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Jan 22 2019, 07:00 GMT
2018 was a year of significant change for IFG. A strategic review early in the year concluded with the retention of Saunderson House and significant management changes, while the year rounded out with a new strategic plan out to 2021, which envisages material growth in clients and profitability. Our forecasts remain below those implied by the company’s targets on lower AUA and margins. With legacy items also continuing to weigh, we retain our ‘Neutral’ rating with a 164p price target.