my latest thoughts on IGL, page-11

I have put together some summary financial metrics comparing IVE Group from 2017 to now. I picked that period simply because the market capitalisation is similar. I think there is a perception that IVE isn't a growing company or that quality in the form of margins and cash flow is under threat.

My overall view is that the costs associated with the restructuring in the current year skew the financials in a large way such that the market has forgotten these costs are ephemeral and that the Ovato assets will enhance growth.

The important thing to recognise is that there has been fairly decent growth over the 6 years without any significant hit to margins or other quality factors really. Valuations look better now. I cant really find why this isn't just one of those situations of the market presenting a good opportunity.

The figures are largely statutory except where I have noted restructuring costs.