Member Info for MattTheBrave

Yep, I hold this and IG. I think both have further to run after many years in the doldrums!

Hi Tom - I well remember you, me and Stevegrass777 discussing the stock and our holdings back in in 2017 - stock price has certainly had its ups and downs since then as you say, but patience has certainly paid off handsomely here now with a better than 300% return since first investing!! I also recall us having various run-ins with a poster called GumT back then who was a seller at 480p, and believed that the spread betting industry was finished!! He hasn't posted since 2022, so I guess he'd had enough of losing money by then.... LOL!

Yep - great update. I said in my post in December that a sp of £16 this year and £20 next was possible. Looks like this might be brought forward a bit!! :-). Particularly impressed with the stock trading and investments which will help growth in the short/medium term, and lower the volatility of earnings longer-term. I think this train has further to run!!

...yes, but it certainly isn't a dog of a Company - quite the opposite. In my experience this tends to represent a significant buying opportunity, and that's what I'm doing today!

Looks like the price target of 13.70 we discussed back in August is now pretty close. However, I think the market will continue to rerate the stock to say 15x, and assuming modest growth of 10% in eps this year and next, then £16 next year, and perhaps even £20 in 2027 are realistic. Of course this assumes that TrumPutin doesn't lead us into the next bear market/world war........:-(

Nice to see a stock with good results actually rewarded with a strong share price rise! :-) Doesn't seem to happen in UK small and mid-cap stocks these days......:-(

.....which is why I used the word 'cautious'...... :-)

I'm also a frustrated holder here. But aside from that, my observation here is that both of you (Taser and CEOA) are great examples of exactly what this sort of board should be about: Discourse and debate backed by strongly held rational views derived through sensible analysis and/or critical thinking. The fact that your conclusions are different is fine, and should be what's expected where an investment's price is driven by the consensus of demand and supply. I would encourage both of you to continue posting, though CEOA, I would respectfully suggest that you desist from posts such as yours at 9.40 on the 20th. This falls into the trap (often seen on LSE) that people who continue to hold a share can't also be frustrated, and recognise the downside risks that still exist. For me, I believe the upside here is significant, but also recognise the risks around execution, and management clarity, and as such, it is one of my smaller positions. Thanks to both of you for your posts below which I found interesting and informative :-)

BNI been quiet since the announcement.........For clarity, I have not added a near identical post to UTG because I can't be ar5ed :-)

nope.....:-( - no increase in cash component or **************. why has the bod allowed this to still be recommended after the effective bid price has fallen by over 10%? do they think their nav has fallen 10% in 2 months?? looks like they have allowed shareholders to be legged over on this one! also, shows why (mostly) share deals are so much worse than cash!!

Very happy with my purchases starting 31 October last year at 960p. Great figures, and expect this stock to have good momentum from here. That said, it was on c13x this years' earnings when I bought it and now nearer 18x so no longer that cheap. I might be tempted to reduce if it spiked to c£16.

Adej, I agree with your sentiments, but not 100% on your analysis. For starters, the dividend is annual, but the Buyback is only for the first half. They invariably announce more in H2, usually at least as big as H1. Hence my estimate of c10% handed back includes an assumption of the H2 BB as well. Secondly, I believe the correct EPS number to look at is the adjusted version which is more comparable, and is 114.1p. Based on your PE of 12 (which seems eminently sensible as a cautious estimate) that would suggest £13.70!

That said, I still remain a bit disappointed that the overall return to shareholders in pound terms looks to be similar or slightly less than last year, whilst earnings have risen sharply. Still cheap though :-)

Numbers in that article look wrong to me. Pretax op profit c£535m not 514m. Interest income was down not up. Final dividend 33.34p, not 31.2p. Sloppy journalism? (NB Figs may be corrected by the time people read this :-) )

Great figures today - eps up 26% to 114p, meaning this stock is once again on a single digit PE with future growth and low capital intensity. If IG was quoted in the US, I'm sure it would be 50% higher!! That said I am a bit disappointed (for the first time in many years) by the funds being returned to shareholders amount. Firstly, the 1p rise in the dividend seems a bit mean given the 26% rise in eps (though we have to recognise that the dividend has been sustained through more difficult times in the last decade), but then we also see that the proposed share buyback programme in H1 2026 is actually £25m lower than last year (125m vs 150m). I posted after the results a year ago that this stock was still a steal even without growth as it was effectively paying back 15% of market cap each year in Divvys and buybacks. Now we have the growth, but the pay out is down to nearer 10% assuming the H1 Buyback is repeated in H2. Perhaps this is down to the purchase of Freetrade (c 5% of market cap), or perhaps they'll expand the buyback by more in the second half? The other thing I find odd is the restructuring and increase in the size of loan facilities and talk about issuing bonds? Why does a company generating this much cash even need these things? Are we about to see a show of hubris, with IG going on some wild acquisition spree? I hope not, because if they learned anything from TastyTrade, it's that acquisitions are not always straight forward, and the market will punish you if they feel the deal is anything other than brilliant! So, very much enjoying the figures today, and the stock price rise, but a few things to keep an eye on for me.

Few thoughts :1. people who either can't calculate percentages, or do so incorrectly, probably shouldn't be investing in the stock market....:-)

If the Dollar falls against sterling, then UK stocks have become more expensive for US citizens to buy - hence if they believe in any form of mean reversion, then the rationale to buy does not really hold. Only if they think that the dollar will continue to weaken does the currency argument hold up. However, given that a stock like Capita is very sensitive to stock specific news than overall market direction, I would suggest that any linkage is very close to zero.

DORE offer at 7.5% discount to NAV - Equivalent for FSFL would be circa 103p, so should keep investors interested here!! :-)

Of course it depends on how quickly they accumulate stock, but I'm always a bit surprised when a company announces they're going to take a stake like this - they've already moved the share price against themselves by 7%. There's always a chance in these circumstances that the stake building pushes the price ahead of where it should which can create selling opportunities - the good news in this instance is that the stock is so cheap, there's a lot of headroom before this bites - certainly above £3 IMO.

No, not strange at all. I have never posted on JIM as I am not and never have been a shareholder. However, I have had an account with them since 2009. I post now because I think I have a relevant viewpoint on the recently announced deal which others might be interested in - kind of what these boards are for, no?

As for the RNS, can I direct you to the following excerpt: "In addition, it is a condition of the Agreement that the total AUA, and total number of customers, of the Execution Only Business must remain at least 90% of their value at the date of the Agreement throughout this period. In the event that any of the conditions set out in the Agreement are not satisfied Interactive Investor can either extend the period to complete the migration of the relevant clients or immediately terminate the Agreement. "

I think there's reasonable grounds to believe that Jarvis are in the process of losing more than 10% of their AUA, but we'll see. I think it's worth sharing this viewpoint on the Board - not sure why that feels strange to you?

Purchase by II is dependent on Jarvis' customer retention. I'm hearing that Jarvis clients are leaving in droves rather than transfer to II. This makes sense because X-O was execution only (clue in the name) whereas II is a subscription model. I myself have now transferred all my X-O assets elsewhere. When I posted the final instruction, i received a message along the lines of 'this broker is seeing a considerable number of redemptions and hence the wait for the transfer to complete might be longer than normal'. My message is - don't assume the deal will happen at the current price, and if you're banking on that, you might want to give this further thought! :-)

M&G only entered the bulk annuity market a few years ago - it's still building up the business here.