INTEGRATED RESEARCH LIMITED (IRI)



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General Information
Company Name: Integrated Research Limited
Stock Code: IRI
Website: www.prognosis.com
GICS Sub-Industry: Application Software
Market Cap ($M): 192
Equiv. Shares (M): 168

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.120 $ 1.120 $ 1.140 $ 1.085 $ 1.145 182,470 $ -0.025  -2.183 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 19th Dec 2008
12 Month Target Price (average): $0
Brokers Surveyed: 1

Company Overview

Business Description:
Integrated Research Limited (IRI) is an Australian software company that develops and supplies performance monitoring, diagnostics and reporting software for business-critical computing and Unified Communication networks. IRI services customers in more than 50 countries through direct sales offices in the USA, UK, Germany, Australia, and via a global, channel-driven distribution network.

Strategy Analysis:
The company's business strategy focuses on its core product development. IRI seeks to maintain its revenue stream from the HP Non-Stop (Tandem Products), whilst leveraging its current technology into high growth domains, particularly IP telephony..


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 9.0 5.4 20.0 9.7 5.0 9.6 58.0
2011  A 7.5 4.5 40.6 7.5 4.0 11.9 65.6
2010  A 5.4 3.2 -31.9 13.4 3.0 6.9 22.8
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Integrated Research (IRI) $193 M 0.2035 0.1004 0.1976 21.2825 19.3412 16.1495 0.0437 0.0445 0.0568

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
IRI 1.92 19.4 6.53 1.31 3.94
Market 1.08 12.7 0.89 1.87 2.60
Sector 0.84 15.3 2.12 1.60 1.19

Directors
Name Position Start Date
Mr Mark Brayan Chief Executive Officer 03 September 2007
Mr Stephen (Steve) John Killelea Non-Executive Chairman 01 July 2005
Mr Peter Lloyd Non-Executive Director 15 July 2010
Ms Kate Costello Non-Executive Director 14 July 2005
Mr Alan Ross Baxter Non-Executive Director 14 May 2009
Mr Clyde McConaghy Non-Executive Director 13 December 2007
Mr Garry Dinnie Non-Executive Director 21 February 2013

Management
Name Position
Peter Adams Chief Financial Officer
David Purdue Company Secretary
Andrew Levido General Manager, Global Sales
Melanie Newman General Manager, Human Resources
John Dunne General Manager, Products & Alliances
Alex Baburin General Manager, Research and Development
Andre Cuenin President Americas
Pierre Semaan Vice President Asia Pacific
Brian Bigley Vice President Europe

Substantial Shareholders
Holding Name
94,834,951 (56.33%) Stephen John Killelea

Calendar of Events
Date Event
20 February 2014 Report (Interim)
09 October 2013 Report (Annual)
16 August 2013 Report (Prelim)
15 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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