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IFL

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$3.19 insignia financial ltd

Ann: FUMAS for period ended 30 June 2018 and ANZ Wealth update, page-17

First 17 Last

Just_a_guy

3,322 Posts.

103

27/07/18

13:08

Post #: 34594092

Originally posted by CaptainBarnacles ↑

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6

1 Macquarie

2 27/07/2018

3 1

4 Outperform

5 $11.40

6 24.32%

7

COMMENTARYJune quarter net inflows were more than $2.8bn in the June quarter. Macquarie believes the underlying business is continuing to perform well in spite of the distractions surrounding the sector.The broker considers the current valuation already incorporates a significant discount for potential regulatory reforms and this is not really justified. Outperform rating. Target reduced to $11.40 from $12.20.

8 Citi

9 27/07/2018

10 1

11 Buy

12 $10.90

13 18.87%

14

COMMENTARYRecord flows have lifted FUM well above Citi's forecasts, although helped by the $2bn transfer of an advisor group. The broker expects FY19 and FY20 EPS should benefit but has previously flagged downside risk from increasing price competition on platforms.Consequently, the broker offsets the uplift with an allowance for an increased squeeze on margins. Buy rating and $10.90 target maintained.

15 UBS

16 27/07/2018

17 3

18 Neutral

19 $9.30

20 1.42%

21

COMMENTARYFUM in the fourth quarter was ahead of UBS estimates, primarily reflecting flows from an additional adviser network. UBS envisages medium-term downside risks to the company's share of external platform economics as contracts are renegotiated over time.Separately, the company has indicated the full completion of ANZ wealth business will not occur until March, a six-month delay. Neutral rating and $9.30 target maintained.

22 Credit Suisse

23 27/07/2018

24 1

25 Outperform

26 $12.00

27 30.86%

28

COMMENTARYIOOF reported an above expectation 6.0% increase in June Q funds under management, from 3.6% positive market moves and 2.4% inflows. Inflows were well above expectation, the broker notes, albeit supported by the one-off transfer of new partnerships with ASIC data.A delay to the separation of ANZ's ((ANZ)) wealth business was also announced. With IOOF currently trading around a -25% PE discount to the ASX200 and offering a 7-8% yield, the broker retains Outperform and a $12.00 target.

29 Morgan Stanley

30 27/07/2018

31 1

32 Overweight

33 $12.00

34 30.86%

35

COMMENTARYNet flows were surprisingly strong at $2.8bn in the June quarter and Morgan Stanley estimates that around $2.0bn related to a block of advisers transferring from another licensee. This highlights the attractiveness of the company's advice-lead model to planners, in the broker's opinion.Overweight and $12 target retained. Industry view: In Line.

From Fnarena

Expand

Isn’t the fact that a broker group is transferring to ifl good news anyway? UBS clearly have an agenda (obviously they all do...) mentioning the anz completion date delay of 6 months which is a bit rich, given that 82% of the sale will be completing a bit over 11 months after announcement.

IFL Price at posting: $9.18 Sentiment: Buy Disclosure: Held

5 Upvote

0 Great analysis

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(20min delay)
Last $3.19		Change 0.035(1.11%)		Mkt cap ! $1.703B

Open	High	Low	Value	Volume
$3.20	$3.21	$3.17	$1.518M	475.4K

Buyers (Bids)

No.	Vol.	Price($)
52	11020	$3.18

Sellers (Offers)

Price($)	Vol.	No.
$3.19	18699	35

View Market Depth

No.	Vol.	Price($)
4	29401	6.110
10	100380	6.100
7	33654	6.090
5	58008	6.080
5	36106	6.070

Price($)	Vol.	No.
6.120	14772	1
6.130	13181	4
6.140	28163	3
6.150	47483	7
6.160	28454	3

Last trade - 12.20pm 03/12/2024 (20 minute delay)

IFL (ASX) Chart

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
1	Macquarie
2	27/07/2018
3	1
4	Outperform
5	$11.40
6	24.32%
7	COMMENTARYJune quarter net inflows were more than $2.8bn in the June quarter. Macquarie believes the underlying business is continuing to perform well in spite of the distractions surrounding the sector.The broker considers the current valuation already incorporates a significant discount for potential regulatory reforms and this is not really justified. Outperform rating. Target reduced to $11.40 from $12.20.
8	Citi
9	27/07/2018
10	1
11	Buy
12	$10.90
13	18.87%
14	COMMENTARYRecord flows have lifted FUM well above Citi's forecasts, although helped by the $2bn transfer of an advisor group. The broker expects FY19 and FY20 EPS should benefit but has previously flagged downside risk from increasing price competition on platforms.Consequently, the broker offsets the uplift with an allowance for an increased squeeze on margins. Buy rating and $10.90 target maintained.
15	UBS
16	27/07/2018
17	3
18	Neutral
19	$9.30
20	1.42%
21	COMMENTARYFUM in the fourth quarter was ahead of UBS estimates, primarily reflecting flows from an additional adviser network. UBS envisages medium-term downside risks to the company's share of external platform economics as contracts are renegotiated over time.Separately, the company has indicated the full completion of ANZ wealth business will not occur until March, a six-month delay. Neutral rating and $9.30 target maintained.
22	Credit Suisse
23	27/07/2018
24	1
25	Outperform
26	$12.00
27	30.86%
28	COMMENTARYIOOF reported an above expectation 6.0% increase in June Q funds under management, from 3.6% positive market moves and 2.4% inflows. Inflows were well above expectation, the broker notes, albeit supported by the one-off transfer of new partnerships with ASIC data.A delay to the separation of ANZ's ((ANZ)) wealth business was also announced. With IOOF currently trading around a -25% PE discount to the ASX200 and offering a 7-8% yield, the broker retains Outperform and a $12.00 target.
29	Morgan Stanley
30	27/07/2018
31	1
32	Overweight
33	$12.00
34	30.86%
35	COMMENTARYNet flows were surprisingly strong at $2.8bn in the June quarter and Morgan Stanley estimates that around $2.0bn related to a block of advisers transferring from another licensee. This highlights the attractiveness of the company's advice-lead model to planners, in the broker's opinion.Overweight and $12 target retained. Industry view: In Line.

Ann: FUMAS for period ended 30 June 2018 and ANZ Wealth update, page-17

Top Stories

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

Breaking news: New opportunities for investors & companies - HotCopper opens to capital raising!

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