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IG Design Group

Termination of coverage

Update | Consumer Support Services | 12 Nov 2017

Edison Investment Research is terminating coverage on IG Design Group (IGR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

IG Design Group

Australian cards on the table

Update | Consumer Support Services | 21 Sep 2017

IG Design is extending its position in the Australian greeting card market with the acquisition of Biscay Greetings, through its joint venture, Artwrap. Along with Artwrap’s previously-announced new major contract coming through, IG Design now has a wide product range and a strong market presence, particularly in the value sector. The deal (not yet reflected in our forecast) is set to complete after the key Christmas trading period. The full benefit will be felt in FY19, when we expect it to be earnings’ enhancing. Last month’s trading update showed good sales momentum into FY18, with the forecast growth and cash generation supporting the valuation.

IG Design Group

Bagging record order books

Update | Consumer Support Services | 29 Aug 2017

IG Design continues to deliver impressive growth. Its Q1 trading update shows momentum carrying into the new financial year and the group on track to meet (and possibly exceed) our FY18 target. Initiatives to stimulate organic growth and further benefits of last year’s US acquisition are driving progress, with the stronger balance sheet also giving potential for further acquisitions. The share price has performed well over the last year and the valuation is underpinned by the strong cash generation.

IG Design Group

Executive interview - IG Design Group

Edison TV: | Consumer Support Services | 04 Jul 2017

Paul Fineman, CEO, describes IG Design Group’s business activities and highlights the group’s competitive advantages. He then discusses last year’s acquisition of Lang in the US, how it has added complementary products and customers and progress on its integration. He also comments on how the financial performance of the group has developed over the last few transitional years and the current priorities for the allocation of capital.

IG Design Group

Party time

Outlook | Consumer Support Services | 27 Jun 2017

Another strong set of results from IG Design Group show the positive impact of its strategy of investment and innovation in design and delivery. Last year's acquisition of Lang in the US has added product and customers, while the European operations are gaining additional benefit from the growth of their clients. A particularly strong cash performance has moved the balance sheet cash positive at the year-end, well ahead of schedule. The dividend has been raised from 2.5p in FY16 to a proposed 4.5p, with further rises on the cards underpinned by our raised FY18 and new FY19 estimates.

IG Design Group

Outperformance in the bag

Update | Consumer Support Services | 24 Mar 2017

IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.

IG Design Group

Celebrating in style

Update | Consumer Support Services | 29 Nov 2016

IG Design has delivered very good interims, with excellent organic growth supplemented by an outperforming acquisition and further boosted by currency. Order books for H217 and into FY18 reassure that top-line momentum continues, with operating efficiency gains helping offset the transactional effect on margin from currency. The group’s increased scale is accelerating pay-down of net debt, possibly eliminating it by end FY18. A 61% gain in the share price over the last six months reflects the market shifting its view of IG Design’s financial strength and dividend growth potential.

IG Design Group

Extending US reach and range

Update | Consumer Support Services | 11 Jul 2016

IG Design (IGR) has announced the acquisition of Lang Companies for $3.6m in cash. The deal is earnings neutral in FY17e but accretive in FY18e as the synergistic benefits start to flow. Lang has a complementary product range in stationery and giftware and some strong sports-based licences. It also has a design-led culture that should mesh well with IGR's US operations, which have been gaining momentum. The share price has started to grasp the changing proposition, but has yet to fully reflect it.

IG Design Group

Grand designs

Outlook | Consumer Support Services | 01 Jul 2016

IG Design (formerly International Greetings) has delivered a strong set of results, with constant currency revenue growth of 4.4%. There are gains at both gross and operating margin level, while net debt has reduced by more than expected. The new branding emphasises that IGR is more than an efficient, commodity business and that its skillsets can be leveraged across adjacent categories. The US opportunity is by far the largest and the new local management team is making a strong start. The share price has started to grasp the changing proposition, but has yet to fully reflect it.

IG Design Group

Crack(er)ing performance all round

Update | Consumer Support Services | 18 Apr 2016

The year-end trading update indicates that International greetings (IGR) ended FY16 strongly in all its geographic regions, with good momentum into the new financial year. FY16 earnings per share will be at least 13.0p (Edison forecast: 12.1p). Cash performance was also well ahead, with deleveraging comfortably outperforming our modelled outcome, which showed an end-March net debt figure of £26m. The full year dividend is to be recommended at 2.5p (our forecast: 2.0p). FY16 numbers and FY17 estimates will be revised up on publication of the full year numbers at end June, underlining the strong value in the shares at current levels.

IG Design Group

Non-stationary stationery

Update | Consumer Support Services | 18 Jan 2016

International Greetings' (IGR) Q3 trading update shows that the key Christmas sales period has gone to plan and that the group is on track to meet market forecasts for the year to end March. The regaining of positive momentum in the US is particularly encouraging, with the new management expanding horizons with exports into Canada, Mexico and Brazil. The share price has performed well over recent months and the valuation is now a fairer reflection of progress to date and the prospects for continuing growth.

IG Design Group

Roll on Christmas

Update | Consumer Support Services | 02 Dec 2015

International Greetings (IGR) has delivered a good set of interims, notable particularly for the improving US performance and further progress in bringing down debt. The order book underpins expected growth for the remainder of the financial year and is on track for FY17. The group's investment in its manufacturing facilities is delivering targeted production efficiencies and bolstering its positioning as a leader in compliant supply-chain. Following strong performance over the last few months, the share price is now reflecting the underlying improvements being made.