IRI - Integrated Research

[Lizard]

Old thread no longer available...view here (http://www.snitzforum.sharetrader.co.nz/topic.asp?TOPIC_ID=18177&whichpage=3).

Half year profit forecast out today for $3.7-$4.2m - a massive increase on last years $1.9m. Annualised, that would put it on P/E of 10.5-11.5 at current price of 48cps. Seems they've survived the higher forex effect this year and might finally be achieving potential. Though we've thought so before and they've managed to hit the bumps. Anyway, their cash stash keeps piling up and the divs roll in, so should work out at these levels.

[Hommel]

This was recommended as a BUY in the latest "Market Analysis" newsletter from James Cornell. From experience I have found that with most of his recommendations a better buy opportunity arises some months after his first buy recommendation.

[Lizard]

Pretty weak FY result for IRI out today. Forex may not have been hitting them a few years ago, but has certainly caught up with them now. Amazing how this company can perennially bump along, alternating good and bad results, always appearing good value but never seeming to get traction.

Capitalisation of development costs is typically high though - frequently makes them appear cheaper than they are. I don't think the 40cps is currently cheap enough, particularly while the exchange rate pressure is likely to continue for some time.

[Lizard]

So last year was the "bad" result, and this year is the really good result! Has fallen back slightly since last year to trade at 35cps, although the market will probably like this result and bump it back through 40cps again.

I'm not sure why this share is so bumpy - particularly when forex should have been more of a problem for them this year, but they appear to have shrugged it off. I'd like to think this is the turn-around result that IRI have been trying to achieve for years... it actually looks like it could be... but I've thought that before!

Amortisation now outweighing capitalised development cost, so no longer a factor.

PE about 8, cash stash about 6.7cps, yield 11.4% + franking.

[Lizard]

A year since that last post, and the market clearly liked the results more than I expected, as it is now up at 80cps. The move in the share price far exceeds the 21% improvement to profit, so very much a "re-rating". Perhaps improved sentiment comes from the combo of two improving years in a row (a near novelty for IRI) that has finally convinced the market to take it out of the trading range it has been slumped in since the tech-wreck.

A very good result given past years "exchange rate" excuses (still got a mention though). Should still go further, but the value gap has closed considerably, so maybe unlikely they can break the $1 mark in the coming 12 months. No hints on current period performance, so one to watch for the AGM comments.

[Stranger_Danger]

Anyone else enjoying this one?

Starting to get expensive and says it all about the market as a whole. Almost panic buying in IRI today

Lizard - who I do not regard as a fool - can't see it getting past $1 in the 12 months from August 2012, and in October 2012, it touches $1.54 on no news.

I see some trimming of positions in my near future.

[bigev]

With the exchange rate seemingly on the move, does anyone else see this as a buy?

[Bob]

This has been a great trading stock the last few months ranging between 1.00 and 1.20 and often daily 5-10 cent ranges. With no debt, reasonable dividend I have liked this stock for some time

[steve fleming]

Nice guidance out

http://stocknessmonster.com/news-item?S=IRI&E=ASX&N=777484

"Based on internalmanagement accounts and subject to audit review, the Company anticipates profit after taxto be in the range of $4.4 million to $4.8 million compared to $2.8 million for the equivalentprior period. "

Pleasing to see benefits of the lower AUD starting to flow through - hopefully others with USD and Europe exposure will follow suit

[noodles]

Nice guidance out

http://stocknessmonster.com/news-item?S=IRI&E=ASX&N=777484

"Based on internalmanagement accounts and subject to audit review, the Company anticipates profit after taxto be in the range of $4.4 million to $4.8 million compared to $2.8 million for the equivalentprior period. "

Pleasing to see benefits of the lower AUD starting to flow through - hopefully others with USD and Europe exposure will follow suit

Hansen (HSN.AX) maybe?

[noodles]

Nice guidance out

http://stocknessmonster.com/news-item?S=IRI&E=ASX&N=777484

"Based on internalmanagement accounts and subject to audit review, the Company anticipates profit after taxto be in the range of $4.4 million to $4.8 million compared to $2.8 million for the equivalentprior period. "

Pleasing to see benefits of the lower AUD starting to flow through - hopefully others with USD and Europe exposure will follow suit

Isn't this a pretty crap result? 2H13 NPAT was $6.3m.

[noodles]

Isn't this a pretty crap result? 2H13 NPAT was $6.3m.
Well I thought it was crap. Market did not. Up 13% so far today!

[blackcap]

Isn't this a pretty crap result? 2H13 NPAT was $6.3m.

My initial thoughts too... but the market seems to like it. Not complaining. I bought this stock at around 40 odd cents about 6 years ago, and it has had a steady good rise. I think the initial burst to 1.50 (Jan 2013) was overdone but it seems to be able to kick on now hopefully.