2013 – The Great Irish Share Valuation Project (Part XI) I take a look at IFG Group, plus a batch of other Irish stocks: http://wexboy.wordpress.com/2013/04/24/2013-the-great-irish-share-valuation-project-part-xi/ Cheers, Wexboy
27 Mar '13
6 Nov '12
Valuation: Significant discount to wealth managers The small changes to our estimates have a minimal effect on valuations. Our Gordon’s growth model indicates a value of 149c (119p), unchanged as the quantum of the buy-back is as expected, and the cash flow model Is also 149c. Peer valuations are c 10% above this level.
Valuation: Significant discount to wealth managers We reinitiate our forecasts for IFG in this note. These incorporate the recent strategic changes at IFG and short-term drivers highlighted above. We use a range of valuation approaches. Most UK wealth managers trade on a 2013 P/E of 12-13x and they now constitute the best peer group for IFG. IFG is on a similar 2013 multiple, but we believe it may see a re-rating if the market values the anticipated 2014 growth. Our Gordon’s growth model indicates a value of 119p (€1.50), while the cash-flow model is 122p (€1.54)
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