Update: Investment pays dividends
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.
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