Taking another look at IPH, as the share price continues it's decline, and wondering at what point does it become an irresistable bargain. Normally I would think that an IP firm would be pretty defensive against market turmoil, but seemingly not so for IPH. Earnings have been robust, and would appear likely to continue to hold their own.
Seems to me that the market is skeptical about something in the financials, and the obvious place for me to query is the intangibles effect on total assets, compared to the debt borrowings. Will there be a write down of intangibles at some point?
The half year report shows that debt was refinanced in December last year (I thought that this might have warranted an ASX announcement, but apparently not), with maturity dates from September 2026 onwards.
It seems to me that a pause in acquisitions to allow debt to be reduced might be helpful for a recovery in the share price.
I am interested in the perspective other may have.
IPH Price at posting:
$4.39 Sentiment: Hold Disclosure: Held
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