IPH Ltd. (AU:IPH)
ASX:IPH
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IPH Ltd.
(Sydney:IPH)
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Rating:75Outperform
Price Target:
AU$4.50
▲(28.94% Upside)
Action:Upgraded
Date:02/20/26
The score is driven primarily by solid financial performance (notably strong cash flow) and attractive valuation (low P/E and high dividend yield). Offsetting factors include mixed technical signals and earnings-call risks tied to ANZ softness and uncertainty around the timing of the Canadian CIPO backlog unwind.
Positive Factors
Strong cash generation
Consistent high cash conversion (101%) and strong free cash flow growth give IPH durable financial flexibility. This supports reinvestment, dividend increases, debt reduction and share buybacks while insulating the business from temporary revenue volatility and funding capex or M&A without relying on markets.
Negative Factors
ANZ exposure and earnings decline
Pronounced ANZ weakness highlights structural client and market concentration risk tied to U.S. PCT flows. If these origin filing trends remain soft, ANZ earnings and group margins could stay pressured, requiring successful and sustained diversification to Europe/Asia to restore prior contribution levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent high cash conversion (101%) and strong free cash flow growth give IPH durable financial flexibility. This supports reinvestment, dividend increases, debt reduction and share buybacks while insulating the business from temporary revenue volatility and funding capex or M&A without relying on markets.
Read all positive factors
IPH Ltd. (IPH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$985.95M
Dividend Yield10.58%
Average Volume (3M)1.66M
Price to Earnings (P/E)13.7
Beta (1Y)0.76
Revenue Growth8.13%
EPS Growth-9.10%
CountryAU
Employees1,800
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.28
Shares Outstanding256,293,150
10 Day Avg. Volume1,349,685
30 Day Avg. Volume1,657,970
Financial Highlights & Ratios
PEG Ratio4.40
Price to Book (P/B)1.74
Price to Sales (P/S)1.73
P/FCF Ratio9.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.74Price Target Upside7.16% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.47
Revenue Forecast (FY)AU$729.87M
IPH Ltd. Business Overview & Revenue Model
Company Description
Established in 1887 and based in Sydney, Australia, IPH Limited offers an extensive array of intellectual property (IP) services and products, both within Australia and across international markets. Its operations are structured across three key s...
How the Company Makes Money
IPH primarily makes money by charging professional fees for IP attorney and related advisory services delivered to businesses, universities, and other organizations seeking to obtain, maintain, defend, and leverage intellectual property rights. Ke...
IPH Ltd. Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: group revenue and underlying EBITDA grew, statutory profit rose double‑digits, cash conversion remained strong and management increased dividends while reducing net debt. Canada delivered a standout turnaround and Asia returned to growth, driven by higher filings and case transfers. However, material near‑term headwinds persist—ANZ earnings were down due to lower U.S. PCT volumes, the CIPO backlog in Canada has not yet cleared (creating delayed revenue), and tax and FX translation effects compressed some metrics. Management’s cost discipline, balance sheet strength, AI adoption and successful acquisitions mitigate these risks and support confidence in medium‑term recovery.Positive Updates
Group Revenue Growth
Total revenue of $363.9 million, up 6.5% year‑on‑year, driven by incremental contribution from the Bereskin & Parr acquisition and organic growth in Canada and Asia.
Negative Updates
ANZ Revenue and Earnings Decline
ANZ like‑for‑like revenue down 6.1% and underlying EBITDA down 10.6%, reflecting disproportionate exposure to a decline in U.S. PCT filings. Australian patent market decreased 12.9% for the half with IPH filings down 5.4% (normalized excluding self‑filed applications: IPH -4.8% vs market +1.9%).
Read all updates
Q2-2026 Updates
Positive
Negative
Group Revenue Growth
Total revenue of $363.9 million, up 6.5% year‑on‑year, driven by incremental contribution from the Bereskin & Parr acquisition and organic growth in Canada and Asia.
Read all positive updates
Company Guidance
Management guided that FY‑26 priorities are to leverage Canada’s integrated platform to capture the expected (timing uncertain but anticipated in calendar 2026) unwind of the CIPO backlog, to capitalise on Asia’s return to growth and >2,200 recent case transfers (including ~1,500 trademarks, ~500 patents, ~200 designs), and to re‑target ANZ business development away from U.S. PCTs toward Western Europe, Japan, South Korea and Chinese incoming filings. They reiterated a focus on operational efficiencies and AI automation (corporate costs down $2.5m in H1) after delivering H1 revenue $363.9m (+6.5%), underlying EBITDA $107.1m (+6.6%), underlying NPATA $62.6m (+2.6%), like‑for‑like revenue +0.7% and like‑for‑like EBITDA +3.2% (margin +0.7ppt); segment metrics included Canada like‑for‑like EBITDA +18.9% (margin +2.6ppt), Asia filings ex‑Singapore +7.3% (Asia LFL revenue +3.5%, EBITDA +1.5%), and ANZ LFL revenue −6.1% / EBITDA −10.6% (Australian market −12.9%, IPH −5.4% or −4.8% excl. self‑filed AI provisionals). Balance‑sheet/capital guidance: cash conversion 101%, free cash flow +32%, interim dividend +11.8% to $0.19 (franked 20%, payout 81% of cash‑adjusted NPAT), net debt −6.5%, leverage 1.8x (target ≤2x), $111m undrawn facilities, $210m refinanced facility, and an on‑market buyback up to 12.2m shares.IPH Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 728.50M | 706.20M | 605.60M | 482.87M | 374.33M | 359.68M |
| Gross Profit | 489.30M | 706.20M | 389.80M | 315.77M | 250.92M | 243.29M |
| EBITDA | 194.60M | 187.10M | 179.60M | 159.16M | 115.99M | 113.33M |
| Net Income | 72.70M | 68.80M | 60.80M | 64.54M | 52.56M | 53.60M |
Balance Sheet | ||||||
| Total Assets | 1.28B | 1.35B | 1.31B | 1.20B | 688.42M | 674.69M |
| Cash, Cash Equivalents and Short-Term Investments | 49.00M | 59.00M | 75.50M | 103.27M | 88.40M | 71.15M |
| Total Debt | 474.30M | 469.70M | 491.80M | 441.29M | 161.22M | 159.39M |
| Total Liabilities | 605.60M | 651.10M | 679.10M | 619.50M | 258.71M | 247.90M |
| Stockholders Equity | 678.80M | 699.40M | 634.30M | 577.13M | 429.71M | 426.79M |
Cash Flow | ||||||
| Free Cash Flow | 140.30M | 125.80M | 120.90M | 84.90M | 87.69M | 86.47M |
| Operating Cash Flow | 143.80M | 133.70M | 131.90M | 91.79M | 94.88M | 92.65M |
| Investing Cash Flow | -14.50M | -70.40M | -140.60M | -281.56M | -12.18M | -10.84M |
| Financing Cash Flow | -172.90M | -83.10M | -11.30M | 199.46M | -68.68M | -93.55M |
IPH Ltd. Technical Analysis
Neutral
3.49
Price Trends
3.80
Positive
3.60
Positive
3.56
Positive
Market Momentum
0.06
Positive
43.16
Neutral
7.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IPH, the sentiment is Neutral. The current price of 3.49 is below the 20-day moving average (MA) of 4.04, below the 50-day MA of 3.80, and below the 200-day MA of 3.56, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 43.16 is Neutral, neither overbought nor oversold. The STOCH value of 7.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:IPH.
IPH Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$1.73B | 20.38 | 29.68% | 5.51% | 7.67% | 5.03% | |
76 Outperform | AU$214.71M | 12.06 | 12.32% | 4.11% | 9.90% | 216.48% | |
75 Outperform | AU$985.95M | 13.66 | 10.55% | 10.58% | 8.13% | -9.10% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | AU$161.63M | 53.29 | 10.41% | 0.11% | 21.18% | -17.84% |
* Industrials Sector Average
AU:IPH
IPH Ltd.
3.86
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-8.85%
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-66.32%
IPH Ltd. Corporate Events
IPH updates securities trading policy to tighten governance standards
Jun 17, 2026
IPH Limited has refreshed its Securities Trading Policy, with the updated framework taking effect from 16 June 2026 and now published on the company’s website for stakeholder access. The move underscores the intellectual property services gr...
IPH Continues On-Market Share Buy-Back With Daily Update
Jun 2, 2026
IPH Ltd. has reported an update to its on-market share buy-back program for its ordinary fully paid shares, disclosing that a total of 5,417,551 shares had been repurchased before the previous trading day. The company also bought back an additiona...
IPH continues on-market share buy-back with daily repurchases
May 24, 2026
IPH Ltd. has been actively executing an on-market share buy-back of its ordinary fully paid shares, as disclosed in its latest update to the ASX. The company reported that a total of 5,408,248 shares had been repurchased before the previous tradin...
IPH updates market on daily progress of on‑market share buy‑back
May 22, 2026
IPH Ltd., listed on the ASX under the code IPH with ordinary fully paid shares, operates in the professional services sector and uses an on-market buy-back to manage its capital structure. The company has been regularly updating the market on the ...
IPH Updates Market on Progress of On‑Market Share Buy‑Back
May 21, 2026
IPH Ltd. has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program covering its ordinary fully paid shares. The company reported that it had repurchased a cumulative 5,275,881 shares prior ...
IPH updates market on daily progress of on-market share buy-back
May 10, 2026
IPH Ltd. has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 4,745,881 shares had been repurchased prior to the most recent trading day, with a...
JPMorgan Drops Below Substantial Holder Threshold in IPH Ltd
May 10, 2026
JPMorgan Chase Co. and its affiliates have notified IPH Ltd that they have ceased to be a substantial shareholder in the company as of 6 May 2026. The change reflects a reduction in JPMorgan’s relevant interest through a series of securitie...
IPH continues on‑market share buy‑back with daily ASX updates
May 8, 2026
IPH Ltd. has launched an on‑market share buy‑back of its ordinary fully paid shares, as disclosed in an updated Appendix 3C filing with the ASX. The program, first notified in February 2026 and most recently updated on 8 May 2026, is b...
IPH Updates Market on Progress of On‑Market Share Buy‑Back
Apr 30, 2026
IPH Ltd. has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The latest filing, dated 1 May 2026, confirms the program remains active under the IPH ticker and co...
IPH Updates Investors on Progress of On‑Market Share Buy‑Back
Apr 29, 2026
IPH Ltd. has provided an update on its on‑market share buy‑back program for its ordinary fully paid shares listed on the ASX under the code IPH. The company continues to actively repurchase stock as part of the existing buy‑back ...
IPH updates market on ongoing on‑market share buyback activity
Apr 27, 2026
IPH Ltd. has continued its on-market share buyback program for its ordinary fully paid shares, reporting that it had repurchased a total of 3,753,681 securities prior to the latest trading day. The company disclosed that on the previous day it bou...
IPH Continues Daily On-Market Share Buy-Back Updates
Apr 23, 2026
IPH Ltd. has confirmed the continuation of its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code IPH. The company is providing a daily update, indicating it had repurchased a cumulative 3,495,681 shares ...
IPH updates dividend reinvestment plan to allow on‑market share purchases
Apr 22, 2026
IPH Limited has revised the rules of its Dividend Reinvestment Plan to give its board the flexibility to acquire shares on‑market for the plan as well as issue new shares, in a move aimed at bringing the scheme into line with prevailing mark...
IPH Ltd. provides daily update on ongoing on-market share buy-back
Apr 21, 2026
IPH Ltd. has continued its on-market share buy-back program, reporting that it has repurchased a total of 3,413,681 ordinary fully paid shares prior to the latest trading day. The company disclosed that a further 82,000 shares were bought back on ...
IPH updates market on progress of on‑market share buy‑back
Apr 16, 2026
IPH Ltd. has disclosed an updated daily notification for its on‑market share buy‑back program, covering ordinary fully paid shares traded under the ASX code IPH. The company reported that it had repurchased a cumulative 3,091,181 share...
IPH Ltd. Ramps Up On‑Market Share Buy‑Back with Daily Update
Apr 15, 2026
IPH Ltd. has continued its on‑market share buy‑back program, updating the market with a new daily buy‑back notification for its ordinary fully paid shares on 16 April 2026. The company reported that it had repurchased a cumulativ...
IPH Ltd. trims capital base through buy-back and lapsed performance rights
Apr 15, 2026
IPH Ltd. has reported the cessation of certain securities, including the lapse of 179,681 performance rights after conditions were not satisfied by 31 March 2026, reflecting changes in the company’s equity-based incentive structures. In addi...
IPH Updates Daily On-Market Share Buy-Back Activity
Apr 14, 2026
IPH Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares traded on the ASX. The latest notification, dated 15 April 2026, reports that the company has repurchased a cumulative total of 2...
IPH Continues On-Market Share Buy-Back With Daily ASX Update
Apr 13, 2026
IPH Ltd. has continued its on-market share buy-back program for its ordinary fully paid shares, as disclosed in an updated Appendix 3C filing with the ASX. The company reported that a total of 2,765,781 shares had been repurchased before the previ...
IPH Ltd. Issues Daily Update on On-Market Share Buy-Back Activity
Apr 12, 2026
IPH Ltd. has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of the latest daily update dated 13 April 2026, a total of 2,688,781 ...
IPH Continues On-Market Share Buy-Back With Daily ASX Update
Apr 9, 2026
IPH Ltd. has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program in its ordinary fully paid securities. The company reported that a total of 2,591,281 shares had been repurchased prior to the latest t...
IPH Updates Daily On‑Market Share Buy‑Back Totals
Apr 8, 2026
IPH Ltd. has reported an update to its on-market share buy-back program for its ordinary fully paid shares, traded under the ASX ticker IPH. The company disclosed that, as of 9 April 2026, it had repurchased a cumulative total of 2,591,281 shares,...
IPH Continues On‑Market Buy-Back With Daily Share Purchases
Apr 8, 2026
IPH Ltd. has disclosed an update to its on‑market share buy-back, confirming that a total of 2,337,224 ordinary fully paid shares had been repurchased prior to the latest reporting date. The company reported that it bought back a further 128...
IPH Updates Market on Progress of On-Market Share Buy-Back
Apr 6, 2026
IPH Ltd. has provided an updated notification to the ASX on its ongoing on-market share buy-back program for ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 2,237,224 shares prior to the most recent t...
IPH Updates Market on Progress of On‑Market Share Buy‑Back
Apr 1, 2026
IPH Ltd. has updated the market on the progress of its on‑market share buy‑back of ordinary fully paid shares. The latest daily notification shows that a total of 2,174,548 shares had been repurchased prior to the most recent trading d...
JPMorgan Group Ceases to Be Substantial Holder in IPH Ltd.
Apr 1, 2026
JPMorgan Chase Co. and its affiliates have disclosed that they have ceased to be a substantial holder in IPH Ltd., after a series of transactions and securities lending activities involving ordinary shares. The change follows adjustments in holdi...
IPH Updates Market on Progress of On‑Market Share Buy‑Back
Apr 1, 2026
IPH Ltd. has reported an update to its on‑market share buy‑back program for its ordinary fully paid shares traded under the ASX code IPH. The company disclosed that as of 1 April 2026 it had repurchased a cumulative total of 2,024,548 ...
IPH director lifts indirect shareholding via dividend reinvestment plan
Mar 30, 2026
IPH Limited has disclosed a change in the indirect shareholding of director David Stoddart Wiadrowski, who increased his beneficial interest in the company through participation in its dividend reinvestment plan. The transaction saw Wiadrowski acq...
IPH Ltd. Reports Ongoing On-Market Share Buy-Back Activity
Mar 30, 2026
IPH Ltd. has continued its on-market share buy-back program, updating the market with a daily notification covering ordinary fully paid shares under its ASX code IPH. The latest filing confirms the program has been active since February 19, 2026, ...
IPH Continues On‑Market Buy‑Back with Daily Share Repurchases
Mar 29, 2026
IPH Ltd. has continued its on‑market share buy‑back program, reporting that it had repurchased a total of 1,830,248 ordinary fully paid shares prior to the latest trading day, and a further 84,300 shares on the previous day. The ongoin...
IPH Continues On-Market Buy-Back, Lifting Total Repurchases to 1.7m Shares
Mar 26, 2026
IPH Ltd. has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares, reporting that it repurchased a further 126,500 shares on the previous trading day. This lifts the total number of shares bought ba...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.