IntegraFin Holdings PLC (GB:IHP)
LSE:IHP
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IntegraFin Holdings PLC
(LSE:IHP)
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Rating:77Outperform
Price Target:
398.00 p
▲(16.20% Upside)
Action:Reiterated
Date:05/26/26
The score is driven primarily by stable financial health (low leverage, strong ROE and cash generation) and very attractive valuation (low P/E with a solid dividend). Technicals are supportive with the share price above key moving averages and positive momentum. The latest earnings call reinforces the constructive view via strong H1 performance and disciplined guidance, tempered by margin moderation and cost/regulatory capital pressures.
Positive Factors
Recurring, platform-based revenue
Transact's near‑100% recurring platform revenue creates predictable, annuity-like cash flows tied to assets under administration. That stability supports multi-period planning, durable earnings visibility, and reliable dividend capacity, making revenue streams resilient over the next 2–6 months.
Negative Factors
Deteriorating operating margins
Material declines in EBIT and EBITDA margins point to operational inefficiency or rising cost pressures. If operating margins do not recover, revenue growth will translate less effectively into operating profits, constraining sustainable profitability and limiting long-term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, platform-based revenue
Transact's near‑100% recurring platform revenue creates predictable, annuity-like cash flows tied to assets under administration. That stability supports multi-period planning, durable earnings visibility, and reliable dividend capacity, making revenue streams resilient over the next 2–6 months.
Read all positive factors
IntegraFin Holdings PLC (IHP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.11B
Dividend Yield3.11%
Average Volume (3M)630.58K
Price to Earnings (P/E)17.7
Beta (1Y)1.39
Revenue Growth37.79%
EPS Growth29.03%
CountryUK
Employees666
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.19
Shares Outstanding331,322,020
10 Day Avg. Volume950,635
30 Day Avg. Volume630,575
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)5.10
Price to Sales (P/S)5.78
P/FCF Ratio3.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£420.00Price Target Upside22.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.2
Revenue Forecast (FY)£174.29M
IntegraFin Holdings PLC Business Overview & Revenue Model
Company Description
IntegraFin Holdings plc, together with its subsidiaries, provides an investment platform for UK financial advisers and their clients. The company operates Transact platform that delivers an infrastructure, which enables advisers to implement finan...
How the Company Makes Money
IntegraFin primarily makes money through fees generated by its Transact investment platform. The core revenue stream is recurring platform fee income that is linked to the value of client assets administered on the platform (assets under direction...
IntegraFin Holdings PLC Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 09, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive performance: strong record gross inflows, double‑digit revenue growth, robust profit growth (PBT +16%) and margin expansion to 51%, supported by excellent cash conversion and an increased interim dividend. Operational initiatives—APIs, automation and selective AI adoption—are intended to drive further efficiency and scalability. Headwinds are manageable: revenue margin moderation from tiered pricing and prior fee reductions, a one‑off rise in regulatory capital requirements, and some non‑recurring cost benefits that temper sustainable cost declines. Management reiterated conservative cost guidance (3% admin growth) and maintained capital allocation discipline. On balance, the strengths and momentum materially outweigh the manageable challenges.Positive Updates
Record Inflows and FUD Growth
Gross inflows reached a record level of over GBP 6.0 billion in H1 '26; net inflows were GBP 2.4 billion, up 14% versus H1 '25; average daily FUD grew 17% year‑on‑year to GBP 77.5 billion and has achieved a 14% CAGR in average daily FUD since HY '23.
Negative Updates
Moderation in Revenue Margin
Platform revenue margin reduced by 1 basis point year‑on‑year and is expected to moderate further as clients naturally migrate through the tiered pricing structure; wrapper fee income reduced following lower charges for family‑linked portfolios implemented in the prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Inflows and FUD Growth
Gross inflows reached a record level of over GBP 6.0 billion in H1 '26; net inflows were GBP 2.4 billion, up 14% versus H1 '25; average daily FUD grew 17% year‑on‑year to GBP 77.5 billion and has achieved a 14% CAGR in average daily FUD since HY '23.
Read all positive updates
Company Guidance
Management reiterated no change to revenue and cost guidance, targeting underlying administrative expense growth of 3% in FY26 and FY27 (FY26 admin expense target ~£94m) with H2 cost growth expected to slow versus H1, upgraded net interest income to £10m (FY26) and £11m (FY27) and expecting net policyholder gains of ~£2m pa; they expect revenue‑margin moderation to slow (c.1bp YoY impact from tiered pricing and prior family‑linked fee cuts, with roughly 3/4 of FUD growth flowing into annual charge income), and continued strong cash conversion of ~100% (HY26: PAT £33m, liquidity generated £34m). The board retains a 60–65% payout policy and declared a 3.8p interim dividend (+15%); H1 operational/financial context: average daily FUD +17% to £77.5bn, gross inflows >£6bn, net inflows £2.4bn (+14%), platform revenue £83.2m (+11%), group revenue £85.8m (+11%), underlying PBT £43.9m (+16%) and PBT margin 51%.IntegraFin Holdings PLC Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 220.60M | 198.30M | 144.90M | 134.90M | 133.60M | 123.70M |
| Gross Profit | 225.00M | 189.10M | 141.90M | 131.00M | 90.00M | 150.62M |
| EBITDA | -159.60M | -191.40M | 110.10M | -153.70M | -130.50M | 97.90M |
| Net Income | 63.10M | 51.30M | 52.10M | 49.90M | 44.00M | 51.10M |
Balance Sheet | ||||||
| Total Assets | 35.78B | 34.08B | 29.16B | 24.71B | 22.43B | 23.29B |
| Cash, Cash Equivalents and Short-Term Investments | 290.80M | 268.40M | 200.70M | 200.30M | 186.10M | 1.45B |
| Total Debt | 13.20M | 20.00M | 9.40M | 1.10M | 2.80M | 7.36M |
| Total Liabilities | 35.55B | 33.85B | 28.95B | 24.52B | 22.26B | 23.12B |
| Stockholders Equity | 232.30M | 224.90M | 208.30M | 189.90M | 173.20M | 163.27M |
Cash Flow | ||||||
| Free Cash Flow | 520.20M | 335.90M | 276.30M | 6.50M | 235.90M | -56.90M |
| Operating Cash Flow | 524.10M | 340.50M | 277.20M | 7.20M | 236.30M | -56.24M |
| Investing Cash Flow | -17.00M | -28.40M | 29.40M | -14.40M | 400.00K | -9.35M |
| Financing Cash Flow | -40.80M | -39.90M | -36.80M | -37.10M | -37.90M | -31.73M |
IntegraFin Holdings PLC Technical Analysis
Positive
342.50
Price Trends
323.26
Positive
327.55
Positive
332.48
Positive
Market Momentum
4.44
Negative
55.66
Neutral
58.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IHP, the sentiment is Positive. The current price of 342.5 is above the 20-day moving average (MA) of 331.11, above the 50-day MA of 323.26, and above the 200-day MA of 332.48, indicating a bullish trend. The MACD of 4.44 indicates Negative momentum. The RSI at 55.66 is Neutral, neither overbought nor oversold. The STOCH value of 58.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:IHP.
IntegraFin Holdings PLC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £1.11B | 17.72 | 27.60% | 3.11% | 37.79% | 29.03% | |
77 Outperform | £2.36B | 19.79 | 57.35% | 2.43% | 19.27% | 40.49% | |
74 Outperform | £2.53B | 21.87 | 8.35% | 3.40% | 71.85% | ― | |
72 Outperform | £208.44M | 31.37 | 4.43% | 5.14% | 1.02% | -62.71% | |
70 Outperform | £2.03B | 16.10 | 8.33% | 4.91% | 2.02% | 69.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | £2.24B | 2,401.50 | 0.18% | 1.03% | 25.07% | ― |
* Financial Sector Average
GB:IHP
IntegraFin Holdings PLC
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11.21%
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IntegraFin Holdings PLC Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin Awards Shares to Senior Executives Under Incentive Plan
Neutral
May 22, 2026
IntegraFin Holdings plc has disclosed that its Share Incentive Plan trustee acquired ordinary shares on the market at £3.33 each and allocated them to three senior executives. Chief executive Alexander Scott, executive director Thomas Dunbar ...
Regulatory Filings and Compliance
IntegraFin Discloses Share Purchase by Associate of CFO
Positive
May 21, 2026
IntegraFin Holdings plc has disclosed a share transaction involving a person closely associated with its chief financial officer, in line with EU Market Abuse Regulation requirements. The individual, Elisabeth Grey-Davies, purchased 5,000 ordinary...
Business Operations and StrategyDividendsFinancial Disclosures
IntegraFin lifts profits and dividend as Transact platforms AI-driven growth
Positive
May 20, 2026
IntegraFin Holdings reported robust half-year results to 31 March 2026, with funds under direction rising 18% to £77.8bn and net inflows up 14% to £2.4bn, helped by favourable markets and a 6% increase in Transact’s client base. Re...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
IntegraFin executives receive shares under incentive plan
Positive
Apr 22, 2026
IntegraFin Holdings plc has disclosed that its Share Incentive Plan trustee has acquired ordinary shares in the market and allocated them to three senior executives, including the CEO, CFO and an executive director. Each received 44 partnership sh...
Business Operations and StrategyFinancial Disclosures
IntegraFin lifts inflows and guidance as Transact hits new records
Positive
Apr 21, 2026
IntegraFin reported a robust second quarter, with Transact net inflows rising 8% year on year to £1.3bn and gross inflows hitting a record £3.1bn despite volatile markets. Funds under direction averaged a record £78.9bn and ended th...
Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin boosts board equity stakes through share incentive allocations
Positive
Mar 24, 2026
IntegraFin Holdings plc has disclosed that the trustee of its 2018 Share Incentive Plan has acquired ordinary shares on the market at £3.035 each and allocated them to senior executives, including CEO Alexander Scott, executive director Thoma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.