Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ISENTIA GROUP LTD. (AU), a company active in the Software industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 0 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date March 6, 2020, the closing price was AUD 0.21 and its tar...
A director at Isentia Group Ltd bought 200,000 shares at 0.222AUD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
We will cease research coverage of no-moat-rated iSentia on April 19, 2018. Our decision to cease coverage is based on a number of factors including the relatively small market capitalisation, of around AUD 170 million, which puts the company well outside the S&P/ASX 200 index. We originally believed iSentia had a narrow economic moat based on customer switching costs but downgraded this rating to no-moat in mid-2016 on concerns competitors were winning market share. Although this downgrade ...
We have cut our fair value estimate for no-moat-rated iSentia by 45% to AUD 0.88 per share following the announcement of fiscal 2018 profit guidance that was well below our expectations, indicating that competition is increasing. The most concerning aspect of iSentia’s latest raft of bad news is the weakness within its core Australian business, which comprises 68% of group revenue. Management has long heralded iSentia’s low customer churn and long client tenure, and we previously believed t...
We have cut our fair value estimate for no-moat-rated iSentia by a further 15% to AUD 1.60 per share, as we now expect software development costs to be materially higher in future relative to recent years. At the current market price of AUD 1.64, we believe the shares are fairly valued. Our valuation implies a fiscal 2018 price/earnings ratio of 12 and reflects our forecast EPS CAGR of just 2% over the next decade, excluding a short-term earnings bounce in fiscal 2018. Management didn’t provid...
We have cut our fair value estimate for no-moat-rated iSentia by a further 15% to AUD 1.60 per share, as we now expect software development costs to be materially higher in future relative to recent years. At the current market price of AUD 1.64, we believe the shares are fairly valued. Our valuation implies a fiscal 2018 price/earnings ratio of 12 and reflects our forecast EPS CAGR of just 2% over the next decade, excluding a short-term earnings bounce in fiscal 2018. Management didn’t provid...
We have cut our fair value estimate for no-moat-rated iSentia by 16% to AUD 1.90 per share and downgraded our stewardship rating to Poor following the company’s third profit guidance downgrade within a year. Despite iSentia’s claims of long client tenure and low client churn, these metrics apparently don’t equate to pricing power. Our forecast revenue CAGR over the next decade has fallen to 3.5% from 4.8%, with our average EBIT margin over the same period falling to 21% from 23%. Although ...
We have increased our fiscal 2017 earnings forecasts for no-moat-rated iSentia following management’s updated earnings guidance. Our fiscal 2017 revenue forecast is unchanged at AUD 163 million, versus guidance of AUD 162 million, but our EBITDA forecast increases 5% to AUD 44 million to match guidance. Considering it’s already May, we expect guidance will be accurate. We maintain our forecasts beyond fiscal 2017 and our AUD 2.25 fair value estimate. At the current market price of AUD 1.67, ...
We have cut out fair value estimate for no-moat-rated iSentia by 36% to AUD 2.25 per share following a review of our investment thesis and a very weak first-half result which substantially trailed our expectations. We now believe the company will be more impacted by price-based competition in the Asia Pacific region, specifically from Meltwater, than previously assumed, resulting in a reduction in our revenue growth and profit margin forecasts. This view is in line with the removal of the narrow...
We have cut out fair value estimate for no-moat-rated iSentia by 36% to AUD 2.25 per share following a review of our investment thesis and a very weak first-half result which substantially trailed our expectations. We now believe the company will be more impacted by price-based competition in the Asia Pacific region, specifically from Meltwater, than previously assumed, resulting in a reduction in our revenue growth and profit margin forecasts. This view is in line with the removal of the narrow...
We are placing our fair value estimate for no-moat iSentia under review following today's weak interim result. Specifically, we intend to review our investment thesis and long-term revenue growth and profit margin forecasts following the material decline in profit margins during the half. We expect our review to result in a material decline in our fair value estimate....
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
We have cut our fair value estimate for no-moat iSentia by 13% to AUD 3.50 per share following disappointing near-term earnings guidance. However, our long-term investment thesis remains intact: namely that the core Australian and New Zealand, or ANZ, business retains its dominant market position and that Asia offers good earnings growth prospects. Near-term earnings weakness appears isolated to the content marketing division, acquired in August 2015, and caused by poor management rather than ex...
We maintain our fair value estimate for iSentia at AUD 4.00 per share following the strong fiscal 2016 result. At the current market price of AUD 3.63, we continue to believe the shares are undervalued and expect the discount to fair value to reduce as earnings continue to grow. Unrelated to the result, we have reviewed the economic moat rating and no longer believe the company has sufficient competitive advantages to justify an economic moat rating. This view is based on the limited barriers to...
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