IPD GROUP LIMITED (IPG)
Share Price Analysis and Chart

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26/08/2025

1

Buy

$5.00

20.48%

IPD Group's FY25 result was broadly in line with Bell Potter's forecasts and reflected resilience amid the challenging commercial construction backdrop. 

Data centre sales were the highlight, comprising 16% of group revenue from 12% in FY24. Gross margin narrowed to 34.2% from 37.1% due to the dilutive impact of CMI Operations but this was offset by leaner opex as a proportion of revenue.

The broker slightly lowered revenue forecasts over FY26-28 but lifted gross margin, and lowered opex growth, resulting in a 10% lift to FY26 EPS forecast and a 7% increase to FY27.

Buy. Target rises to $5.00 from $4.30.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 14.70 cents and EPS of 29.50 cents.
Bell Potter forecasts a full year FY27 dividend of 16.10 cents and EPS of 32.20 cents.

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02/06/2025

1

Buy

$4.21

1.45%

Moelis cuts its target price for IPD Group to $4.21 from $5.33 following a downgrade to FY25 earnings (EBITDA) guidance to $45.7-46.3m, a -7.6% decline versus pro forma FY24.

The revision reflects margin pressure from a higher share of large project-based orders, explains the broker, though revenue is expected to grow from FY24’s $350.4m, led by 4.9% growth in the core IPD business and 25% in data centres.

Performance in other segments is mixed, with growth from CMI’s plugs and EX Engineering offset by weakness in CMI cables (-7.6%) and Addelec (-12.6%) due to market conditions and project delays, explain the analysts.

The order backlog is stable at $91.5m, highlights Moelis, and the company has returned to a net cash position following a $10m loan repayment. 

The Buy rating is maintained.

FORECAST
Moelis forecasts a full year FY26 dividend of 13.00 cents and EPS of 26.00 cents.