Stock data
| Market cap. | €164.1m |
| Last close | €1.30 |
| High / Low (52 weeks) | €2.0 / €1.0 |
| Stock market listing | LSE, Irish Stock Exchange |
| Forecast net debt (£m) | 40.8 |
| Forecast gearing ratio (%) | 40 |
| Team | Financials |
| Sector | Financials |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (11.565) | 11.111 | (23.977) |
| Relative * | (8.938) | 12.821 | (26.42) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 103.5 | 16.8 | 20.9 | 16.11 | 6.5 | 9.8 |
| 2011A | 110.8 | 23.3 | 22.6 | 14.84 | 7.1 | 10.8 |
| 2012E | 116.3 | 27.2 | 23.1 | 14.93 | 7.1 | 4.8 |
| 2013E | 122.1 | 30.6 | 26.3 | 17.06 | 6.2 | 4.8 |
Last updated on 19/04/2012
Latest research
Trading update
Flash note | Financials | 18/11/2011
Back to the future
Outlook | Financials | 03/10/2011
Bid update and interims
Update | Financials | 01/09/2011
AGM statement
Flash note | Financials | 04/07/2011
Interim Management Statement
Flash note | Financials | 20/05/2011
2012 gold medal growth
Outlook | Financials | 04/05/2011
Making (James) Hay
Update | Financials | 02/12/2010
A story transformed
Outlook | Financials | 22/09/2010
Business in transition
QuickView | Financials | 31/03/2010
Investment summary
IFG is the largest provider of UK bespoke SIPPs and has a profitable fee-based UK IFA operation. It acquired James Hay in 2010 and it is now fully integrated. On company numbers, and despite SIPP age-related attrition, the return on investment should be 20%+. The UK IFA business continues to grow strongly. IFG has announced the sale of its international business and we await more details on how the sale proceeds will be deployed/returned to shareholders. The group already had a strong balance sheet and good cash flows. It is now strategically focused on a double-digit long-term growth market and we note wealth managers are typically trading on a low/mid teens multiple.
Last updated on 23/04/2012
Industry outlook
The UK SIPP market is expected to deliver mid-teens growth, with an ageing population, greater self-provision, and higher tax rates encouraging tax-efficient saving. It is a dynamic market with customer and regulatory requirements evolving, and having scale and a well recognised brand should be competitive advantages.
Last updated on 23/04/2012
Key management
| Joe Moran, Chairman |
| Mark Bourke, CEO |
Company address
| IFG House Bookerstown Hall Bookerstown Dublin Ireland View website |
