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Goldman Sachs - Equity Research - 20 March 2019 We maintain our...

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WanJ

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27/03/19

09:16

Post #: 37895516
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Originally posted by WanJ: ↑

IPH – Macquarie rates the stock as Upgrade to Outperform from Neutral - 11 March 2019

Macquarie believes IPH is well-positioned in the three-way merger tussle, as the Qantm ((QIP)) merger deal with Xenith ((XIP)) remains subject to a number of hurdles [ACCC approved last Thursday].Importantly, there is the opportunity for a competing proposal should it emerge and Macquarie calculates there is material accretion potential.The broker upgrades to Outperform from Neutral and raises the target to $7.10 from $6.00. The broker factors in earnings upgrades driven by FX and a multiple re-rating, with M&A risk skewed to the upside.

Sector: Commercial & Professional Services.

Target price is $7.10.Current Price is $6.49. Difference: $0.61 – (brackets indicate current price is over target). If IPH meets the Macquarie target it will return approximately 9% (excluding dividends, fees, and charges – negative figures indicate an expected loss).

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Goldman Sachs - Equity Research - 20 March 2019

We maintain our Buy rating in IPH. Our 12-month target price is A$7.65. We derive ourbase valuation using a 50:50 DCF/PE valuation; we then apply an uplift of 3.6x to theimplied PE valuation to consider IPH’s pursuit of inorganic growth.

IPH Price at posting: $6.91 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $5.14		Change 0.030(0.59%)		Mkt cap ! $1.578B

Open	High	Low	Value	Volume
$5.13	$5.20	$5.11	$5.986M	1.163M

Buyers (Bids)

No.	Vol.	Price($)
4	15305	$5.13

Sellers (Offers)

Price($)	Vol.	No.
$5.14	4016	2

View Market Depth

No.	Vol.	Price($)
1	1335	5.980
6	25069	5.950
2	6370	5.940
1	3489	5.930
1	534	5.920

Price($)	Vol.	No.
5.990	2951	3
6.000	5688	3
6.010	8304	2
6.020	7870	3
6.030	16750	2

Last trade - 16.10pm 21/11/2024 (20 minute delay)

IPH (ASX) Chart