IPD released its results yesterday. It’s steady as she goes with a combination of organic and inorganic growth. They continue to mention demand is strong and are well stocked to meet this demand.

Once some of the synergies are extracted from the recent acquisitions it will be interesting to see the types of margins that can be attained.

Note the price has run up in recent weeks so a pull back on earnings was expected. It’s now back in my 2024 trading range of 4.50-5.00 and FY NPAT is tracking around my midpoint target of ~20m.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777053-2A1507314

Revenue, Gross Profit, EBIT, NPAT (m)

2019: 75.8, 31.0, 0.6, (0.2)

2020: 87.5, 33.6, 5.8, 4.0

2021: 118.1, 46.3, 9.6, 6.5

2022: 176.8, 67.5, 16.6, 11.1

{2023HY: 110.9, 41.7, 11.5, 8.0}

Note: Share Count = 86,365,798

A nice little summary on EV Charging for those interested.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02648021-2A1439855?access_token=83ff96335c2d45a094df02a206a39ff4

Annualise out the HY results

Double the NPAT (8.0m) = 16.0m.

16.0m / 86.5m shares = 18.7c

Assign a PE of 20 to match its growth profile.

20 x 18.7c = 3.74

I think this is conservative with management already reporting Jan and Feb results were strong.

Solid results from IPG. Continuing to execute on its growth. The market response today has been positive. I see plenty of upside in the share price in the short to medium term.

@edgescape I think you may have stumbled across a sleeper. The ASX release which included an update shows IPG continuing to grow.

It provides a nice way to get exposure to not only the EV market but electrical market as a whole.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02604171-2A1416443?access_token=83ff96335c2d45a094df02a206a39ff4