Deep dive into CSL, NUF & IPH and charts on China risks
Fund Manager Chris Pedersen looks at CSL (ASX:CSL), Nufarm (ASX:NUF), IPH (ASX:IPH) and charts on China risks.
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IPH is the holding company for intellectual property (“IP”) and associated companies offering a wide range of IP services and products.
IPH companies employ a highly skilled multidisciplinary team of approximately 1000 people in Australia, New Zealand, Singapore, Malaysia, China, Indonesia, Thailand and Hong Kong. IPH companies service a diverse client base of Fortune Global 500 companies, multinationals, public sector research organisations, SMEs and professional services firms worldwide.
In 2014 IPH acquired Spruson & Ferguson, which was established in 1887 as one of the first Australian patent and trade marks attorney firms. After successful IPO in November 2014, IPH became the first IP services group to list on the Australian Stock Exchange. In 2015 IPH acquired Fisher Adams Kelly, Callinans and Pizzeys Patent and Trade Mark Attorneys – long established Australian IP firms; and Practice Insight, a specialist IP software development company. In 2016 IPH acquired Cullens Patent and Trade Mark Attorneys – an Australian IP firm with 80 years’ history; and Ella Cheong (Hong Kong) Limited and its subsidiary Ella Cheong Intellectual Property Agency (Beijing) Company Limited – the Group’s first international acquisition. In 2017 IPH acquired New Zealand’s premier IP firm AJ Park. This was the Group’s first acquisition in the New Zealand market.
In February 2018, IPH announced Spruson & Ferguson would merge with Cullens and Fisher Adams Kelly Callinans to form one combined firm operating under the Spruson & Ferguson brand. Full integration was completed in July 2018.
On 15 August 2019 IPH completed the acquisition of the Xenith IP Group; and the Xenith businesses – Glasshouse Advisory, Griffith Hack, Shelston IP and Watermark – have been welcomed into the IPH group.
Today, IPH is an ASX 200 company with market capitalisation of approximately $AU1 billion.
Fund Manager Chris Pedersen looks at CSL (ASX:CSL), Nufarm (ASX:NUF), IPH (ASX:IPH) and charts on China risks.
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Despite the potential for softness to continue into FY21, IPH Ltd has a resilient patent filing business with a broad geographic reach which should allow it to bounce back.
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A very strong result from IPH beat forecasts across the board, helped by cost discipline and forex tailwinds, Morgans notes. The stock is a quality defensive with a big step-up in earnings offered by the Xenith acquisition, with margin increases expected ahead as has been the case with AJ Park.
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IPH has revised its proposal to acquire listed competitor Xenith IP ((XIP)). Under the new proposal shareholders will receive $1.28 in cash and 0.1261 IPH shares for every Xenith share.
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IPH has announced a proposal to acquire listed competitor Xenith IP ((XIP)) with a scrip and cash offer. This offer values the business at $1.97 per share and under the proposal shareholders will receive $1.28 in cash and 0.1056 IPH shares for every Xenith share.
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Macquarie believes IPH is well-positioned in the three-way merger tussle, as the Qantm ((QIP)) merger deal with Xenith ((XIP)) remains subject to a number of hurdles.
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“Listed law firm” is not a phrase to gladden the heart of an investor, after Slater & Gordon’s 98 per cent plunge in just 12 months – March 2015 to March 2016 – and Shine Corporate’s 80 per cent plunge from grace, which took just a few minutes on January 29 this year.
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