Thoughts on IPH post their report
Hi James I would appreciate your views on IPH now that they have Reported the 1st Half. The shares have dropped following Statutory Profit fall but otherwise not too bad
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Hi Richard,
IPH’s 1H24 profit was in line with consensus while underlying earnings were down around 2% – a reasonable result, although we’ve seen some cuts to FY24 earnings expectations related to weakness in Asia. Gearing is also high post 2 acquisitions in Canada. Historically, they trade on 19x but they’re now on 14x, making them screen ‘cheap’, however we struggle to identify a near term catalyst, making us neutral.
