HIPAGES GROUP HOLDINGS LIMITED (HPG)
Share Price Analysis and Chart

09/04/2026

3

Equal-weight

$0.78

-18.75%

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Equal-weight rating for hipages Group is maintained. Target is reduced to 78c from $1.00. Industry View: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.60 cents.

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26/08/2026

1

Buy

$2.00

108.33%

Shaw and Partners reiterates its Buy recommendation for hipages Group with its target price reduced to $2.00 from $2.50 following an FY26 result featuring operating leverage and strong free cash flow generation despite a challenging macro backdrop.

Operational performance was supported by revenue growth of 9% to $90.6m and EBITDA growth of 17% to $22.9m, alongside robust free cash flow reaching the top end of guidance at $9.4m.

FY27-FY28 EPS forecasts have been revised to 4.3c and 6.1c respectively, reflecting more conservative long-term volume growth assumptions.

The analyst highlights the company is evolving from a lead-generation marketplace into a broader multi-product platform, trading on an attractive valuation relative to its improving profitability and cash generation.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.30 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 6.10 cents.