PAC Partners analyst Nick Maxwell has maintained their neutral stance on IPG stock, giving a Hold rating yesterday.
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Nick Maxwell has given his Hold rating due to a combination of factors related to valuation, margins, and cash generation. He acknowledges IPD Group’s record first-half revenue and EBITDA, as well as initial positive signs from the Platinum acquisition and operating cost leverage, but notes that these strengths are already reflected in the share price, which trades on demanding FY26 EV/EBITDA and P/E multiples.
At the same time, he highlights ongoing gross margin compression from larger projects, competitive dynamics in data centres, and product mix, alongside pressure on working capital that has weakened cash conversion. While data-centre momentum and Platinum’s higher-margin profile could support earnings in the second half, Maxwell wants clearer evidence of margin resilience, working capital normalisation, and successful integration before turning more positive, leading him to maintain a neutral, Hold stance.
In another report released yesterday, TipRanks – DeepSeek also reiterated a Hold rating on the stock with a A$5.00 price target.