Australia's IPH to benefit from Canada expansion in H1 -Canaccord

IPH

07/02/2023 23:13

** Canaccord Genuity expects Australia's IPH Ltd  IPH.AX  to
post strong revenue and EBITDA for the first half of fiscal 2023
on the back of contribution from Smart & Bigar in Canada and a
weaker local currency
    ** IPH said in August that it would acquire intellectual
property (IP) agency practice of Smart & Bigar 
    ** Brokerage views IPH as highly consistent business where
management has exhibited ability to grow margins over sustained
period; mantains "buy" 
    ** Says company's entry into Canadian market sets the
business up to repeat its success in Australia
    ** Canaccord, however, trims its earnings estimates for the
company's full year; citing comments from a November AGM where
IPH flagged moderating EBITDA levels
    ** Brokerage cuts PT to A$11.25 from A$11.65     
    ** Of nine analysts covering the stock, five rate "buy" or
higher, three "hold" and one "sell"; their median PT is A$10.85
– Refinitiv data
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))