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IntegraFin Holdings PLC
(LSE:IHP)
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Rating:72Outperform
Price Target:
439.00 p
▲(10.58% Upside)
Action:Reiterated
Date:08/26/26
The score is driven primarily by stable financial health (strong revenue growth, profitability, cash conversion, and low leverage) and a supportive technical uptrend (price above key moving averages with positive MACD). The latest earnings call adds confidence via upgraded interest income guidance, strong inflows, margin expansion, and a higher dividend, while valuation is only middling (P/E ~20.9) and operational efficiency/margin and regulatory-capital items remain key watchouts.
Positive Factors
Platform Scale
Record inflows and sustained FUD growth expand the asset base that drives platform fees. With 99% of platform revenue recurring, this scale supports visibility and operating leverage, while continued adviser and client adoption can reinforce the platform’s durable position.
Negative Factors
Revenue Margin Pressure
Tiered pricing and earlier family-linked fee reductions are lowering revenue margin, with further moderation expected. Because platform charges are tied to assets, even small rate compression can limit revenue growth relative to FUD growth and constrain long-term operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform Scale
Record inflows and sustained FUD growth expand the asset base that drives platform fees. With 99% of platform revenue recurring, this scale supports visibility and operating leverage, while continued adviser and client adoption can reinforce the platform’s durable position.
Read all positive factors
IntegraFin Holdings PLC (IHP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.28B
Dividend Yield3.11%
Average Volume (3M)592.98K
Price to Earnings (P/E)20.2
Beta (1Y)1.33
Revenue Growth37.79%
EPS Growth29.03%
CountryUK
Employees682
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.19
Shares Outstanding331,322,020
10 Day Avg. Volume385,204
30 Day Avg. Volume592,978
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
£468.00Price Target Upside17.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.21
Revenue Forecast (FY)£176.86M
IntegraFin Holdings PLC Business Overview & Revenue Model
Company Description
IntegraFin Holdings plc, together with its subsidiaries, provides software and services for clients and UK financial advisers in the United Kingdom and Isle of Man. It operates through three segments: Investment Administration Services, Insurance ...
How the Company Makes Money
IntegraFin primarily makes money from fees generated by its Transact investment platform. The core revenue stream is platform-based charges that are typically linked to assets held/managed on the platform (often expressed as a percentage-based fee...
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 | 5.00M |
| 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 Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £2.42B | 20.48 | 57.35% | 2.44% | 19.27% | 40.49% | |
74 Outperform | £2.47B | 21.20 | 8.39% | 3.46% | 191.46% | ― | |
72 Outperform | £1.28B | 20.24 | 27.60% | 3.11% | 37.79% | 29.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.69B | 13.35 | 8.95% | 6.06% | 5.39% | 85.13% | |
61 Neutral | £241.63M | 104.33 | 1.65% | 5.03% | 5.83% | -76.72% |
* Financial Sector Average
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IntegraFin Holdings PLC Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin allocates share incentives to top executives under 2018 plan
Neutral
Aug 24, 2026
IntegraFin Holdings plc has allocated ordinary shares to its chief executive Alexander Scott, executive director Thomas Dunbar and chief financial officer Euan Marshall under the company’s 2018 Share Incentive Plan. The trustee purchased par...
Executive/Board ChangesRegulatory Filings and Compliance
IntegraFin executives receive shares under 2018 incentive plan
Neutral
Jul 22, 2026
IntegraFin Holdings plc has disclosed routine share transactions involving its senior leadership under the company’s 2018 Share Incentive Plan. The trustee of the plan acquired ordinary shares at £3.905 each on the market and allocated ...
Regulatory Filings and Compliance
IntegraFin Discloses Share Purchases by Associate of CFO
Neutral
Jul 15, 2026
IntegraFin Holdings plc has disclosed share purchases made by an individual closely associated with chief financial officer Euan Marshall, in line with EU Market Abuse Regulation requirements. The transactions, executed on the London Stock Exchang...
Business Operations and StrategyFinancial Disclosures
IntegraFin lifts assets to record levels as Transact inflows stay above £1bn
Positive
Jul 14, 2026
IntegraFin Holdings reported strong third-quarter trading, with Transact platform funds under direction rising 23% year-on-year to £85.5bn, driven by buoyant equity markets and continued robust net inflows. Net inflows reached £1.0bn, ma...
DividendsRegulatory Filings and Compliance
IntegraFin Executives Reinvest Dividends into Company Shares via Incentive Plan
Positive
Jun 29, 2026
IntegraFin Holdings plc has disclosed that its Share Incentive Plan trustee has acquired ordinary shares on behalf of CEO Alexander Scott and CFO Euan Marshall through the company’s SIP dividend reinvestment scheme. The purchases, made via m...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
IntegraFin awards senior executives shares under 2018 incentive plan
Positive
Jun 23, 2026
IntegraFin Holdings plc has allocated ordinary shares to senior executives under its 2018 Share Incentive Plan, with the plan’s trustee acquiring shares on the market at £3.525 each. CEO Alexander Scott and executive director Thomas Dun...
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.