Added to YB: 2026-10-06
Pitch date: 2026-09-29
IRI.AX [bullish]
Integrated Research Limited
-6.78%
current return
Author Info
Price to Tangible Bruce is a deep value investor. Buying what most investors don't like across global public markets. Sign up for the newsletter.
Company Info
Integrated Research Limited engages in the design, development, implementation, and sale of software to monitor the performance of business-critical computing.
Market Cap
AUD 49.7M
Pitch Price
AUD 0.29
Price Target
0.60 (+118%)
Dividend
10.91%
EV/EBITDA
1.03
P/E
41.05
EV/Sales
-0.01
Sector
Software
Category
value
A cash-rich net-net with FCF - Integrated Research Limited
IRI.AX: Integrated Research is a balance-sheet-first investment at A$0.29, roughly 0.6x post-dividend tangible book, with no debt, a ~10% ordinary-dividend yield and positive free cash flow in each of the past 10 years. The A$0.44 base case offers 52% upside and requires only intact assets, continued FCF generation and moderating declines. The punitive A$0.27 case assumes a 50% receivables haircut and no value for other assets or the business; further impairments, renewal contraction and undisciplined spending are key risks.
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