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Is the sell-off in IVE Group (IGL) overdone?

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Question asked 02/09/2023

Is the sell-off in IVE Group (IGL) overdone?

Hi Like many companies this reporting season, IGL has been punished for a miss on their FY23 results (although it seemed to be a slight miss and FY24 guidance was a bit light on, but not terrible). But since the results were announced the share price has been whacked. Do you think the selling is a bit overdone by now? You've had IGL on your hitlist for some time - at what price would you be pushing the Buy button? Would you be buying more if you already held the shares? Cheers, Carl

Answer

Hi Carl,

We discussed IGL in our What Matters Today Report on Thursday. As you say not a great result with guidance over 8% below consensus but the selling has been aggressive with the stock falling ~15% over the last week. Similar to yourself we believe the stock has been treated harshly and around $2 it’s looking attractive as a yield play.

IGL is looking attractive on an almost 9% yield – MM has IGL in its Active Income Portfolio Hitlist.

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IVE Group Ltd (IGL)

LAST UPDATED 31/08/2023 14:44

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