Edison Investment Research - IG Design Group (IGR) - Australian cards on the table

Report

Edison Investment Research

Fiona Orford-Williams

- Australian cards on the table

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.

21/09/2017 3 EN

Underlying

IG Design Group

International Greetings is engaged in the design, manufacture and distribution of greetings and related products; specifically gift wrapping paper, stationery, gift bags, crackers, greetings cards, photo frames, albums and other decorative accessories.

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GB0004526900 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Fiona Orford-Williams

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