IPH LIMITED (IPH)
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IPH

IPH - IPH LIMITED

FNArena Sector : Legal
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 2.41
Index: 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

$3.26

20 Mar
2026

-0.050

OPEN

$3.32

-1.51%

HIGH

$3.34

1,706,529

LOW

$3.25

TARGET
$4.565 40.0% upside
Franking for last dividend paid out: 20%
OTHER COMPANIES IN THE SAME SECTOR
SHJ .
FNARENA'S MARKET CONSENSUS FORECASTS
IPH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 25.9 47.5 xxx
DPS (cps) xxx 36.5 38.3 xxx
EPS Growth xxx 3.1% 83.6% xxx
DPS Growth xxx 4.3% 4.8% xxx
PE Ratio xxx N/A 6.8 xxx
Dividend Yield xxx N/A 11.8% xxx
Div Pay Ratio(%) xxx 141.2% 80.6% xxx

Dividend yield today if purchased 3 years ago: 4.89%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 11.27

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: 28/08 - ex-div 19.50c (franking 30%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx25.9
DPS All xxxxxxxxxxxxxxx36.5
Sales/Revenue xxxxxxxxxxxxxxx706.2 M
Book Value Per Share xxxxxxxxxxxxxxx269.5
Net Operating Cash Flow xxxxxxxxxxxxxxx133.7 M
Net Profit Margin xxxxxxxxxxxxxxx9.74 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.32 %
Return on Invested Capital xxxxxxxxxxxxxxx6.05 %
Return on Assets xxxxxxxxxxxxxxx5.17 %
Return on Equity xxxxxxxxxxxxxxx10.32 %
Return on Total Capital xxxxxxxxxxxxxxx10.67 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx34.3 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx12 M
Long Term Debt xxxxxxxxxxxxxxx458 M
Total Debt xxxxxxxxxxxxxxx470 M
Goodwill - Gross xxxxxxxxxxxxxxx644 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx59 M
Price To Book Value xxxxxxxxxxxxxxx1.70

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx7.9 M
Capex % of Sales xxxxxxxxxxxxxxx1.12 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx512 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

0.5

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

20/02/2026

3

Downgrade to Neutral from Outperform

$3.74

14.72%

Macquarie has downgraded IPH to Neutral from Outperform following a 1H26 result with modest underlying growth and ongoing weakness in A&NZ, with like for like EBITDA up 3.2% y/y.

Canada was the standout, benefiting from the B&P contribution, cost synergies and easing CIPO disruption, while Asia delivered modest growth and A&NZ earnings declined on weaker US PCT filings.

The broker notes FX is now a headwind, with a 1c move in AUD/USD equating to around $2.8m of annualised service charge revenue, and sees limited recovery in US-driven volumes near term.

Macquarie lowers FY26, FY27 and FY28 EPS forecasts by -3%, -3% and -0.1%, respectively, reflecting softer organic growth and FX impacts, partly offset by the announced on market buyback of up to 10%. Target price is cut to $3.74 from $4.04, previously.

FORECAST
Macquarie forecasts a full year FY26 dividend of 38.50 cents and EPS of 46.90 cents.
Macquarie forecasts a full year FY27 dividend of 38.50 cents and EPS of 46.80 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Jarden

03/03/2026

2

Overweight

$4.60

41.10%

Jarden notes IPH delivered a broadly in line 1H26 result, with improving like-for-like revenue trends from down -2% in the first four months to up 1% for the half, plus an announced buyback of up to around 5%, supporting a 13% share price rise.

Commentary highlights ongoing headwinds including Australian market share losses, soft US PCT filings, potential partner churn risk in Canada from Oct-26, and new competition in Asia.

The broker does add these risks appear reflected in the valuation at around 8x PE and a circa 10% partially franked yield.

On a pre-FX basis, A&NZ earnings (EBITDA) forecasts are cut, with FX driving -6% to –9% EPS downgrades across FY26–28.

AI disruption is viewed as a modest near-term risk, with industry feedback suggesting limited impact on core patent attorney work. Overweight retained, with target price reduced to $4.60 from $6.50.

FORECAST
Jarden forecasts a full year FY26 dividend of 36.40 cents and EPS of 45.70 cents.
Jarden forecasts a full year FY27 dividend of 36.40 cents and EPS of 43.50 cents.
Access Extra Coverage Research History >

IPH STOCK CHART

FNArena News on IPH

1
Australian Broker Call *Extra* Edition – Mar 03, 2026

Mar 03 2026 - Daily Market Reports
2
Rudi’s View: Positives From February Results

Feb 26 2026 - Rudi's View
3
Weekly Ratings, Targets, Forecast Changes – 20-02-26

Feb 23 2026 - Weekly Reports
4
FNArena Corporate Results Monitor – 20-02-2026

Feb 20 2026 - Australia
5
Australian Broker Call *Extra* Edition – Nov 26, 2025

Nov 26 2025 - 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