HIPAGES GROUP HOLDINGS LIMITED (HPG)
Share Price Analysis and Chart

03/03/2026

3

Equal-weight

$1.00

35.14%

First half results from hippages Group were in line with Morgan Stanley's estimates. While the business is profitable and well-run, the broker finds superior risk/return in other small- and mid-cap software names.

The most notable change to Morgan Stanley's estimates is reflecting modestly lower FY26-28 Australian subscribers as connection volumes were softer than expected in the results. The impact is a - 2% reduction to revenue and earnings over FY26-28.

The target is reduced to $1.00 from $1.37. Equal-weight retained. Industry View: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.00 cents.

25/02/2026

1

Buy

$2.50

237.84%

Shaw and Partners reiterates a Buy rating on hipages Group and lowers its target price to $2.50 from $2.80 following interim results and lower FY26 guidance.

First-half revenue rose by 11% year-on-year and beat the broker's forecast, while earnings (EBITDA) of $11.2m rose by 29%. Margins of 25% and free cash flow (FCF) outperformed on lower costs.

FY26 revenue guidance is trimmed to $90-91m, though margin and free cash flow guidance are unchanged, which the broker believes highlights intact operating leverage.

Platform engagement reached 15% adoption with a 7 percentage point improvement in retention, observes Shaw.

Management signaled growing benefits from AI across search, product and operations. 

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.50 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.70 cents.