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Intercede
(LSE:IGP)
Select Model
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Rating:73Outperform
Price Target:
142.00 p
▲(27.93% Upside)
Action:Upgraded
Date:09/26/26
The score is driven primarily by solid underlying fundamentals—high profitability and a very low-leverage balance sheet—tempered by recent revenue decline and weakening/volatile cash flow. Technicals add support with clear strength versus key moving averages and positive MACD, while valuation is only moderately attractive (P/E 22.526) given the slowdown.
Positive Factors
Strong Software Profitability
Strong gross profit and solid operating and net income demonstrate attractive software economics and an established ability to convert customer demand into earnings. These margins provide internal funding capacity for product development, sales investment, and continued competitiveness over the next several quarters.
Negative Factors
Revenue Contraction
Revenue contraction across two consecutive annual periods signals weaker growth momentum and makes future expansion less predictable. If the slowdown persists, it could reduce operating leverage, constrain investment capacity, and increase the importance of retaining existing enterprise and government customers.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Software Profitability
Strong gross profit and solid operating and net income demonstrate attractive software economics and an established ability to convert customer demand into earnings. These margins provide internal funding capacity for product development, sales investment, and continued competitiveness over the next several quarters.
Read all positive factors
Intercede (IGP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£76.88M
Dividend YieldN/A
Average Volume (3M)83.61K
Price to Earnings (P/E)22.3
Beta (1Y)0.68
Revenue Growth-3.15%
EPS Growth-17.89%
CountryUK
Employees111
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.06
Shares Outstanding61,012,547
10 Day Avg. Volume95,844
30 Day Avg. Volume83,605
Financial Highlights & Ratios
PEG Ratio-0.76
Price to Book (P/B)2.34
Price to Sales (P/S)2.63
P/FCF Ratio14.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)£21.00M
Intercede Business Overview & Revenue Model
Company Description
Intercede Group plc is a cybersecurity company dedicated to ensuring digital trust through its expertise in identity, credential management, and secure mobile solutions. Operating across the UK, Europe, the United States, and internationally, the ...
How the Company Makes Money
Intercede makes money primarily by selling its identity and credential management software and related services to enterprise and government customers. Key revenue streams include: (1) Software licenses/subscriptions: Revenue generated from licens...
Intercede Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
66
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.16M | 17.71M | 19.96M | 12.11M | 9.93M |
| Gross Profit | 15.87M | 17.19M | 19.40M | 11.71M | 9.73M |
| EBITDA | 3.94M | 5.17M | 6.11M | 1.06M | 713.00K |
| Net Income | 3.38M | 4.05M | 6.02M | 1.31M | 723.00K |
Balance Sheet | |||||
| Total Assets | 30.35M | 28.69M | 25.69M | 17.44M | 12.93M |
| Cash, Cash Equivalents and Short-Term Investments | 20.00M | 18.67M | 17.23M | 8.33M | 7.79M |
| Total Debt | 1.10M | 619.00K | 804.00K | 465.00K | 756.00K |
| Total Liabilities | 11.09M | 11.66M | 12.52M | 10.41M | 7.42M |
| Stockholders Equity | 19.26M | 17.03M | 13.18M | 7.03M | 5.51M |
Cash Flow | |||||
| Free Cash Flow | 3.02M | 2.30M | 9.27M | 2.79M | 77.00K |
| Operating Cash Flow | 3.09M | 2.88M | 9.63M | 2.86M | 110.00K |
| Investing Cash Flow | -68.00K | -856.00K | -358.00K | -2.08M | -33.00K |
| Financing Cash Flow | -1.68M | -529.00K | -333.00K | -294.00K | -372.00K |
Intercede Technical Analysis
Positive
111.00
Price Trends
115.91
Positive
113.83
Positive
110.39
Positive
Market Momentum
3.30
Negative
60.63
Neutral
48.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IGP, the sentiment is Positive. The current price of 111 is below the 20-day moving average (MA) of 121.80, below the 50-day MA of 115.91, and above the 200-day MA of 110.39, indicating a bullish trend. The MACD of 3.30 indicates Negative momentum. The RSI at 60.63 is Neutral, neither overbought nor oversold. The STOCH value of 48.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:IGP.
Intercede Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | £70.65M | 4.52 | 43.71% | 6.05% | ― | ― | |
73 Outperform | £76.88M | 22.26 | 18.91% | ― | -3.15% | -17.89% | |
70 Outperform | £95.56M | 14.44 | 5.35% | ― | -1.05% | -2.05% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | £225.36M | 48.53 | 4.85% | 3.19% | ― | ― | |
54 Neutral | £331.13M | -4.50 | -14.39% | 3.04% | 0.82% | -997.08% | |
50 Neutral | £15.24M | -1.58 | -61.36% | ― | 17.82% | -173.24% |
* Technology Sector Average
GB:IGP
Intercede
126.00
-49.50
-28.21%
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GB:SPSC
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GB:COIN
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-2.75
-47.01%
Intercede Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresShareholder Meetings
Intercede Secures Strong Shareholder Backing at AGM Ahead of Trading Update
Positive
Sep 24, 2026
Intercede Group PLC reported that all resolutions put to shareholders at its Annual General Meeting on 24 September 2026 were duly passed, reflecting strong investor support for the board and its governance arrangements. The votes confirmed the ad...
Business Operations and Strategy
Intercede director increases stake as digital identity specialist deepens security focus
Positive
Sep 23, 2026
Intercede Group, a specialist in digital identity cybersecurity, offers a comprehensive set of authentication tools from basic password security to advanced PKI, alongside professional services and management of a large password breach database fo...
Delistings and Listing Changes
Intercede updates share capital and insider holdings after option exercise
Neutral
Sep 14, 2026
Intercede Group plc, which serves global customers in government, aerospace and defence, financial services, healthcare, telecoms and cloud/IT, also provides professional services, custom development and manages a major password breach database. T...
Business Operations and StrategyRegulatory Filings and Compliance
Intercede Updates Share Capital After Option Exercise and Chair’s Stock Purchase
Positive
Sep 8, 2026
Intercede Group plc has announced the exercise of 150,000 share options over ordinary shares, with the new shares due to be admitted to trading on AIM around 11 September 2026. Following this admission, the company’s issued share capital wil...
Business Operations and StrategyFinancial Disclosures
Intercede secures $2.6m in new digital identity contracts and renewals
Positive
Aug 3, 2026
Intercede Group, a specialist in digital identity cybersecurity, has secured approximately $2.6m in new contract orders and renewals, plus around $1.65m in potential future renewal value running through to early 2030. The deals, all sourced via it...
Executive/Board ChangesRegulatory Filings and Compliance
Intercede CFO Exercises Options as Cybersecurity Group Updates Voting Rights
Neutral
Jul 20, 2026
Intercede Group plc has reported that Chief Financial Officer Nitil Patel has exercised 500,000 share options over ordinary shares at an exercise price of 38 pence under the company’s incentive plan. Following this transaction, Patel now hol...
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.