SIF Portfolio January review: IGR, TOT, CAMB & PAF

Wednesday, Jan 25 2017 by
SIF Portfolio January review IGR TOT CAMB amp PAF

My Stock in Focus screen is throwing up slim pickings at the moment. All five of the qualifying shares at the time of writing are already in the portfolio. I’m hoping for more choices next week. As this will be the last SIF portfolio article published in January, this week’s focus will be the portfolio’s monthly review.

There are four stocks up for review this month, each of which has spent at least six months in the portfolio. (Each company name is linked to my original article on the stock):

IG Design, Total Produce and Cambria Automobiles have now been in the portfolio for six months, so are due for review. Pan African Resources has been held for longer, so is kept under review each month.

IG Design

Giftware group IG Design had a StockRank of 97 when it joined the portfolio in July. It also qualified for the Jim Slater ZULU Principle, Naked Trader-esque and Value Momentum screens. All three of these have delivered annualised returns in excess of 20% since their inception, so my hopes were high for a solid performance.

IG Design hasn’t disappointed and trading has remained strong. The shares have risen by almost 50% following in-line trading updates in August and January, and upgraded guidance with the interim results in November. Paul Scott was impressed on both occasions and commented that the group might continue to grow into its valuation.

I share Paul’s view that this is a good company with good management, but this stock has now been in the portfolio six months and dropped out of the SIF screen. As a result, I’ll be selling it from the portfolio this week, in accordance with my rules.

One interesting point is that IG Design’s StockRank has fallen to 75 since it joined the portfolio. The shares now trade on 16.9 times current year earnings and the yield has dropped below 2%. Is the StockRank forewarning us that the value is already in the price? It will be interesting to see how the shares perform over the next six months.

IG’s share share price has risen by…

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IG Design Group plc, formerly International Greetings plc, is engaged in the design, manufacture and distribution of gift packaging and greetings; stationery and creative play products, and design-led giftware. The Company's geographic segments include UK and Asia; Europe; USA, and Australia. The Company sells its products in over 150,000 stores across approximately 80 countries. It also offers a portfolio of licensed and customer bespoke products suitable for sale through multi channel distribution. The Company's products include crackers, pens and pencils, stickers, single cards and gift wrap. The Company offers its products under the brands A Star, B Stationery, Papercraft and Pepperpot. Its subsidiaries include Artwrap Pty Ltd, International Greetings UK Ltd, International Greetings USA, Inc, International Greetings Asia Ltd, The Huizhou Gift International Greetings Company Limited, Hoomark BV, Anchor International BV and Hoomark S.p.z.o.o. more »

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Total Produce plc is a fresh produce distributor in Europe. The Company is engaged in the growing, sourcing, importing, packaging, marketing and distribution of a range of fruits, vegetables and flowers. The Company's segments include Europe-Eurozone, Europe-Non-Eurozone and International. Its segments are engaged in the procurement, marketing and distribution of fresh produce and some healthfoods and consumer goods products. Its Europe-Eurozone segment is an aggregation of 12 operating segments in France, Ireland, Italy, the Netherlands and Spain. Its Europe-Non-Eurozone segment is an aggregation of six operating segments in Scandinavia, the United Kingdom, Poland and the Czech Republic. Its International segment is an aggregation of five operating segments in North America and India. Its subsidiaries include Total Produce Ireland Limited, which is a Fresh produce company, and Allegro Limited, which is engaged in Consumer products distribution. more »

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Cambria Automobiles plc is a motor dealer, which is engaged in the sale and servicing of motor vehicles. The Company is engaged in the provision of car vehicle sales, vehicle servicing and related services. It is a retailer of new and used cars, commercial vehicles and motorbikes. It operates on a dealership-by-dealership basis. It operates from approximately 30 sites with a total of over 50 dealer franchises. It operates dealerships across England, from the North West through the Midlands, down to Kent in the Southeast and across Exeter in the South West, trading under local brand names, such as Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph. Its brand portfolio comprises Abarth, Alfa Romeo, Aston Martin, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land Rover, Mazda, Nissan, Renault, Seat, Triumph, Vauxhall and Volvo. It also provides ancillary services. It offers finance and insurance for the execution of the transaction along with service plans to maintain the vehicle. more »

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  Is LON:IGR fundamentally strong or weak? Find out More »

6 Comments on this Article show/hide all

gus 1065 27th Jan '17 1 of 6

Pan African Resources (LON:PAF) just issued an "in hours" trading update, so some might have missed it.

It's usually a bad sign when this happens although the key indicators all seem to be well up. However, the commentary/significance of the ZAR/£ currency movements leaves me a bit perplexed, echoing Roland's point above about the import of this factor.


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herbie47 27th Jan '17 2 of 6

In reply to post #168964

Yes thanks for that, i missed it. Why is it late? Not good. Actually the figures look ok but could have been expressed better I feel.

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REO100 28th Jan '17 3 of 6

A little harsh on timing of trading update, the August update was at the same time - I think this more likely to SA listing. As already mention the content of the update looks strong and the recent coal purchase encouraging.

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StudentSteve 28th Jan '17 4 of 6

I hold Cambria Automobiles (LON:CAMB) as I think it's a well run business at a very reasonable valuation. I think there's some protection to the downside due to the after sales profit and tangible asset backing. The impact that cheap credit has had on the market in recent years is interesting and I feel there's too many variables to model the impact the unwinding of this will have on dealers. I do feel that the impact of the predicted slowdown will hit manufacturers harder than dealers though as even in a reduced market, the dealers will continue to perform an essential service on behalf of the manufacturers.

I'm interested in what has driven the reduction in the Stockrank over the last 6 months?

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Flackwell 31st Jan '17 5 of 6

Sorry Student - meant to hit the up button but slipped/missed

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Trident 31st Jan '17 6 of 6


The style of PAF announcements is akin to someone telling you in funereal tones you have won the Lottery. You're not sure if you have been told good news or bad!?

I suppose it makes change from AIM hype.

It seemed to me that PAF announced positives in increased production, currency gains, share reduction, and gold price received during the period. Muted reaction maybe a result of the lack of PR hurrah in the RNS and a wary look by the market at the forward price of Gold. But I can't help feeling the market has missed something substantially positive

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 Are LON:IGR's fundamentals sound as an investment? Find out More »

About Roland Head

Roland Head

I'm a private investor, analyst and writer on stock markets, with a particular fondness for free cash flow, dividends and value. My main interests are UK and US stocks. I also have an interest in (profitable) commodity stocks.  I have passed the CFA Level 1 exam and hold the CFA UK Investment Management Certificate (IMC). One of my investment interests is developing rules-based strategies such as my Stock in Focus portfolio. This reflects a significant part of my personal portfolio and is the subject of my weekly column here at Stockopedia. In earlier life, I worked as an engineer in telecoms and IT. The rules-based and quantitative approach required for this kind of work undoubtedly influenced my investing style.  I also learned a lot from seeing the tech bubble deflate in 2000-1, when I was working for a very large and now defunct Canadian telecoms firm.  more »


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