IFL insignia financial ltd

4.26%

$3.67

Ann: ANZ Wealth Management updated financial information, page-30

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Gishmibop

1 Posts.

16/11/18

20:21

Post #: 36538645
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Originally posted by Transversal: ↑

UBS and Morgan Stanley have cut their price targets on IOOF by 25% (from 9.35$ to 7.00$) and 10% (from 12.00$ to 10.80$) respectively.

UBS’s rationale for the downgrade, in particular, is as follows:

2232 GMT - IOOF is firmly in the grip of structural and regulatory pincers, argues UBS as it cuts its target on the shares 25% to A$7. The investment bank believes that even trading at 10.6 times the consensus earnings forecast and underperforming the market by about 30% in 2018, there still isn't sufficient value to compensate investors for risks. That's despite an 8% expected dividend yield, since EPS is expected to fall 8% through FY20 and uncertainty over what recommendations for the industry will come from an ongoing judicial inquiry into misconduct, possible customer remediation costs and declining upside from the wealth-management assets being bought from ANZ, UBS says. ([email protected]; @RobbMStewart)
(END) Dow Jones Newswires
November 15, 2018 17:32 ET (22:32 GMT)

For context, note that in August IOOF guided underlying EPS growth of ~5% in FY19 and ~15% in FY20; that corresponds to cumulative EPS growth of ~21% by FY20 (before markets and inflows).

Therefore, by saying that “EPS is expected to fall 8% through FY20”, UBS are implying a hit from regulatory changes in the order of -30%. And, of course, no mention is made of the fact that IOOF also guided EPS growth of >20% in FY21 following the full integration of ANZWM.

My personal take: Sell UBS.

IMHO & DYOR

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Hi Transversal,

If you don't mind me asking, which sites or apps do you use to get notified that UBS and Morgan had updated targets recently?

Thanks

IFL Price at posting: $6.84 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $3.67		Change 0.150(4.26%)		Mkt cap ! $2.461B

Open	High	Low	Value	Volume
$3.55	$3.73	$3.54	$7.648M	2.077M

Buyers (Bids)

No.	Vol.	Price($)
2	8965	$3.67

Sellers (Offers)

Price($)	Vol.	No.
$3.72	693	2

View Market Depth

No.	Vol.	Price($)
2	8965	3.670
1	4097	3.660
2	4370	3.650
2	1900	3.600
2	25586	3.580

Price($)	Vol.	No.
3.720	693	2
3.730	34805	8
3.740	7097	2
3.750	16397	4
3.760	12243	3

Last trade - 16.10pm 27/06/2025 (20 minute delay)

IFL (ASX) Chart

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