Electrification and energy transition services company IPD Group Ltd (ASX: IPG) is in focus for the analyst team at Shaw and Partners, as the oil shock pushes more people towards electric vehicles.
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Shares looking cheap
Shaw and Partners has published a new research note on the company, with a bullish share price target for IPD, valued at just shy of half a billion dollars.
They note that there was a surge in web searches for electric vehicles in March, coinciding with the increase in fuel prices resulting from the US' war with Iran.
The Shaw team went on to say:
EV‑related web searches in Australia rose sharply in March 2026, with several platforms reporting week‑on‑week increases of 60–80% at peak moments. The surge is abrupt rather than gradual, indicating an external trigger rather than slow organic growth. Search interest is now at its highest level since mid‑2024 on several consumer platforms. Carsales reported EV searches almost tripling from February to March 2026, with a 76.7% week‑on‑week jump in early March alone.
Unsurprisingly, Shaw said the dominant catalyst behind the spike was fuel price volatility caused by global instability.
Oil prices surged above USD 100/bbl during March 2026 due to Middle East supply concerns. Media coverage explicitly linked rising petrol prices to increased consumer EV research and consideration. ABC News documented a clear correlation between fuel price spikes and increased EV interest across metropolitan and regional Australia. Carsales confirmed the timing: EV search growth accelerated after fuel prices rose, not before. Bloomberg coverage shows similar search interest increases in energy‑importing economies globally during the same period.
This is good news for IPD, Shaw says, as their business providing grid-connected infrastructure and services would be well-placed to benefit from an increased take-up of electric vehicles.
Shaw went on to say:
Management often frames IPG's role as enabling sustainable electrical infrastructure, with EV charging and grid‑related upgrades a key growth vector. EV adoption cannot scale without switchgear, power distribution, protection & control systems, and substations and capacity upgrades. Those are exactly IPG's product and services stack.
Gains to be made
Shaw has a buy rating on IPD Group shares and a price target of $5.35, compared with the current price of $4.65.
If achieved, that would represent a 15.1% return, and the company is also expected to pay a dividend yield of 3.3% this year.
IPD shares have traded as low as $2.75 over the past year and as high as $5.22.
