External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>IPD released 1H25 earnings guidance landing around 10 percent below consensus expectations.</li><li>We’ve revised down our FY25 and FY26 estimates to reflect lower margins and sales growth, but we remain positive on prospects and a return to earnings growth in FY26.</li><li>After a sharp price decline, shares look cheap. We think this setback represents a good buying opportunity.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD released 1H25 earnings guidance landing around 10 percent below consensus expectations.We’ve revised down our FY25 and FY26 estimates to reflect lower margins and sales growth, but we remain positive on prospects and a return to earnings growth in FY26.After a sharp price decline, shares look cheap. We think this setback represents a good buying opportunity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD Group (IPG) - 1H Setback Offers a Buying Opportunity

<ul><li>Revenue growth of 28 percent and adj. EBIT growth of 47 percent included recent acquisitions. Like-for-like (LFL) revenue and EBIT growth was 2 and 3 percent respectively.</li><li>Disappointing, and down on IPD’s recent record, but no big deal.</li><li>The devil is in the detail. Core IPD and Ex Engineering grew by double-digits, whilst CMI (5-month benefit) had LFL EBIT declines. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue growth of 28 percent and adj. EBIT growth of 47 percent included recent acquisitions. Like-for-like (LFL) revenue and EBIT growth was 2 and 3 percent respectively.Disappointing, and down on IPD’s recent record, but no big deal.The devil is in the detail. Core IPD and Ex Engineering grew by double-digits, whilst CMI (5-month benefit) had LFL EBIT declines. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD Group (IPG) - Record Orders Fuel the Recovery in Organic Growth

<ul><li>2H adj. EBITDA grew by ~38% on 1H24, including just under six months from the recent CMI acquisition. We estimate organic EBITDA growth was around 5%.</li><li>We await the full year result for more detail around revenue and working capital growth.</li><li>Both were key areas at the 1H result; major project timing and working capital investment should be drivers of accelerating organic sales growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2H adj. EBITDA grew by ~38% on 1H24, including just under six months from the recent CMI acquisition. We estimate organic EBITDA growth was around 5%.We await the full year result for more detail around revenue and working capital growth.Both were key areas at the 1H result; major project timing and working capital investment should be drivers of accelerating organic sales growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD Group (IPG) - FY24 Guidance in Line; Upgrade to BUY on Valuation

<ul>
<li>The CMI acquisition almost makes this result moot, but we can’t help feeling slightly underwhelmed.</li>
<li>Organic sales growth was a mere 3% in the absence of major project supply this half. &gt;20% adj.</li>
<li>NPAT growth was driven by gross profit margin expansion linked to a higher day-to-day business skew, which will mean revert next half.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


The CMI acquisition almost makes this result moot, but we can’t help feeling slightly underwhelmed.
Organic sales growth was a mere 3% in the absence of major project supply this half. &gt;20% adj.
NPAT growth was driven by gross profit margin expansion linked to a higher day-to-day business skew, which will mean revert next half.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD Group (IPG) - Organic Sales Blip No Cause for Concern

<ul><li>“It’s like they are operating in a different economy.” So declared an HVAC executive in admiration of the order books of his electrical sector peers.</li><li>In about a dozen industry conversations in preparing this document, this observation was often repeated.</li><li>The electrical industry is booming and there’s a strong argument we are still early innings for capital spending amidst a major infrastructure project upswing and a transition towards renewable energy systems.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

“It’s like they are operating in a different economy.” So declared an HVAC executive in admiration of the order books of his electrical sector peers.In about a dozen industry conversations in preparing this document, this observation was often repeated.The electrical industry is booming and there’s a strong argument we are still early innings for capital spending amidst a major infrastructure project upswing and a transition towards renewable energy systems.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPD Group (IPG) - A Capital Allocation Play with Macro Tailwinds

Australia

IPD Group Ltd of Australia distributes electronic parts and communications equipment. The Company focuses power and power monitoring, industrial control, renewables, and test and measurement equipment. IPD Group serves customers in Australia.

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IPD Group (IPG AU)

IPD Group (IPG) - 1H Setback Offers a Buying Opportunity

IPD released 1H25 earnings guidance landing around 10 percent below consensus expectations. We’ve revised down our FY25 and FY26 estimates to...

Taylor Collison

IPD Group (IPG) - Record Orders Fuel the Recovery in Organic Growth

Revenue growth of 28 percent and adj. EBIT growth of 47 percent included recent acquisitions. Like-for-like (LFL) revenue and EBIT growth was 2 and...

Taylor Collison

IPD Group (IPG) - FY24 Guidance in Line; Upgrade to BUY on Valuation

2H adj. EBITDA grew by ~38% on 1H24, including just under six months from the recent CMI acquisition. We estimate organic EBITDA growth was around 5%.

Taylor Collison

IPD Group (IPG) - Organic Sales Blip No Cause for Concern

NPAT growth was driven by gross profit margin expansion linked to a higher day-to-day business skew, which will mean revert next half.

Taylor Collison

IPD Group (IPG) - A Capital Allocation Play with Macro Tailwinds

“It’s like they are operating in a different economy.” So declared an HVAC executive in admiration of the order books of his electrical sector peers.

Taylor Collison

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