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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
|
|
|---|---|---|---|---|---|
| 1.00 | 1.92% | 53.10 | 550,854 | 13:51:43 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 53.10 | 53.30 | 53.40 | 51.80 | 52.40 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | -140.1M | -174.4M | -0.1751 | -3.01 | 518.86M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:52:26 | O | 300 | 53.10 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 13/12/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 12/12/2024 | 07:00 | UK RNS | IP Group PLC AGM post-meeting shareholder engagement update |
| 12/12/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 11/12/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 10/12/2024 | 07:00 | UK RNS | IP Group PLC Transaction in Own Shares |
| 09/12/2024 | 14:44 | UK RNS | Tissue Regenix Group PLC Holding(s) in Company |
| 09/12/2024 | 12:00 | UK RNS | Oxford Nanopore Technologies plc Holding(s) in Company |
| 09/12/2024 | 09:44 | ALNC |  IP Group sells minority holdings in nine companies for GBP15 million |
| 09/12/2024 | 07:00 | UK RNS | IP Group PLC Secondary sale of minority holdings in portfolio |
| 06/12/2024 | 17:13 | UK RNS | IP Group PLC Transaction in Own Shares |
Ip (IPO) Share Charts1 Year Ip Chart |
|
1 Month Ip Chart |
Intraday Ip Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/12/2024 | 07:03 | IP Group PLC | 3,465 |
| 27/9/2021 | 07:52 | ONT future steps. | 4 |
| 23/12/2020 | 09:51 | IP Group - commercialising university technology. | 971 |
| 11/10/2012 | 06:43 | ::: 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 |
|---|---|---|---|---|
| 13:52:32 | 53.10 | 300 | 159.30 | O |
| 13:52:28 | 53.10 | 78 | 41.42 | O |
| 13:52:24 | 53.10 | 39 | 20.71 | O |
| 13:51:34 | 53.10 | 405 | 215.06 | AT |
| 13:51:21 | 53.20 | 1,738 | 924.62 | AT |
| Top Posts |
|---|
Posted at 13/12/2024 08:20 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 52.10p.Ip currently has 995,895,369 shares in issue. The market capitalisation of Ip is £524,836,859. Ip has a price to earnings ratio (PE ratio) of -3.01. This morning IPO shares opened at 52.40p |
Posted at 09/12/2024 07:52 by bamboo2 FOR RELEASE ON9 December 2024 Secondary sale of minority holdings in portfolio companies - Includes nine companies across balance sheet & managed funds - Balance sheet proceeds of up to c.£15m at small overall premium to carrying value - Intention for all proceeds to be used to increase ongoing share buyback programme IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to announce that it has agreed the sale of minority holdings in nine portfolio companies across its balance sheet and managed funds to a new fund managed by Lexham Partners. The Group expects to generate up to approximately £15m of cash proceeds from the 6 balance sheet holdings included in the transaction. These sales are expected to be at a small overall premium to the HY24 balance sheet value. On completion of the sales, some of which are subject to customary private company transfer conditions, all proceeds received are intended to be used to further increase the Group's current share buyback programme. If these sales complete as planned, this will increase the buyback programme by a further £15m to a total of £45m. IP Group remains a committed and supportive shareholder to the portfolio companies included in this sale and the shares sold represent, on average, less than 10% of the Group's holding in each company. Greg Smith, Chief Executive of IP Group, said: "This transaction creates new relationships with a group of long-term investors and further validates the quality of the Group's portfolio and our valuation approach. IP Group has performed strongly in generating cash from exits this year at or above carrying values and we remain compelled by our portfolio and the opportunity to deliver impact and returns for shareholders. The Board believes the current share price significantly undervalues the Group's portfolio and has decided it will allocate all cash proceeds received from this secondary sale to our ongoing buyback." Dominic Perks, Managing Partner of Lexham Partners, said: "Lexham is delighted to become shareholders alongside IP Group in some of the most exciting British innovation companies. We look forward to deepening our partnership with IP Group and supporting the portfolio companies to fulfil their growth potential." In the year to date, IP Group has received £57m of cash proceeds from exits, compared with £38.6m received in 2023. Since the current share buyback programme was announced in December 2023, the Group has bought back 60.5m shares, approximately 6% of the opening shares in issue, for a total of £26.7m. Since 2021, the Group has delivered more than £100m of cash returns to shareholders via dividends and share buybacks. The Group anticipates receiving an additional £134m of cash, of which £15m is subject to deferral, for its holding in Featurespace once that transaction completes. In addition, the Group anticipates receiving additional cash proceeds after Intelligent Ultrasound Group plc affirmed its intention to make a 'material return of capital to shareholders'. As of 30 November 2024, IP Group had £176m gross cash and deposits, and the Group's holdings in listed companies were £167m, which together represented approximately 80% of the Group's market capitalisation at that date. |
Posted at 06/12/2024 13:43 by bamboo2 nigel, agree.Because the current share price is "5 per cent above the average of the middle market quotations taken from the London Stock Exchange Daily Official List for the five business days preceding any Ordinary Shares being purchased", the co is barred from buying back shares, irrespective of any other conditions, such as closed period. I just did the calcs using figures from the last market price based chart on Tradingview. Today the price has to drop to around 46.225p [+5%], before IPGroup can buyback. Assuming todays price remains in the current range, from Monday this rises to approx 47.225p[+5%], then, assuming similar price action on Monday, Tuesdays average will arrive at approx 48.50p [+5%]. If over the next few sessions the price were to drop, the buyback could recommence sooner. ============== Edit added, IPGroup is allowed to pay up to 5% above the prices mentioned above. |
Posted at 04/12/2024 12:43 by craigso It's not "value accretive" to sell something worth 100p for 100p. And IPO is cash rich... why sell private assets at NAV? They already have enough dry powder for investments and/or to juice the share price with a proper buyback / tender. If selling Featurespace at a premium didn't send the share price rocketing, selling part of Istesso near NAV certainly won't do it on its own...A sale at a premium followed by a major capital return to shareholders is the only thing that makes sense to me. I know that they don't necessarily need to spend the existing £10m of buybacks before announcing more, but that might help explain why the pace has been picked up recently. |
Posted at 03/12/2024 22:35 by p1nkfish Lots of "ifs". Looks possible if........Lexham would probably due DD to determine their own fair valuation of each holding. Potentially higher than the conservative holding value on IPO's books. Somewhere between both values Lexham would buy at a discount to their valuation but above IPO's carry cost. Everyone satisfied. Makes sense for IPO to ditch some ballast. Need the transfer be in cash? What if Lexham took the holdings in exchange for buying IPO stock in the market? I don't know if this is possible. Certainly not simple. |
Posted at 29/11/2024 08:32 by bamboo2 Frazboy, yes looking good. The shorter has helped by increasing volume and reducing the share price meaning that the co has been able to buy back around half a million more shares than they likely would have done at prices prior to the short.I have confirmed management do have flexibility in the buyback and are able to take advantage of price dips, within certain limits, as suggested by palisz. ONT has helped lift NAV with share price up approx 20% over the past six sessions. ONT has said no more LAT shares, and entry to the FT250 should be confirmed on Wednesday. [This means trackers and IT's will be buying.] In addition ONT have announced a huge new strategic partnership between UK Biobank, Genomics England, and NHS England. |
Posted at 28/9/2024 14:39 by craigso I personally prefer tender offers as well. and not just because I tend to get way more than my entitlement picked up :)Tenders get the money out the door faster, with more of a bump to the share price. People who want to sell receive clarity on price. People who want to stay invested pick up a large NAV accretion. People who tender but then buy some of those shares back in the market post-tender provide an added boost to the share price. It would probably have to be in the 60-70p range though. You want to make sure its above the share price post-announcement - otherwise people don't tender. But you want it low enough that you get a big NAV accretion for the other shareholders. |
Posted at 09/8/2024 08:36 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 08/8/2024 18:18 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 05/8/2024 15:42 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 22:52 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. |
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