I consider this one is now close to fair value...maybe a little more downside but getting close to bottom. Financially the company is very solid and run conservatively with no debt. Historically the company was set up for a fall as the profit margins were too high and attracted competition who are prepared to wear lower margins. Those margins have now come down and IFM's position is getting stronger because of its dominant market share. IFM is also now a very attractive takeover proposition in the mould of CTL (currently being swamped in a bidding war) in that it has a large number of customers in place worldwide, the majority of whom will stay with the status quo. Should the Aus$ continue falling this will also help the bottom line of IFM.
IFM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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