Ann: Insignia Financial FY24 Results Announcement, page-39

I'm long, the new management is shaking the foundations that has been needed for decades. The last two MD's just kept buying businesses much like the old QBE pre the GFC. That always ends in disaster as cost out and no internal growth is not a good nor sustainable way to grow a company.

Scott has put the cleaners through the place very aggressively from what i have heard from mates and the old days working in Government like staff conditions and no direction are now over. The EDITDA lift was good and will only keep lifting, staff and operational costs are coming down as needed to boost cashflow and pay down debt.

It was either pay a dividend and dilute shareholder or cut the dividend and get the business back on track, they chose the later and that's the smartest plan. Scott was handpicked to get master trust back firing as it's half of the company's revenue. The largest shareholder chose him from all accounts and they are a turnaround specialist that are currently under water.

New MD wipes the floor and cleans out the dead wood, tick. Increased EBITDA and reduces costs, tick.

Give him a couple of years and IFL will be trading $4 plus again. MKT cap currently $1.6 billion and EDITDA $381 million and lifted 11% and will lift again with reduced costs and dead wood/cleaner business model. Now work out the PE ration on EBITDA and some good on the horizon, just a a free cashflow multiple is not expensive plus the added retained earnings negative losses to chew through and tax a minimum for years to come. IFL will be a growth stock not a dividend paying dog going backwards in my eyes. I'll take growth over dividends every day of the week.

GLAH and lets see what the September/October Master trust plan is when it's unveiled to the market