Link Group IPO

[macduffy]

NZ's Link Market Services is a part of this group?

http://www.reuters.com/article/2015/09/30/us-link-group-ipo-idUSKCN0RU02J20150930

and

http://www.theage.com.au/business/banking-and-finance/link-group-launches-23-billion-ipo-with-plans-to-invest-160-million-20150929-gjxigq.html

[macduffy]

Link Group an interesting IPO
Sean Fenton, Tribeca Investment Partners

Link Group is one of the more interesting IPOs to come market this year. Founded in 2000, Link started as a pure share registry business before entering super administration in 2005. Since then, the business has benefited from the shift towards outsourcing in super administration. Today Link manages 9 million super accounts and ihe largest provider of super administration in Australia. The Superpartners acquisition, completed in December last year, offers a unique opportunity to cement Link’s dominant position in this market. Link has a fantastic record migrating clients’ members onto their platform, having completed 80 such migrations since 2008. We believe cost synergies from the Superpartners transaction will underpin robust earnings growth for the next three years. Longer term, the tremendous scale benefits in fund administration make it difficult for smaller providers to compete on cost. This strong position means that Link is likely to gain further clients if outsourcing continues."

The public offer part of the IPO closed recently. It will be interesting to see how it performs.

[macduffy]

It "perfomed" very nicely on debut!

http://www.smh.com.au/business/banking-and-finance/link-group-shares-jump-on-asx-debut-20151026-gkio08.html

[Joshuatree]

Nice one macd, quality company by the looks with growth "all ahead of it"
TICKER is LNK folks

[macduffy]

LNK on track at the half year.

http://www.asx.com.au/asxpdf/20160226/pdf/435d0lq80fyxlj.pdf

Disc: Not holding.

[Joshuatree]

Picked up some for our estate today.Brexit uncertainty offers an opportunity longer term imo. DYOR

Download Document 178.24KB (https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4ga6w RLzv%2Ft39LFiGug%3D)

[peat]

growth (esp in e.p.s. ) is not occuring although they've taken some good profits on divestments
they seem to be working very hard to stay still at the moment. not saying it wont happen, but it isnt happening yet.

[Joshuatree]

Cheers peat ,Pexa and the UK pension admin market look to be value adders ,the free cash flow and monopolistic nature of LNKS's business appeal . Its a medium term value stock hold for our more conservative Estate but not for me ,atpit, i take a bit more risk and go for higher returns. Too complicated for me to understand the financials but have done some reading of others who are experts forensically and our Brokers have it in their recco portfolio too. Good fit for us.

[Joshuatree]

Looks like a great bolt on and s/p up re 12% today atp.

Download Document 251.22KB (https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4ge1w BH%2Bv%2Ft39LFiGug%3D)

[peat]

Looks like a great bolt on and s/p up re 12% today atp.

Download Document 251.22KB (https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4ge1w BH%2Bv%2Ft39LFiGug%3D)

eps accretive (buzz word at present)
but is this because of what Snoopy said?

[peat]

market punishing the interim out today.
I'm trying to see if this is not as bad as it looks and the best I can find is that operating earnings per share are only down 11%
it might well be the transformation process is taking place effectively so perhaps some leniency on this period, but they're still expecting full year to be down about the same % so as I said before struggling to stay still , but now struggling to go backwards

[Joshuatree]

Ive heard 3 segments of the company are doing well and 2 are not. Just slammed the bottom drawer shut on this one on a 3 year time frame.

[RGR367]

A bit late of getting a stash at 396 yesterday.

disc: first time holder

[RGR367]

A bit late of getting a stash at 396 yesterday.

disc: first time holder

Just when I'm getting quite comfortable accumulating comes the announcement of a "Non-binding indicative proposal to acquire Link Group" for 520.
Just very very slightly disappointed :t_up:

[Joshuatree]

Its turned into a get out of gaol card for us hopefully.

[macduffy]

Link board seeks better price.

https://www.smh.com.au/business/companies/takeover-target-link-tells-private-equity-suitors-to-aim-higher-20201028-p569hg.html

Former MET directors, take note!

[Joshuatree]

A better price cometh but doth it be enough? SS&C non-binding indicative proposal to acquire Link Group (https://hotcopper.com.au/threads/5803457/)

[RGR367]

Got an ASB letter confirming my "in-specie distribution" shares of PXA out of LNK. It sure pays to be lucky enough to have accumulated plenty of Link when it was still cheap.