IPH LIMITED (IPH)
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IPH - IPH LIMITED

FNArena Sector : Legal
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 2.68
Index: ASX200 | ASX300 | ALL-ORDS

IPH Ltd is Australia's largest intellectual property services company providing protection, commercialisation and management of intellectual property. It has been a listed company since 2014.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.13

22 Jul
2024

-0.010

OPEN

$6.12

-0.16%

HIGH

$6.16

312,431

LOW

$6.09

TARGET
$8.35 36.2% upside
Franking for last dividend paid out: 35%
OTHER COMPANIES IN THE SAME SECTOR
QIP . SHJ .
FNARENA'S MARKET CONSENSUS FORECASTS
IPH: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 28.6 45.0 xxx
DPS (cps) xxx 33.0 34.2 xxx
EPS Growth xxx 18.8% 57.2% xxx
DPS Growth xxx 8.2% 3.5% xxx
PE Ratio xxx N/A 13.7 xxx
Dividend Yield xxx N/A 5.6% xxx
Div Pay Ratio(%) xxx 115.3% 75.9% xxx

Dividend yield today if purchased 3 years ago: 4.04%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.37

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/02 - ex-div 16c (franking 35%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx28.6
DPS All xxxxxxxxxxxxxxx33.0
Sales/Revenue xxxxxxxxxxxxxxx482.9 M
Book Value Per Share xxxxxxxxxxxxxxx247.4
Net Operating Cash Flow xxxxxxxxxxxxxxx91.8 M
Net Profit Margin xxxxxxxxxxxxxxx13.37 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx12.82 %
Return on Invested Capital xxxxxxxxxxxxxxx8.13 %
Return on Assets xxxxxxxxxxxxxxx6.85 %
Return on Equity xxxxxxxxxxxxxxx12.82 %
Return on Total Capital xxxxxxxxxxxxxxx13.80 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx32.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx10 M
Long Term Debt xxxxxxxxxxxxxxx432 M
Total Debt xxxxxxxxxxxxxxx441 M
Goodwill - Gross xxxxxxxxxxxxxxx508 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx103 M
Price To Book Value xxxxxxxxxxxxxxx3.17

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx6.9 M
Capex % of Sales xxxxxxxxxxxxxxx1.43 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx318 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx6 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

23/02/2024

1

Overweight

$9.50

54.98%

IPH reported a 21% lift in revenue and 5% increase in net profit for 1H24, which was broadly in line with Morgan Stanley's expectations.

The results offered a mixed picture, with strong organic growth for Australia and New Zealand since the 1H20, whereas US clients impacted adversely on Asia growth.

A 16cps dividend met forecasts and no guidance was offered, however, management is looking for market share expansion domestically, integration of Canadian acquisitions and a return to growth in Asia over FY24.

Target is $9.50. Overweight. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY24 dividend of 35.50 cents and EPS of 47.70 cents.
Morgan Stanley forecasts a full year FY25 dividend of 38.60 cents and EPS of 51.40 cents.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

4

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Petra Capital

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

16/05/2024

1

Buy

$11.55

88.42%

IPH has entered a bidding war to acquire Qantm Intellectual Property ((QIP)) with an all-scrip proposal, slightly ahead of existing bids, which would value the target's equity at an equivalent $1.87 per share.

Canaccord Genuity expects the proposed acquisition to be EPS neutral before cost savings, but cost savings could boost the forecast FY25 EPS by 4%.

IPH also released a corporate presentation highlighting its performance relative to the Australian market in patent filings. 

The broker highlights a closing the gap and robust transfer of nearly 4,000 new files in FY23 and FY24 to date. This suggests strong underlying operational momentum despite apparent market concerns.

No change to the broker's earnings forecasts. Unchanged Buy rating and $11.55 target price.

FORECAST
Canaccord Genuity forecasts a full year FY24 dividend of 36.00 cents and EPS of 44.00 cents.
Canaccord Genuity forecasts a full year FY25 dividend of 40.00 cents and EPS of 49.00 cents.

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >

IPH STOCK CHART

FNArena News on IPH

1
Rudi’s View: Diverging Risks In A Polarised Market

Jul 03 2024 - Rudi's View
2
Australian Broker Call *Extra* Edition – Jun 03, 2024

Jun 03 2024 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – May 20, 2024

May 20 2024 - Daily Market Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 17-05-24

May 17 2024 - Weekly Reports
5
Australian Broker Call *Extra* Edition – May 16, 2024

May 16 2024 - Daily Market Reports

Latest Legal News

1
IPH Ready For Further Expansion

Oct 11 2022 - Small Caps
2
IPH Ltd’s Growth Plans Undaunted

Sep 08 2020 - Australia
3
Treasure Chest: Class Actions Entice Shine Corporate

Mar 27 2019 - Treasure Chest
4
Confidence Grows In IPH

Aug 20 2018 - Australia
5
Brokers Take Knife To Xenith IP

Oct 16 2017 - Small Caps
6
IPH Expands NZ Presence

Oct 12 2017 - Small Caps
7
Wait For Buying Opportunity In JB Hi-Fi

Oct 11 2016 - Technicals
8
Growth Opportunities Abound For Xenith

Sep 01 2016 - Small Caps
9
IPH Advancing On Acquisition Targets

Aug 22 2016 - Australia
10
Opportunity In IPH

Jun 14 2016 - Technicals