IPH Limited (IPH): Asian growth engine steaming ahead

Bell Potter


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.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.