This is at very good summary.

It has helped me understand why SP is down and why the people in the market with the knowledge are on the sideline.

i just read GS is bullish on the stock but it does not address why SP is down.

Goldman likes the ASX dividend stock due to its defensive earnings and growth potential. The latter is expected to be boosted by its expansion in the Asian market. It explains:

In our view, IPH is well-placed to deliver consistent and defensive earnings with modest overall organic growth. We expect Asia to be the fastest growing region for IPH, as the company leverages its strong market share in Singapore to grow in other Asian markets. We expect relatively stable earnings in the A/NZ business and see market share stabilising at c.30-35%. We expect the next factor to watch for will be further consolidation of the Canadian market and/or an acquisition in a new secondary market (e.g. South Africa, South America, or Eastern Europe)

In our view, IPH is well-placed to deliver consistent and defensive earnings with modest overall organic growth. We expect Asia to be the fastest growing region for IPH, as the company leverages its strong market share in Singapore to grow in other Asian markets. We expect relatively stable earnings in the A/NZ business and see market share stabilising at c.30-35%. We expect the next factor to watch for will be further consolidation of the Canadian market and/or an acquisition in a new secondary market (e.g. South Africa, South America, or Eastern Europe).

The broker also highlights that IPH's shares trade on very low multiples (11.5x estimated FY 2025 earnings).

Good to know about POTENTIAL, but currently patent filing is down and importantly uncertainty in market sentiment towards small vs large patent firm...and potential further erosion of market share.

Its interesting how the people in the know only wants to paint a rosy picture and not tell the full story.

Also interesting, wonder why management has not advised s/holders of the broader macro issues affecting its SP and how they will tact it.....ie. improve services, improve fee structure,

well the consensus among brokers is buy (4) and hold (2).

Trading on a material NTM