I have been a holder for over 4 years, adding parcels during...

I have been a holder for over 4 years, adding parcels during that slow and deep decline in the SP between 2016 and 2018 so that I'm now still very healthily above water even after the recent fall from the $10 high. I've been happy with dividend growth and hope to continue holding for the long term.

However, I have one old concern about IPH and one new one. The old concern is the relentless roll-up strategy which doesn't really seem to have an endgame. I'm not sold on the idea that the acquisitions are leading to strong organic growth and yes those goodwill issues are valid

The new concern, and maybe the more serious one, is the slowdown in filings, which is unsurprising in a recessionary environment where R&D spending is the first to get cut. In fact my guess is that this slowdown is a major reason for the SP drop post-results. It is very uncertain how much longer we can expect this decline to continue and my take on the presentation is that it's probably too optimistic about that risk. And that would impact the future cashflow that posters above are holding on to for reassurance. So we could see some much steeper price drops at the next couple of reporting seasons,

Pleased with the continued growth in dividend though. Just wary of a slideback over the next 12 months.