Ann: IPH Successfully Completes $100m Placement, page-8

Just got this in an email today....Fri, 13 Sept at 9:21 am

Friday, 13 September 2024

IPH - IPH LIMITED

Macquarie rates IPH as Outperform (1) - Macquarie observes the August filing volumes for IPH fell -23.8% against a decline in the market of -16.6%.

The company's market share eased to 28.8% in August compared to the year-to-date of 31.2%. Macquarie highlights around 70% of the company's income is recurring.

IPH is expected to experience a stabilisation of market share in Australia, a return to growth in Asia and increased synergies from Canada, the analyst highlights with the Bereskin & Parr acquistion anticipated for completion in late-September.

An Outperform rating with a $7.31 target price are instated post a period of restriction.

Target price is $7.31 Current Price is $6.05 Difference: $1.26 If IPH meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges). Current consensus price target is $7.97, suggesting upside of 31.7%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 35.50 cents and EPS of 46.70 cents . At the last closing share price the estimated dividend yield is 5.87%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.96. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.8, implying annual growth of 86.6%. Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 38.00 cents and EPS of 50.90 cents . At the last closing share price the estimated dividend yield is 6.28%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.89. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 7.5%. Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 1.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources