External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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