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Ince Group

AIM:INCE
Snowflake Description

Fair value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INCE
AIM
£8M
Market Cap
  1. Home
  2. GB
  3. Commercial Services
Company description

The Ince Group plc provides legal services to businesses and high net worth individuals in the United Kingdom and Asia. The last earnings update was 129 days ago. More info.


Add to Portfolio Compare Print
  • Ince Group has significant price volatility in the past 3 months.
INCE Share Price and Events
7 Day Returns
-2.7%
AIM:INCE
-3.8%
GB Professional Services
-2.2%
GB Market
1 Year Returns
-86.7%
AIM:INCE
-4.7%
GB Professional Services
-25.9%
GB Market
INCE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ince Group (INCE) -2.7% -53.8% -84.4% -86.7% - -
GB Professional Services -3.8% -18.7% -18.3% -4.7% 9.4% 41.7%
GB Market -2.2% -21.7% -29.6% -25.9% -26.6% -26.2%
1 Year Return vs Industry and Market
  • INCE underperformed the Professional Services industry which returned -4.7% over the past year.
  • INCE underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
INCE
Industry
5yr Volatility vs Market

INCE Value

 Is Ince Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ince Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ince Group.

AIM:INCE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.7%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AIM:INCE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.774 (1 + (1- 19%) (374.77%))
2.422
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (2 * 6.07%)
12.67%

Discounted Cash Flow Calculation for AIM:INCE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ince Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

AIM:INCE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 12.67%)
2020 10.04 Est @ 19.83% 8.91
2021 11.45 Est @ 14.04% 9.02
2022 12.60 Est @ 9.99% 8.81
2023 13.50 Est @ 7.15% 8.38
2024 14.20 Est @ 5.16% 7.82
2025 14.73 Est @ 3.77% 7.20
2026 15.14 Est @ 2.8% 6.57
2027 15.46 Est @ 2.12% 5.95
2028 15.72 Est @ 1.64% 5.37
2029 15.92 Est @ 1.31% 4.83
Present value of next 10 years cash flows £72.00
AIM:INCE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £15.92 × (1 + 0.53%) ÷ (12.67% – 0.53%)
£131.87
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £131.87 ÷ (1 + 12.67%)10
£40.00
AIM:INCE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £72.00 + £40.00
£112.00
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £112.00 / 41.87
£2.68
AIM:INCE Discount to Share Price
Calculation Result
Value per share (GBP) From above. £2.68
Current discount Discount to share price of £0.18
= -1 x (£0.18 - £2.68) / £2.68
93.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ince Group is available for.
Intrinsic value
>50%
Share price is £0.18 vs Future cash flow value of £2.68
Current Discount Checks
For Ince Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ince Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ince Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ince Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ince Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:INCE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £-0.19
AIM:INCE Share Price ** AIM (2020-04-03) in GBP £0.18
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PE Ratio Median Figure of 30 Publicly-Listed Professional Services Companies 15.31x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ince Group.

AIM:INCE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:INCE Share Price ÷ EPS (both in GBP)

= 0.18 ÷ -0.19

-0.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ince Group is loss making, we can't compare its value to the GB Professional Services industry average.
  • Ince Group is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Ince Group's expected growth come at a high price?
Raw Data
AIM:INCE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -0.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PEG Ratio Median Figure of 19 Publicly-Listed Professional Services Companies 1.02x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Ince Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ince Group's assets?
Raw Data
AIM:INCE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £0.73
AIM:INCE Share Price * AIM (2020-04-03) in GBP £0.18
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PB Ratio Median Figure of 42 Publicly-Listed Professional Services Companies 2.16x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.06x
AIM:INCE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:INCE Share Price ÷ Book Value per Share (both in GBP)

= 0.18 ÷ 0.73

0.25x

* Primary Listing of Ince Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ince Group is good value based on assets compared to the GB Professional Services industry average.
X
Value checks
We assess Ince Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. Ince Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

INCE Future Performance

 How is Ince Group expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.7%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Ince Group expected to grow at an attractive rate?
  • Unable to compare Ince Group's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Ince Group's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Ince Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:INCE Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:INCE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8.7%
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 7.4%
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AIM:INCE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:INCE Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 105 40 1
2021-03-31 106 33 2
2020-04-05
2020-03-31 100 19 2
AIM:INCE Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 78 10 -6
2019-06-30 65 8 -7
2019-03-31 53 6 -9
2018-12-31 46 6 -4
2018-09-30 38 6 1
2018-06-30 35 7 1
2018-03-31 31 8 0
2017-12-31 29 6 0
2017-09-30 27 5 0
2017-06-30 26 5 1
2017-03-31 25 5 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Ince Group is high growth as no earnings estimate data is available.
  • Ince Group's revenue is expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AIM:INCE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Ince Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:INCE Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31
2020-04-05
2020-03-31
AIM:INCE Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 -0.19
2019-06-30 -0.23
2019-03-31 -0.29
2018-12-31 -0.12
2018-09-30 0.05
2018-06-30 0.03
2018-03-31 0.01
2017-12-31 0.00
2017-09-30 0.00
2017-06-30 0.07
2017-03-31 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Ince Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Ince Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ince Group has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

INCE Past Performance

  How has Ince Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ince Group's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ince Group does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Ince Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Ince Group's 1-year growth to the GB Professional Services industry average as it is not currently profitable.
Earnings and Revenue History
Ince Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ince Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:INCE Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 77.80 -6.41
2019-06-30 65.19 -7.48
2019-03-31 52.58 -8.55
2018-12-31 45.52 -3.54
2018-09-30 38.46 1.47
2018-06-30 34.85 0.80
2018-03-31 31.24 0.13
2017-12-31 28.90 0.10
2017-09-30 26.57 0.06
2017-06-30 25.75 0.96
2017-03-31 24.94 1.86
2016-03-31 20.68 -0.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ince Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Ince Group has efficiently used its assets last year compared to the GB Professional Services industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Ince Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Ince Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ince Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

INCE Health

 How is Ince Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ince Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ince Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ince Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ince Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 3.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ince Group Company Filings, last reported 6 months ago.

AIM:INCE Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 32.35 13.03 2.67
2019-06-30 32.35 13.03 2.67
2019-03-31 31.48 7.58 4.76
2018-12-31 31.48 7.58 4.76
2018-09-30 27.86 1.15 4.26
2018-06-30 27.86 1.15 4.26
2018-03-31 28.80 0.49 8.95
2017-12-31 28.80 0.49 8.95
2017-09-30 26.50 1.58 14.11
2017-06-30 26.50 1.58 14.11
2017-03-31 7.27 4.21 0.13
2016-03-31 1.96 1.74 0.01
  • Ince Group's level of debt (40.3%) compared to net worth is high (greater than 40%).
  • Unable to establish if Ince Group's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Ince Group has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Ince Group has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -16.4% per year.
X
Financial health checks
We assess Ince Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ince Group has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

INCE Dividends

 What is Ince Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Ince Group dividends. Estimated to be 27.78% next year.
If you bought £2,000 of Ince Group shares you are expected to receive £0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Ince Group's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Ince Group's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AIM:INCE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 2.7%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 595 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AIM:INCE Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.06 1.00
2021-03-31 0.05 2.00
2020-04-05
2020-03-31 0.04 2.00
AIM:INCE Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-26 0.000 0.000
2019-07-25 0.060 8.052
2019-07-24 0.060 4.090
2019-01-02 0.040 2.749
2018-06-28 0.040 2.218
2018-06-27 0.040 2.390

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Ince Group has not reported any payouts.
  • Unable to verify if Ince Group's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Ince Group's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Ince Group has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.7x coverage).
X
Income/ dividend checks
We assess Ince Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ince Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ince Group has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

INCE Management

 What is the CEO of Ince Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Adrian Biles
COMPENSATION £322,000
AGE 51
TENURE AS CEO 2.7 years
CEO Bio

Mr. Adrian J. Biles, LLB, is the Co-Owner of Penlee Holdings Limited. Mr. Biles has been Chief Executive Officer and Managing Partner at Gordon Dadds Group Limited since August 4, 2017. He served as Managing Director at Gordon Dadds Group Limited (formerly, Culver Holdings Limited) since January 19, 2017. Mr. Biles serves as Chief Executive Officer at Brook Street Holdings LLP. He served as Chief Executive Officer of Gordon Dadds Group Limited. He founded ACR Solicitors LLP in 2007 and was responsible for merging the original legal practice of Gordon Dadds into Gordon Dadds LLP in 2013 when he became managing partner and has since overseen the expansion of Gordon Dadds by a combination of acquisitions and organic growth from a £2.7 million turnover business in 2013 to a £25 million turnover business in 2017. He served as Secretary of Gordon Dadds Group Limited. He spent three years with Theodore Goddard. He qualified as a solicitor at a large City law firm in the early 1990s. He left to go into business in 1994, since when he has been involved in private equity transactions across a number of business sectors, including insurance broking and underwriting, retail motor distribution and property development. He serves as a Director of Gordon Brook Street Holdings LLP. Mr. Biles served as Director of Gordon Dadds Group Limited. He has been Director of Gordon Dadds Group plc since September 19, 2017.

CEO Compensation
  • Adrian's compensation has increased whilst company is loss making.
  • Adrian's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Adrian Biles

TITLE
CEO, Managing Partner & Director
COMPENSATION
£322K
AGE
51
TENURE
2.7 yrs

Chris Yates

TITLE
Consultant
COMPENSATION
£137K
AGE
64

Simon Oakes

TITLE
CFO & Director
AGE
39

Doulla Panayi

TITLE
Group Accountant

Mark Tantam

TITLE
Global Head of Consulting
TENURE
0.4 yrs

Neil McClure

TITLE
Company Secretary
Board of Directors Tenure

Average tenure and age of the Ince Group board of directors in years:

2.7
Average Tenure
66
Average Age
  • The average tenure for the Ince Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

David Furst

TITLE
Independent Chairman of the Board
COMPENSATION
£30K
AGE
68

Adrian Biles

TITLE
CEO, Managing Partner & Director
COMPENSATION
£322K
AGE
51
TENURE
3.3 yrs

Simon Howard

TITLE
Non-Executive Director
COMPENSATION
£35K
AGE
64
TENURE
2.7 yrs

Peter Rogan

TITLE
Non-Executive Director
COMPENSATION
£37K
AGE
68
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Ince Group individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
04. Feb 20 Buy Nick Goldstone Individual 04. Feb 20 04. Feb 20 120,125 £0.45 £54,056
04. Feb 20 Buy Paul Ho Individual 04. Feb 20 04. Feb 20 36,000 £0.45 £16,200
04. Feb 20 Buy Ian Hopkins Individual 04. Feb 20 04. Feb 20 4,000 £0.45 £1,800
04. Feb 20 Buy Mark Tantam Individual 04. Feb 20 04. Feb 20 2,200 £0.45 £990
04. Feb 20 Buy Christopher Yates Individual 04. Feb 20 04. Feb 20 444,444 £0.45 £200,000
04. Feb 20 Buy John Biles Individual 04. Feb 20 04. Feb 20 555,556 £0.45 £250,000
04. Feb 20 Buy Adrian Biles Individual 04. Feb 20 04. Feb 20 3,333,333 £0.45 £1,499,999
04. Feb 20 Buy Anthony Edwards Individual 04. Feb 20 04. Feb 20 44,444 £0.45 £20,000
30. Aug 19 Sell David Furst Individual 28. Aug 19 28. Aug 19 -11,126 £1.37 £-15,244
30. Aug 19 Buy David Furst Individual 28. Aug 19 28. Aug 19 11,126 £1.37 £15,276
X
Management checks
We assess Ince Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ince Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

INCE News

Simply Wall St News

INCE Company Info

Description

The Ince Group plc provides legal services to businesses and high net worth individuals in the United Kingdom and Asia. The company provides law practices; corporate tax consultancy to the oil and gas industry; technology solutions for the legal and professional services market; business consulting, resource augmentation, and managed services; and investment advice and ongoing investment management services. It also acts as consulting actuaries, employee benefit advisers, pension scheme administrators, general practice solicitors, a conveyancing firm, and a law firm. The company was formerly known as Gordon Dadds Group plc and changed its name to The Ince Group plc in August 2019. The Ince Group plc was incorporated in 1999 and is based in London, the United Kingdom.

Details
Name: The Ince Group plc
INCE
Exchange: AIM
Founded: 1999
£7,536,029
41,866,832
Website: http://www.theincegroup.com
Address: The Ince Group plc
Aldgate Tower,
2 Leman Street,
London,
Greater London, E1 8QN,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM INCE New Ordinary Shares London Stock Exchange AIM Market GB GBP 07. Aug 2017
Number of employees
Current staff
Staff numbers
726
Ince Group employees.
Industry
Research and Consulting Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 02:18
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2019/11/28
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.