Intercede (IGP) AI Stock Analysis

• Market Cap: £87.63M
• Dividend Yield: N/A
• Average Volume (3M): 120.69K
• Price to Earnings (P/E): 21.1
• Beta (1Y): 0.48
• Revenue Growth: -11.27%
• EPS Growth: -32.98%
• Country: UK
• Employees: 108
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.04
• Shares Outstanding: 59,812,546
• 10 Day Avg. Volume: 233,929
• 30 Day Avg. Volume: 120,689
• PEG Ratio: -0.67
• Price to Book (P/B): 4.93
• Price to Sales (P/S): 4.74
• P/FCF Ratio: 36.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: 148.00p ▲(6.86% Upside)

Intercede's overall stock score reflects strong financial stability and profitability, but is tempered by recent revenue and cash flow challenges. The bearish technical indicators further weigh on the score, indicating potential short-term price weakness. The valuation is moderate, but the lack of a dividend yield may deter some investors.

Intercede Business Overview & Revenue Model

Company Description

Intercede (IGP) is a leading provider of digital identity and credential management solutions, specializing in secure authentication and identity verification. The company operates primarily in the cybersecurity sector, offering products and services that enable organizations to manage user identities and secure access to sensitive information and systems. Intercede's core products include MyID, a credential management solution, which allows enterprises to issue and manage digital credentials for users, devices, and applications, ensuring compliance with security standards and enhancing overall digital security.

How the Company Makes Money

Intercede generates revenue primarily through the sale of its software licenses and subscription services for its MyID platform. The company follows a SaaS (Software as a Service) model, allowing customers to pay for ongoing access to its solutions on a subscription basis, which provides a recurring revenue stream. Additionally, Intercede earns revenue through professional services, including implementation, training, and support for its products. Key partnerships with organizations in various sectors, such as government, healthcare, and finance, significantly contribute to its earnings by expanding its market reach and enhancing its product offerings through collaborative efforts.

Intercede Financial Statement Overview

Summary

Intercede demonstrates strong profitability and operational efficiency, as evidenced by high margins. However, the recent revenue decline and significant drop in free cash flow growth are areas of concern. The balance sheet remains strong with low leverage, but the decrease in return on equity suggests potential challenges in maintaining high returns. Overall, the company is financially stable but faces growth challenges.

Income Statement

Intercede's income statement shows a strong gross profit margin, consistently above 96%, indicating efficient cost management. However, the company experienced a significant revenue decline of 17.66% in the latest year, which is a concern. Despite this, the net profit margin remains healthy at 22.89%, suggesting profitability. The EBIT and EBITDA margins are also robust, reflecting operational efficiency.

Balance Sheet

The balance sheet reveals a stable financial position with a low debt-to-equity ratio of 0.036, indicating low leverage. The equity ratio of 59.37% suggests a strong capital structure. However, the return on equity has decreased to 23.80%, which may indicate reduced efficiency in generating returns from equity.

Cash Flow

Cash flow analysis shows a significant decline in free cash flow growth by 67.18%, which is concerning. The operating cash flow to net income ratio is 0.71, indicating moderate cash generation relative to net income. The free cash flow to net income ratio is 0.57, suggesting some challenges in converting income into cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	17.71M	17.71M	19.96M	12.11M	9.93M	10.96M
Gross Profit	16.70M	17.19M	19.40M	11.71M	9.73M	10.73M
EBITDA	5.17M	5.17M	6.11M	1.06M	713.00K	1.91M
Net Income	4.05M	4.05M	6.02M	1.31M	723.00K	1.53M
Balance Sheet
Total Assets	28.69M	28.69M	25.69M	17.44M	12.93M	13.01M
Cash, Cash Equivalents and Short-Term Investments	18.67M	18.67M	17.23M	8.33M	7.79M	8.03M
Total Debt	619.00K	619.00K	804.00K	465.00K	756.00K	1.11M
Total Liabilities	11.66M	11.66M	12.52M	10.41M	7.42M	8.26M
Stockholders Equity	17.03M	17.03M	13.18M	7.03M	5.51M	4.75M
Cash Flow
Free Cash Flow	2.56M	2.30M	9.27M	2.79M	77.00K	4.14M
Operating Cash Flow	2.88M	2.88M	9.63M	2.86M	110.00K	4.24M
Investing Cash Flow	-856.00K	-856.00K	-358.00K	-2.08M	-33.00K	-95.00K
Financing Cash Flow	-529.00K	-529.00K	-333.00K	-294.00K	-372.00K	-791.00K

Intercede Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 138.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IGP, the sentiment is Negative. The current price of 138.5 is below the 20-day moving average (MA) of 153.97, below the 50-day MA of 165.05, and below the 200-day MA of 164.14, indicating a bearish trend. The MACD of -6.60 indicates Positive momentum. The RSI at 16.15 is Positive, neither overbought nor oversold. The STOCH value of 10.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IGP.

Intercede Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRB	70 Outperform	£132.30M	16.38	15.34%	1.84%	3.48%	318.89%
ELCO	69 Neutral	£131.79M	35.23	12.39%	0.67%	12.10%	27.35%
EYE	62 Neutral	£83.59M	50.91	4.88%	―	0.97%	-71.58%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
OMG	60 Neutral	£48.40M	-28.00	-0.90%	7.56%	-18.13%	-151.19%
CLBS	58 Neutral	£56.06M	11.22	16.09%	2.29%	-7.07%	24.73%
IGP	58 Neutral	£87.63M	21.14	26.84%	―	-11.27%	-32.98%

Intercede Corporate Events

Intercede Group to Announce Interim Results and Host Investor Presentation

Intercede Group PLC, a leader in cybersecurity software focusing on digital identities, announced it will release its interim unaudited results for the six months ending 30 September 2025 on 25 November 2025. A live presentation of these results will be given by the CEO, CPO, and CFO on 27 November 2025, open to all existing and potential shareholders. The announcement highlights Intercede’s commitment to transparency and engagement with stakeholders, potentially impacting its industry positioning by reinforcing trust and confidence among investors.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £165.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede CEO Increases Stake with Share Option Exercise

Intercede Group PLC, a leading cybersecurity software company, announced that its CEO, Klaas van der Leest, has exercised 500,000 share options, increasing his stake in the company to 3.88% of total voting rights. This move signifies confidence in the company’s future prospects and strengthens its market position. The new shares will be admitted to trading on AIM, with the total number of voting rights in the company now at 59,812,546. This development is expected to impact shareholder calculations under the FCA’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £165.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Chair Increases Shareholding, Signaling Confidence in Company

Intercede Group PLC announced that its Chair, Royston Hoggarth, has acquired 128,200 ordinary shares, increasing his family’s total shareholding to 821,854 shares, representing approximately 1.4% of the company’s total voting rights. This move reflects confidence in the company’s operations and market positioning, potentially signaling positive implications for stakeholders and reinforcing the company’s commitment to its strategic goals.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede CFO Increases Stake in Company Shares

Intercede Group PLC announced that its CFO, Nitil Patel, has acquired 2,600 ordinary shares in the company, bringing his total shareholding to 57,141 shares, representing approximately 0.1% of the company’s voting rights. This transaction, conducted on the London Stock Exchange’s AIM Market, reflects a vote of confidence in the company’s future by its financial leadership, potentially impacting stakeholder perceptions and market positioning.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Reports H1 FY26 Revenue Decline Amid Strategic Shift to Subscription Model

Intercede Group PLC, a leader in cybersecurity software focusing on digital identities, reported a slight decline in revenue for the first half of FY26, with revenues expected to be approximately £8.21 million, down 3.9% from the previous year. Despite temporary delays in contract awards in the US federal market, the company saw significant growth in license revenue, particularly in subscription licenses, aligning with its strategic shift towards a subscription-based model. New contracts and renewals, including significant orders from US and Asian markets, highlight the company’s expanding client base and strong partner network. The company remains confident in its growth trajectory and financial performance for the full year.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Group PLC Successfully Passes All AGM Resolutions

Intercede Group PLC, a leader in digital identity and secure mobility, announced that all resolutions were passed at its recent Annual General Meeting. The resolutions, which included the adoption of financial statements, re-election of directors, and authorization for market purchases of shares, reflect the company’s strategic focus on strengthening its governance and operational capabilities. This development is likely to reinforce Intercede’s position in the cybersecurity industry, ensuring continued trust from stakeholders and supporting its growth trajectory.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Announces Board Changes as Tina Whitley Steps Down

Intercede, a leader in cybersecurity software focused on digital identities, announced that Non-Executive Director Ms. Tina Whitley will step down from the Board after three years of service, due to increased responsibilities at NEC Group. Her contributions, particularly as Chair of the Remuneration Committee, have been significant in guiding Intercede’s global growth. John Linwood will succeed her as Chair of the Remuneration Committee following the Annual General Meeting on 25 September 2025.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Group PLC Announces Issuance of New Shares Following Employee Option Exercise

Intercede Group PLC, a leader in cybersecurity software focused on digital identities, has announced the issuance of 112,500 ordinary shares following the exercise of employee share options under its Long Term Incentive Plan. These shares will be admitted to trading on AIM, increasing the company’s issued share capital to 59,686,452 ordinary shares. This move reflects Intercede’s ongoing commitment to incentivizing its employees and potentially enhancing its market position by expanding its share capital.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Releases 2025 Annual Report and AGM Notice

Intercede Group PLC has released its 2025 Annual Report & Accounts, which includes a notice for the upcoming Annual General Meeting scheduled for September 25, 2025. The report is accessible on the company’s website. This announcement underscores Intercede’s ongoing commitment to transparency and stakeholder engagement, reinforcing its position as a leader in the cybersecurity industry.