IGG: Upgrading estimates following impressive AGM trading update

研报英文原文证据摘录

IGG: Upgrading estimates following impressive AGM trading update

rowth in FY27 and FY28, which takes Prev. 49.20 50.20 51.20

organic total revenue compound growth to 10% for FY25-27 and 9% Div Yield 1.8% 3.2% 3.4% 3.5%

over FY25-28 (vs medium term guidance of at least 10%). We have

increased operating expense estimates (principally through marketing Revenue: Revenue previously represented Adjusted Net Operating Income, now

expense, revenue related expense and other expenses) such that we keep representsAll market dataAdjustedin GBp;totalallrevenuefinancial data in GBP; dividends paid in GBp.

our Adjusted EBITDA margin broadly unchanged (and in line with company Priced as of prior trading day's market close, EST (unless otherwise noted).

guidance of "in a mid-40s percent range). Adj EPS estimates increase by

6%/5%/7% across FY26/FY27/FY28. We increase DPS by 2%/6%/8% across

the same period.

RBC Fundamental View

We believe a more ambitious growth strategy, a strategic review (with a

focus on value maximisation) and prospects for continued material capital

returns make IGG shares an attractive proposition for 2026. Recent bouts

of market volatility linked to geopolitical events should serve to further

underscore a favourable risk/reward dynamic for FY26E earnings, which

could add to the tactical appeal of the shares in the short term. IGG

trades at 12x CY26E P/E, a premium versus the 7yr average (10.6x), but

still undemanding, in our view, given the group's attractive financial profile

(high margins, strong cash generation and negative net debt) and improved

growth outlook.

Disseminated: May 19, 2026 12:47EDT; Produced: May 19, 2026 12:47EDT

For Required Non-U.S. Analyst and Conflicts Disclosures, see page 6