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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

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.

IG Design Group

Christmas rolling out to plan

Update | Consumer Support Services | 20 Oct 2015

IGR's pre-close update confirms that trading is as expected in the run up to the key Christmas sell-through period. With a ‘solid' order book and good progress in new and key accounts in the US, momentum is well established to drive the top line, despite dull underlying markets. Further investment in manufacturing efficiency is delivering the anticipated returns and gives a clear differentiator for retailers concerned with supply-chain compliance. The share price is recognising some of the achievement to date, but not necessarily the ongoing opportunities.

IG Design Group

Investment pays dividends

Update | Consumer Support Services | 21 Apr 2015

Now two years into its three-year plan to grow profits, reduce debt and drive earnings, International Greetings (IGR) is hitting its targets well ahead of schedule. The year-end update outlines a strong Q4 (with March an important trading month for the group), meaning our earlier forecasts for profits, debt and EPS will all have been comfortably exceeded. Historic leverage of under two times EBITDA clears the way for a welcome return to the dividend list. Management's credentials on delivery are well established, with capital investment now paying back. The shares are clearly undervalued.

IG Design Group

Playing its cards right

Update | Consumer Support Services | 04 Dec 2014

International Greetings (IGR) is one year into a three-year plan to grow profits, pay down debt and drive up earnings per share and is, to date, on track. H115 results were broadly in line, despite currency headwinds on the top line, with earnings already starting to benefit from the capital investment programme, reduced interest costs and a lower tax charge. Our FY15 and FY16 numbers are unchanged. Although net debt at the half year was up, our year-end forecast remains £36m, which is tantalisingly close to the 2x leverage level indicated as a prerequisite to paying a dividend.

IG Design Group

The whole package

Outlook | Consumer Support Services | 02 Jul 2014

International Greetings (IGR) has delivered results a little ahead of market expectations despite the drags of currency translation and bad weather in the US in Q114. The investments made in manufacturing efficiency should now start to show in margins. Alongside reduced interest costs and a lower tax charge, this should drive earnings in spite of the lack of growth in underlying markets. The improved balance sheet gives IGR the flexibility to make further bolt-on acquisitions without compromising commitments on leverage. The rating, while improved, remains at a substantial discount.

IG Design Group

On a roll

Update | Consumer Support Services | 25 Apr 2014

The year-end trading update confirms that the group will have delivered profits in line with market forecasts, albeit with a different geographic split. The performance on cash generation has been better than we were anticipating and the focus on debt reduction will result in a figure below our £44m forecast, despite the recent major capital expenditure. This should reassure the market that the balance sheet improvement is in hand and but not at the expense of future growth potential. The shares remain modestly priced given that the return on all the hard work should start to become apparent in what is now the current financial year.

IG Design Group

Christmas happy

Flash note | Consumer Support Services | 29 Jan 2014

The update indicates that International Greetings traded well over the important Christmas period and that the group is on track to meet forecasts for the year. Cash performance has been better than anticipated, despite the substantial capital expenditure programme, and net debt at end March should be lower than our current estimate of £44m. FY15 should be when the hard work starts to pay off and profits lift off the current plateau, with the payment of dividend approaching, emphasising the low rating.