Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SPRING FG LTD. We currently have 2 research reports from 1 professional analysts.
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SPRING FG LTD
SPRING FG LTD
ASX Micro Cap - Financial Services - Spring Financial Group - Update on Acquisition - Target Price Revision
24 Mar 17
Spring FG (ASX: SFL) has announced the acquisition of financial service organisation Financial Choice Pty Ltd for a total commitment of $4.8M. Settlement is due in mid April, 2017. This comprises $2M cash on settlement, 2.5M SFL shares to be issued at $0.20 per share ($0.5M) plus a total of $2.3M cash comprising two deferred payments: $1.3M in 6 months time plus a $1M performance based payment in 18 months time. We have revised our target price for SFL from $0.225 up to $0.28 per share recognising the risk adjusted pro forma estimated increase in eps due to this acquisition, and the longer term growth options. On the assumption the acquisition meets all expectations, the associated risk profile would reduce and our valuation would increase to 31 cps.
31 Dec 16
Spring FG (ASX: SFL) was founded in 2010 and now provides a full range of financial and wealth management services to retail clients across the eastern seaboard of Australia. SFL specialises in SMSF and residential property investment advice, which are significant and strongly growing investment sectors in Australia - with $0.6T invested by retail investors in SMSF funds and an estimated $1.6T invested in property. The group differentiates itself from its competitors through offering a comprehensive range of financial services, including superannuation, property investment, accounting, taxation and related advice. The group’s centralised model ensures a holistic understanding of the client’s needs, and ensures tight control of the client. SFL expects to grow revenues strongly over the next few years as a result of strong industry dynamics, acquisitions and store development strategies. The range of services available from SFL include superannuation fund portfolio construction, property investment advice, accounting and taxation, educational seminars, eBooks and other resources, online based portfolio management tools, and personal advice. The management team has extensive experience with growing small businesses through building market leading technology platforms and through acquisitions. These strategies have established the differentiating capabilities of the company, and have established the infrastructure to support the projected growth of the company over several years.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.