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Ive Group (IGL) $1.72

IGL -2.27%: The integrated marketing business held their AGM last week and provided a trading update for the first 4 months of FY22. Overall, the update was strong relative to a weak trading period this time last year however the key takeaways are as follows:

  • EBITDA up +32% on same time last year with NPAT up +75% although it was off a low base
  • Revenues have increased 9% against expectations of a flat top line
  • Net debt of ~$90m is higher than at the end of FY21 however capital management still in play we think
  • IGL is trading on a sub 10x P/E with an expected yield ~8% fully franked i.e. it’s cheap
MM remains long & bullish IGL
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Ive Group (IGL)
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