|Global equities recovered yesterday evening as the US trading session began, following the negative sentiment in response to North Korea’s missile launch.
- EU continues to hold the upper hand in Brexit negotiations
- Geopolitical tensions ease but technical picture for equities remains weak
- Merkel streets ahead in the run up to German election
IFG – Significant exceptional costs weigh on H1/17 results
- IFG pre-released H1/17 results on 21st July 2017, and officially released H1/17 results this morning. Headline revenues fell 4% YoY to £38.5m in H1/17 from £39.9m in H1/16.
- The Bank of England’s 25bps rate cut last August 2016 impacted H1/17 interest income generated in James Hay by £3.3m in the period.
- Saunderson House has been a driving force behind IFG’S earnings growth in recent years, and the brand is growing from strength to strength driven by consistent top quartile investment performance.
- We feel that IFG is well positioned for future growth in both businesses, however the uncertainty surrounding ongoing legal issues will remain a headwind to the stock in the near term.
One51 – Very positive meeting with senior management
- H1 results released this week were very strong. We hosted senior management yesterday in what was a very positive meeting.
- Organic volume growth prospects in North America remain very strong with a healthy order book and customer led capex.
- IPO likely to occur in H1/18 following resolution of put liability issue. We would recommend clients to pick up stock at current levels.
Source : Cantor Fitzgerald Daily Insights 30th August 2017