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: -19.19%
• EPS Growth: -41.12%
• Country: UK
• Employees: 108
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.02
• 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: 54 Neutral
• Price Target: 130.00p ▼(-1.89% Downside)

Intercede's overall stock score is primarily influenced by its strong financial stability and profitability, despite facing growth challenges. The technical analysis indicates bearish momentum, which negatively impacts the score. The valuation is moderate, but the lack of a dividend yield reduces its appeal. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Strong Profit Margins

High gross profit margins indicate efficient cost management, allowing Intercede to maintain profitability even amid revenue challenges.

Low Leverage

Low leverage provides financial flexibility and reduces risk, allowing Intercede to invest in growth opportunities without significant debt burden.

Recurring Revenue Model

The SaaS model ensures steady, predictable revenue, enhancing financial stability and allowing for strategic planning and investment.

Negative Factors

Revenue Decline

A decline in revenue suggests potential challenges in market demand or competitive pressures, impacting long-term growth prospects.

Decreased Free Cash Flow

Reduced free cash flow limits the company's ability to reinvest in the business, potentially hindering future growth and operational flexibility.

Decreased Return on Equity

A decrease in return on equity indicates reduced efficiency in generating returns from shareholders' equity, which may affect investor confidence.

Intercede Business Overview & Revenue Model

Company Description

Intercede Group plc, a cybersecurity company, engages in identity, credential management, and secure mobility business to enable digital trust in the United Kingdom, rest of Europe, the United States, and internationally. The company offers MyID, a credential management system for cyber secure digital identity that allows organizations to deploy digital identities to a range of secure devices; MyID Professional, an identity management software solution that enables enterprises to replace insecure passwords across their workforce with the strong user authentication – smart cards, or USB tokens with public key infrastructure certificates; and MyID Enterprise, a software solution for large organizations and governments to deploy and manage digital identities to a range of secure devices. In addition, it provides MyID PIV, a software solution for federal agencies that issue and manage secure digital identities to federal employees. The company serves government and federal; aerospace and defense; finance and banking; healthcare and critical infrastructure; energy and utilities; manufacturing and industry; and military and police institutes. The company was formerly known as Optionsilver plc and changed its name to Intercede Group plc in December 2000. The company was founded in 1992 and is headquartered in Lutterworth, the United Kingdom.

How the Company Makes Money

Intercede generates revenue primarily through software licensing, where customers pay for the MyID platform based on the number of users or devices. Additionally, the company earns income from maintenance and support services, which provide ongoing assistance and updates for its software. Strategic partnerships with other technology providers and government agencies also contribute to its earnings by enhancing its market reach and enabling collaborative projects that expand the use of its identity management solutions.

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: 132.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 132.5 is below the 20-day moving average (MA) of 136.78, below the 50-day MA of 153.42, and below the 200-day MA of 160.16, indicating a bearish trend. The MACD of -6.56 indicates Negative momentum. The RSI at 32.03 is Neutral, neither overbought nor oversold. The STOCH value of 50.08 is Neutral, 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	£130.16M	16.11	15.34%	1.85%	3.48%	318.89%
EYE	64 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%
ELCO	61 Neutral	£110.45M	29.53	12.39%	0.80%	12.10%	27.35%
CLBS	60 Neutral	£56.06M	11.22	16.09%	2.29%	-7.07%	24.73%
OMG	60 Neutral	£48.40M	-28.00	-0.90%	7.65%	-18.13%	-151.19%
IGP	54 Neutral	£87.63M	21.14	23.08%	―	-19.19%	-41.12%

Intercede Corporate Events

Intercede Secures $4.2 Million in New Contracts and Renewals

Intercede Group PLC, a leader in cybersecurity software, announced significant progress in contract awards and renewals for Q3 FY26, totaling approximately $4.2 million. Key contracts include a substantial US Federal Government order and major deals with government clients in Asia. These developments underscore Intercede’s strategic partnerships and its ability to secure significant contracts despite market delays. The company’s CEO, Klaas van der Leest, expressed satisfaction with the group’s performance and its success in converting pipeline opportunities into tangible orders, highlighting its strong industry positioning.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £148.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

Intercede Group Reports Resilient Interim Results Amid Market Challenges

Intercede Group PLC has announced its interim results for the six months ended 30 September 2025, highlighting a strategic focus on innovation, expansion, and execution despite a challenging macroeconomic environment. The company reported a slight decline in revenue and profit compared to the previous year, yet maintained strong cash generation and a diversified revenue stream. Notable achievements include significant product enhancements and new orders from key sectors, reinforcing its position in high-assurance markets. Intercede’s commitment to innovation and strategic objectives positions it well to meet full-year financial expectations, with a focus on product evolution, geographic expansion, and targeted acquisitions to deliver sustainable value.

The most recent analyst rating on (GB:IGP) stock is a Hold with a £148.00 price target. To see the full list of analyst forecasts on Intercede stock, see the GB:IGP Stock Forecast page.

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.