IG Design (IGR)

IG Design IGR Logo

One of the world’s leading designers, innovators and manufacturers of gift packaging, greetings, stationery, creative play products and giftware.

28-Nov-2017 – 435p – £275.2m – PER 20

Interim Results For The 6 Months To End September 2017 – Looks pretty good, Revenue up 14% to £166.5m from £145.5m, PBT up 27% to £10.5m from £8.2m, Underlying EPS up 14% to 10.9p and Net Debt reduced by £6.2m to £70.2m. There’s a new CFO announced today too.

I still like the look of this. Nice growth, Revenue, Profit and EPS. A nice ROCE of 15% and a small well covered Dividend. It’s on my Watchlist and if the market is disappointed with these results I may be a buyer soon.

16-Jan-2018 – 391p – £241.6m – PER 17.2

Q3 Trading Update Covering The Christmas Period – Strong trading. Expects to deliver record revenues in 2018 with the continued expansion of its global footprint outside the UK which the Board expects will account for over 70% of sales. All regions on track to achieve YoY Revenue and Profit growth. EPS expected to be ahead of current market expectations.

Still liking this, it remains on my Watchlist, 380p.

Subsequently revised Watchlist price, 360p.

18-Apr-2018 – 432p – £276.0m – PER 18.5

Trading Update For The 12 Months To End March 2018 – In-line.

Still quite like this – It remains on my Watchlist, 380p (Sadly I missed a retracement to my Entry earlier in the month, perhaps I will need to revise this level now).

Subsequent note: Meeting my Technical Screen and after checking and liking the fundamentals I bought in here at the beginning of June.

11-Jun-2018 – 436p – £277.3m – PER 18.5

Final Results For The 12 Months To End March 2018 – Revenue up 5% to £327.5m (2017: £311.0m), Underlying PBT up 32% to £21.4m (2017: £16.3m), Gross margin up 0.8 percentage points to 21.4% (2017: 20.6%), Fully diluted earnings per share up 37% at 20.5p (2017: 15.0p) with a FY Dividend of 6.00p, up 33% (2017: 4.50p). And, this reads well “We are delighted to report that 2017/18 has seen our well-diversified business deliver a very successful overall performance, but more importantly, on-going momentum and opportunity for 2018/19 and beyond”.

I hold here and will continue to do so.

16-Oct-2018 – 498p – £388.0m – PER 17.2

Trading Update For The 6 Months To End September 2018 – Due to deliver record H1 Revenues – Expect forecast FY Diluted EPS to be in line with management expectations, delivering strong YoY growth.

I hold here and continue to do so for now, I believe there’s still decent value here if expectations are met.

Subsequent note: Sold out here in March 2019, details in the monthly reports.

15-Apr-2019 – 600p – £470m – PER 19

Trading Update For The 12 Months To End March 2019 – FY to be in-line, Net Cash up.

Sold out here recently believing 500p or so to be fair value, looks like I may have been wrong there!

11-Jun-2019 – 604p – £473m – PER 19.1

Results For The 12 Months To End March 2019 – Revenue up 37% (from £327.5m to £448.4m), Adjusted PBT up 39% (from £21.8m to £30.3m) with EPS up 33% from 22.1p to 29.3p. The Total Dividend is up 42% from 6p to 8.5p. Note, Fully Diluted EPS down from 20.5p to 16p (mainly exceptional acquisiton costs).

I sold out here not so long ago believing 500p or so to be fair value, looks like I may have been wrong on that!

28-Aug-2019 – 590p – £463m – PER 18

Trading Update – Strong YoY Revenue and Profit growth, Order book ahead of last year, cross selling continues, key licenses (Frozen 2 and Toy Story 4) secured, production capacity being expanded.

Seems positive but looks about fairly valued here to me.

17-Oct-2019 – 616p – £484m – PER 19

Trading Update For The 6 Months To End September 2019 – Strong performance, on track to meet FY expectations.

I still see 600p or so as fair value here.

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