IPH Limited

IPH.AX · Industrials · Specialty Business Services · Valued as of 2026-11-03 · Statements 2026-06-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.27B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

750.09M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

677.18M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

897.72M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

663.85M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.35×

the ratio the screener ranks by

Margin of Safety

+26.1%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.27B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.51B USD
−②Net Debt Today245.47M USD
+③Growth Value0 USD
=Value1.27B USD

EPV of the Operations (NOPAT over WACC)

1.51B USD

Net debt today

-245.47M USD

Growth Value

0 USD

Value

1.27B USD

①EPV (earnings power value)

1.51B USD

②Net Debt Today

245.47M USD

③Growth Value

0 USD

Market value

Market Cap663.85M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+47.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 750.09M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE496.87M USD
+②Equity at Year 15, Today253.22M USD
=Value750.09M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

496.87M USD

②Equity at Year 15, Today

253.22M USD

Market value

Market Cap663.85M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+11.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 677.18M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF632.82M USD
+②Invested Capital at Year 15, Today289.83M USD
−③Net Debt Today245.47M USD
=Value677.18M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

632.82M USD

②Invested Capital at Year 15, Today

289.83M USD

③Net Debt Today

245.47M USD

Market value

Market Cap663.85M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.82%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.10×Market Risk Premium 6.00%= 5.13%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 17.50M USDPretax Income 72.89M USD= 24.01%

The tax the interest saves.

Interest Expense =EBIT 88.32M USD−Pretax Income 72.89M USD= 15.43M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 15.43M USDTotal Debt 286.66M USD×(1 − Tax Rate for WACC 24.01%)= 4.09%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 286.66M USDMarket Cap + Total Debt 663.85M USD + 286.66M USD= 30.16%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 69.84%×Cost of Equity 5.13%+Debt Weight 30.16%×Cost of Debt 4.09%= 4.82%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 832.50M USD − Total Liabilities 403.78M USD = Book Value Today 428.72M USD

Total Debt 286.66M USD − Cash and Short-Term Investments 41.20M USD = Net Debt Today 245.47M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 13.5%at most 5%passes256,293,158 / 247,738,121
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets—at least -10.0%not measured(— − 55.39M USD) ÷ 832.50M USD
Price to bookMarket Cap ÷ Book Value Today1.55×at most 3×passes663.85M USD ÷ 428.72M USD
Operating marginOperating Income ÷ Revenue18.3%above 10.0%passes89.70M USD ÷ 489.41M USD
Revenue growthRevenue ÷ Revenue a Year Before − 16.0%above 10.0%does not pass489.41M USD / 461.84M USD
Net cash(Cash − Total Debt) ÷ Market Cap-37.0%above -30%does not pass(41.20M USD − 286.66M USD) ÷ 663.85M USD
Operating efficiencyOperating Income ÷ Gross Profit18.3%above 25.0%does not pass89.70M USD ÷ 489.41M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3.67 AUD

Enterprise value

1.30B AUD

the provider's own figure

EV / EBITDA

6.97×

Price / book

1.51×

the provider's book

Price / earnings

11.84×

Return on equity

12.2%

the provider's figure, not this page's

Profit margin

11.3%

Revenue growth

-5.0%

Analyst target, mean

4.30 AUD

Analysts

7

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

319.96M403.16M461.84M489.41M

Gross profit

319.96M403.16M461.84M489.41M

Operating income

68.15M83.22M87.04M89.70M

EBITDA

operating income before depreciation and amortisation

105.47M119.56M122.36M134.34M

Pretax income

57.95M54.52M58.60M72.89M

Net income

42.77M40.48M44.99M55.39M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

44.70M44.43M51.52M56.90M

R&D

————
Balance sheet, year end

Total assets

792.92M874.36M883.19M832.50M

Total liabilities

410.50M452.09M425.80M403.78M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

382.42M422.27M457.39M428.72M

Total debt

292.41M327.40M307.17M286.66M

Cash and equivalents

68.43M50.26M38.58M41.20M

Net PP&E

fixed assets after depreciation

38.77M44.94M43.29M35.20M

Working capital

current assets less current liabilities

126.48M117.10M114.77M107.47M
Cash flow

Operating cash flow

————

Capital expenditure

paid out, so below zero

-4.57M-7.32M-5.17M-2.00M

Depreciation and amortisation

35.35M43.27M47.15M46.02M

Free cash flow

operating cash flow plus capital expenditure

56.26M80.49M82.27M102.31M