refocussed plan at First Light Fusion with management team strengthened by addition of experienced Acting CEO. Record-breaking test of the company's amplifier technology at leading US fusion lab Sandia. Focus on maintaining financial strength - Maintained strong balance sheet and good liquidity with gross cash and deposits(i) of £161.3m (HY23: £250.0m; FY23: £226.9m). - Net overheads(i) reduced by 16% (£1.6m) to £8.7m. - Invested £49.1m into the portfolio across 23 companies within our three high-growth sectors. - NAV per share(i) declined to 104.7p (-9%), driven primarily by a fair value decrease in the market value of listed holding Oxford Nanopore, some of which has reversed in the second half. - Third party managed funds stood at £637m (HY23: £689m FY23: £650m), with more than £90m available for investment. Delivering shareholder returns - Completed £8.1m of the £20m share buyback launched in December 2023 in the period, with the remainder now complete as at the announcement date. - Announced the intention to increase the Group's current share buyback programme by a further £10m. Future cash returns expected to be in the form of share buybacks when the share price discount to NAV exceeds 20%. Post period-end update - Additional cash proceeds of £41.2m since 30 June; gross cash and deposits of £183.7m as at end August 2024 - Fair value of the Group's holdings in listed companies experienced a net fair value increase of £52m in the period since 30 June, including ONT increasing by £43m - More than £10m cash realised from the sale of other stakes in a small number of portfolio companies in July. - Additional proceeds expected from the announced Intelligent Ultrasound Group plc's material disposal transaction - Over £95m of total cash returned to shareholders through dividends and share buybacks since 2021 - We are now seeing strong signs of improvement in the private tech sector, reflected in a strong pipeline of exits and interest in our portfolio. - Focus on costs has accelerated since the half-year, with a planned reduction in net overheads(i) of over 25% on an annualised basis by the year end. - Hostplus committed an additional A$125m to the IP Group Hostplus Innovation fund, taking total funds committed to A$435m. |
Posted at 09/8/2024 09:36 by ivyhedge IPO has the unloved syndrome for small uk shares. As they deal in small uk shares and all these are unloved hence the low price. It doesnt mean the assets they hold are bad its just the market. I hold IPO/Frontier/Duke/MeWhich ever way you look at IPO its worth much more than the current share price. |
Posted at 09/8/2024 07:17 by ghhghh Bamboowhy has the forced seller not already approached the company directly to make a deal? Not possible whilst IPO in closed period. Wunderbear This buyback has NOT “enhanced shareholder value” nor stabilised the share price. FACT. If you define shareholder value as NAV, then it has enhanced value. IMO share buy backs are fantastic if at that right time!!! Many investors don't like them because companies buy too soon into the downward trend. If IPO were to utilise the remaining funds today at 36p we'd be very happy with the significant NAV per share improvement. Buying 114p of NAV (of which 20p is solid) for 36p is a no brainer? |
Posted at 08/8/2024 19:18 by wunderbar I’ve thrown caution to the wind and added another couple tranches of stock at 36p. I only topped up a few days ago at 37.5p, but since then something’s been playing on my mind - would I look back with huge regret if I didn’t take further advantage of this shakedown. I had to take the punt as my overwhelming belief is the market has significantly mispriced this stock.I don’t often get excited about a share, but IPO is a rare exception. I’ve been crunching the numbers over and over, saying to myself, what am I missing here? Am I massively over-estimating gross cash c.£200m [20p per share], noting this forms a large part of my calculation. We know ONT valuation is c.10/11p per share, which means the market is almost disregarding the rest of the portfolio. Excluding cash and ONT stake, the market values the many remaining investments at just 5p/£50m whereas IPO reckon 84p/£840m. It’s this huge disconnect which has created a seemingly unbelievable opportunity to make a significant return on capital at this price point. I’m mindful my NAV estimation is derived from y/e figure 114.8p. We might well discover it has fallen further, but surely not to the extent where a share price of 36p is validated. Next month’s Interims will shed further light on this matter. At this moment in time the cash element is more important to me than NAV as this acts as a huge safety buffer at current price 36p. Besides, you can’t argue with stone cold cash, whereas NAV is highly debatable as evident here. We’ve seen high volumes traded these past few days, easily outstripping buyback numbers. There are suggestions a large seller is driving down the price [would explain sudden 15% drop few days ago]. If that’s the case they must be desperate bailing out at rock bottom prices c.36-42p. In the short term, my concern is, if someone is dumping stock, how much are they dumping, and how many days/weeks/months before they’re finished. A prolonged sell-off could depress the share price further. There’s been no RNS notification to suggest a major shareholder is dumping stock/reducing their stake, but maybe one will appear soon. I was encouraged by this morning’s RNS re portfolio realisations ytd of over £43m [majority attributable to sale of Garrison Technology], completed at or above carrying values. This should give shareholders some comfort re accuracy of IPO’s investment valuations. IPO also expects to receive c.£8.4m from Intelligent Ultrasound Group’s sale of clinical AI business to GE Healthcare for £40.5m, of which IPO holds 20.8% stake. You’d think all this positive news would impact the sp! Unfortunately not, the market appears completely uninterested, no movement at 36p. I note Directors plan to increase the buyback programme to a total of £30m, ytd they’ve bought back 29m shares, c.3% of shares in issue, for a total of £13m. Fantastic! Let's review the highlights of this buyback to date. During this period £200m has been wiped off IPO’s market cap. FACT. The share price has fallen 36%. FACT. Discount to NAV [114.8p] has widened from c.51% to c.69%. FACT. This buyback has NOT “enhanced shareholder value” nor stabilised the share price. FACT. Majority of shareholders have suffered significant capital erosion. FACT. Anyone who thinks otherwise is clearly in denial. FACT. [said with tongue firmly in cheek] I’m a great believer in value will out. It’s just a case of waiting patiently for the tide to turn, as it always does. Another share I’ve been aggressively buying this past month is BP, and similarly to IPO, its share price has fallen heavily despite ongoing buyback programme. But at least BP pays me a 5.5% dividend while I wait for my 550p price target to materialise. Given my average price is now below 40p, I’ll be looking to exit IPO c.75-85p. In the meantime, assuming it is a large seller depressing the sp, I’ll make a foolish prediction and say once seller has cleared out we’ll see a sharp upturn c.42-45p, thereafter 50-55p within 3-6 months. |
Posted at 07/8/2024 17:04 by bamboo2 Bagpuss, I am a bit short of time, but briefly, one of the fundamental problems with management is the conflict of interest between them and the ordinary shareholders.Management incentives are linked to NAV, over which they have a sizeable influence. Shareholders are stuck with the market valuation, ie the share price. Which is correct? I'd say they need to look at their valuation methods in the light of the true valuation based on what constituents might be worth in the case of a complete liquidation. The current official NAV is a management lie. What can they do about it? Accept the market valuation at regular intervals. Share price can then find a premium/discount based on the last true valuation. |
Posted at 05/8/2024 16:58 by palisz Buying back shares at a discount, particularly when its a 50% plus discount increases the NAV per share. This does enhance shareholder value...just a fact.It doesn't guarantee to short term push up the actual share price. But I agree the last few days have been brutal for IPO, and I can't see the reason. I do think some private equity holders are using IPO as a way to hedge their positions. It's no secret many are in serious trouble. But if so, they are going to get double hit as IPO I believe has been very conservative in there valuations. The 2h numbers are due anytime perhaps then the picture will be clearer. I expect another down tick in the NAV, but not enough to change the long term potential. |
Posted at 05/8/2024 16:42 by wunderbar I’m not sure what’s going on here, but IPO’s share price has tanked 15% [c.£65m wiped off] in just two days, including -9.7% today. I know the market is a bloodbath right now, but nevertheless I can’t see any justification to warrant a fall of this magnitude.Perhaps IPO has been dragged down by ongoing US tech sell-off [tarnished with same brush]. Or maybe word is out that something nasty lurks in forthcoming Interims. Or maybe we are in the final phase of IPO’s long standing decline and from here starts the recovery [wishful thinking]. Whatever the reason [if any], I topped up again this morning at 37.5p, only to see it drop another 4% within a few hours. Talk about a horror show. As I write, the share price is now 36p [69% discount to NAV 114.8p]. We’re now at a level not seen since 2010/2011. Come Interims, I’ll be honing in on NAV, cash, and any potential sales of assets in order to assess my target price of c.85p. It’ll be interesting to see if there has been a material slowdown in NAV decline, noting previous two years its fallen 14% and 20%. Needless to say, management need to stop the rot and instil some confidence in the IPO proposition. I've done a very quick/rough breakdown of IPO's NAV [114.8p]. I'm going to assume gross cash has fallen from £235m to £200m [purely to make it a nice round number] = 20p a share. They own almost 10% stake in ONT = c.10p a share. So, based on today's closing price of 36p, leaves the rest of IPO's portfolio valued at just 6p, opposed to NAV 85p [93% discount]. Using an extreme example, even if headline NAV dropped by 25% to 86p, strip out cash and ONT stake, the balance of the portfolio would equate to NAV 56p, opposed to today's 6p valuation, representing a discount of 89%. Needless to say, something doesn't stack up here, either this is an absolute bargain right now or there is something seriously wrong with IPO's valuations. The longer the share price remains at these depressed levels the harder it will be for the CEO to justify the £20m share buyback programme - neither has it enhanced shareholder value [in terms of putting cash in shareholders pockets], nor supported the share price [instead, suffered significant capital erosion]. And just to highlight the most eye opening fact of all - IPO has likely spent c.£10m [pro-rata] on buybacks since December, during which time the market cap has fallen by a staggering £200m. That's certainly not my definition of enhancing shareholder value. If management decide to continue with the buyback policy going into 2025 then I suggest they reinstate the dividend as well, they can comfortably afford to do both. My investment in IPO is still in its infancy, merely just over a month now, but already it’s been a rocky ride. I can’t deny it’s been a disappointment to date but that’s investing for you, never plain sailing. In 12 months from now I’d like to think things will look a lot brighter for shareholders. |
Posted at 23/7/2024 23:52 by wunderbar At this moment in time IPO is unloved and firmly out of favour, which is arguably the best time to buy. The share price has now dipped below its Covid low of 41p seen in April 2020. Seems crazy. What on earth is happening here?This is a stock I’ve kept tabs on for almost a decade, though never really considered it a serious investment proposition until recently. In June the share price fell 22% which prompted me to take a more thorough look at IPO and convinced myself to make an investment. I’ve subsequently made three purchases this past fortnight ranging from 40.6p [today] to 43p. My aim is to double my money c.85p within a timeframe of 2-3 years. I’d definitely classify IPO as a slow burner, many of their investments [c.66 holdings] will take years [if ever] to reach fruition. That said, I do think the market is completely ignoring the huge potential here. Based on current price 40.5p, IPO currently trades on a 65% discount to NAV [114.8p @ 31 Dec 2023]. Ultimately, I see this as a dull, boring, under the radar, recovery play. My favourite kind of investment. Right now I think IPO is grossly oversold. I can find no logical explanation for the heavy fall in June, and despite positive snippets of news of late this has been completely ignored by the market. These past few weeks the share price has been trading in a tight range c.41-43p, hopefully a sign the decline is bottoming out. Does beg the question, what’s driven the price down to these levels, especially when you consider we are in the midst of a share buyback programme. Well, for starters this particular sector [early stage investment vehicle] is clearly out of favour, the primary problem being a high degree of scepticism with start-up valuations. Take ONT [Oxford Nanopore] as example - floated on LSE in Oct 2021, initially valued at £3.6bn [425p], quickly surged 40% within a few months [710p]. Today it’s valued at £1.05bn [120p], down c.72% from its flotation price and down 83% from its all time high. Many investors will have incurred heavy losses, sucked in by the hype, left with nothing but a bitter taste in their mouths. For many it will be a case of once bitten, twice shy. So you can understand why the market is very weary with these valuations. IPO owns 9.8% of ONT, the value of its holding reduced by £31.9m in 2023. Given ONT is a major holding, seems to me IPO is almost entirely driven by its share price performance. Look at their respective share price charts as evidence of this. On a wider scale, IPO’s NAV y/e 2023 [114.8p] was down almost 14% from 2022 [132.9p] which itself was down 20% on 2021 [167p]. In short, IPO’s NAV has had a torrid couple of years, falling 31% during this time. It’s down to management to unlock the supposed true value of these investments or suffer prolonged market negativity. Let’s hope 2024 results reveal NAV has stabilised/increased opposed to further decline. On to a touchy subject now. I think shareholders have every right to be angry at management re suspension of dividend in favour of share buybacks. Whilst acknowledging the dividend was pretty poor [1.27p per share] I’d still prefer cash in my pocket anytime. I hate it when a company says they are returning cash to shareholders via buybacks. The harsh reality is investors rarely benefit financially. However, I am in favour of buybacks on a large scale, ie. reducing share count by 5-10%. My main gripe here is, and important to note, when IPO announced this value enhancing bonanza they had gross cash of £235m. They could’ve easily subsidised both dividend [c.£13m payout] and share buybacks [£20m] using this cash mountain and still have plenty left over. On this basis I find their decision to suspend the dividend as utterly bizarre. Which brings me onto IPO’s £20m share buyback programme [commenced 19 Dec 2023]. At the time share price was c.55p giving IPO a market cap of c.£570m. So, for example, if they bought £20m of shares @ 55p average this would reduce shares in circulation by c.3.5%. But given share price has since fallen by 26% [now 40.5p] and buybacks are still ongoing, it’s not inconceivable they could end up reducing overall share count by 4-5% by the time the programme is completed end of 2024, a not inconsiderable amount by any means. But...the whole point of this exercise was to enhance shareholder value, as envisaged by the board of directors. Therefore it’s somewhat ironic quite the opposite has occurred - shareholder value has been destroyed. During the course of these buybacks IPO’s market cap has collapsed from £570m to £411m today. All of which makes a mockery of this plan to buy back £20m of shares when to date c.£159m [almost 8 times the total buyback sum] has been wiped off market cap. We’re just past the half way point of 2024 and it’s turning into a very bad year for shareholders whom have [involuntarily] forfeited their dividend, seen share price fall 28%, and without a say in the matter watched the company waste c.£10m [estimated on a pro rata basis] buying back company shares. It’s a common misconception buybacks support a share price. All too often this is not the case, IPO being a prime example. Time to reinstate the dividend? As per RNS dated 18 December 2023, the board of directors declared, “future cash returns are expected to be in the form of share buybacks when the share price discount to NAV exceeds 20%”. These so called future cash returns are not monetary in the traditional sense, the reality is not a single penny from these buybacks will end up in shareholders pockets. As stated earlier, IPO’s last known NAV is 114.8p - using the above 20% discount mechanism implies future buybacks will only stop when share price is 92p or higher. In other words, the share price has to more than double from current price 40.5p. On this basis shareholders will likely not see a dividend for quite some time, possibly another couple years if lucky. I wonder if management will abandon this strategy given they're likely to face a backlash from shareholders at next AGM [unless things drastically improve]. Tell you what though, if the share price doubles from here I won’t give a damn about the dividend as I’ll likely have bailed out c.85p, taken my profits and run for the hills. And I'm sure I won't be the only one. In closing, I have high hopes for IPO, but patience is required. Management’s plan to reduce the chasm between share price and NAV is clearly not working. The fact the discount has widened considerably during a share buyback will not sit well with shareholders, especially with no dividend to compensate them. It’s abundantly clear the market gives no credence to IPO’s NAV valuation. Is this justifiable or not? Well, it’s down to management to prove the market wrong. If they can successfully do this we’ll be laughing all the way to the bank. In the meantime I’ll be disappointed not to see c.50p in the next 2-3 months. |
Posted at 13/3/2024 14:35 by houseofpain1 Istesso has strong potential to drive a share price recovery in the near term. Phase 2b data fairly imminent by the sound of it and likelihood is that it is positive which should drive a significant valuation uplift. Bear in mind that Hambro Perks were looking at IPO'ing this at a valuation of "several hundred million pounds" this time last year. It is currently held at £200m and represents 11.0p of NAV.Nanopore. Share price lows are likely in now I reckon. CEO's golden share falls away at the end of this year so potential for some corporate activity after that. Hysata obviously had a stellar year and there could be much, much more to come there. Oxa and FeatureSpace both appear to be progressing well. If some of this "good stuff" happens, then it will make a decent difference at the NAV level and should make a very significant difference at the share price level. |
Posted at 10/3/2023 12:50 by brucie5 Yes, agreed, and whole market down today. My folio which carries considerable value/income bias currently down 2.3%, so IPO (3.1%) not an outlier by much. 55p hit, and I think 50p may indeed follow.But question is, what then. Or, what level is so absurd that the equivalent of PE decides to correct the anomaly? I understand that PE is not likely; but some cherry picking of distressed asset prices? Anyone recall Shell at £9 in late 2020? Why did we all buy? At some point pension funds need to consider where the growth is going to come from tomorrow, never mind the dividends today. On a ten year view, and assuming continued progress with just the ten top holdings, where is IPO share price? |
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