IVE +6.36%: The integrated marketing company reported a very strong 1H25 result this morning, and while things will likely moderate in the 2H, their earnings relative to their depressed multiple and high yield is a compelling combo;
- 1H25 Revenue of $507.8m was flat on the half
- Underlying earnings (Ebitda) of $74.1m up 12.6%
- NPAT of $29.3m & EPS of 20.1cps ahead of expectations.
- Dividend of 9.5cps fully franked, puts them on an 8% yield for the FY
They plan to implement a share buyback of up to $10 million, saying the shares are “offering significant value at current levels.” We think they’re right.
- IGL is on our Hitlist for the Emerging Companies Portfolio
MM is bullish IGL ~$2.35
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