IPH Limited (IPH): Asian growth engine steaming ahead

Bell Potter

Stockbroker

IPH Limited (IPH): Asian growth engine steaming ahead. Yestreday IPH announced underlying EBITDA of $18.3m, up 26% on pcp & ahead of our $16.5m estimate. Underlying NPAT increased 26% on pcp to $13.4m. We believe IPH is a high quality business with attractive operating attributes in a structurally growing industry. With IP servicing hubs in Singapore/Aust., & the potential to leverage off its multinational clients, we believe IPH is well placed to grow across Asia-Pacific and consolidate its position as a leading 'one-stop gateway' for the region. Also, we believe IPH has a high propensity to acquire businesses and see EPS accretive acquisitions as likely positive share price catalysts. Buy with a revised PT of $4.95.


Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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