QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market with ~16.5% market share (FY23) in its key patents segment (67% of revenue) and a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
We have reviewed recent results from the listed Australian and UK companies that we consider to be peers and have found that QIP mostly outperformed the group in terms of EBITDA margin expansion in FY23.