olivLaw · European equity research
Integrated Diagnostics Holdings plc IDHC.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Integrated Diagnostics Holdings is a regional provider of medical diagnostic services, based mainly in Egypt and also active in Jordan, Nigeria and Saudi Arabia. In 2025 the company reported revenue growth of 37%, with higher EBITDA and a more geographically diversified footprint, which matters for investors following emerging markets in the region.
At the close of 05 Nov 2026, Integrated Diagnostics Holdings plc (IDHC.L) stock was 0.46 USD (−0.43% on the day), with beta 0.14, 52-week range 0.45–0.79 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 0.43 – 0.54
- in the lower half of the band · %B 0.24 · band width 21.9%
- SMA 50 / 200
- 0.51 / 0.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.2% | −0.6% | −12.6 pp | — |
| 3 months | −24.3% | −4.2% | −20.2 pp | — |
| 6 months | −27.0% | +4.3% | −31.3 pp | — |
| Year to date | −38.3% | +7.5% | −45.8 pp | — |
| 1 year | −17.9% | +9.9% | −27.8 pp | +5.8% |
| 3 years | +39.0% | +49.8% | −10.9 pp | +26.3% |
| 5 years | −62.4% | +42.8% | −105.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.1 bn | 5.7 bn | 7.9 bn |
| Revenue YoY | unavailable | +38.7% | +37.3% |
| Net income | 510.3 m | 1.1 bn | 1.3 bn |
| Net income YoY | unavailable | +111.1% | +17.1% |
| Diluted EPS | 0.85 | 1.82 | 2.17 |
| Diluted EPS YoY | unavailable | +114.1% | +19.2% |
| net % | 12.4% | 18.8% | 16.1% |
| Free cash flow | 220.2 m | 1.4 bn | 1.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn EGP
- Financial debt
- 427.3 m EGP
- Net debt
- -1.2 bn EGP
- Equity
- 4.1 bn EGP
- Total assets
- 8.6 bn EGP
- Debt / equity
- 0.10x
- Current ratio
- 1.46x
- ROE
- 33.1%
- ROA
- 16.1%
- FCF margin
- 18.7%
Financial statements (source on every figure)
Revenue and net income (EGP)
Margins
Income statement · EGP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.1 bn | 5.7 bn | 7.9 bn | esef· 21 Apr 2026verified |
| Cost of revenue | 2.6 bn | 3.5 bn | 4.5 bn | esef· 21 Apr 2026verified |
| Gross profit | 1.5 bn | 2.2 bn | 3.4 bn | esef· 21 Apr 2026verified |
| Operating income | 737.8 m | 1.2 bn | 2.2 bn | esef· 21 Apr 2026verified |
| Interest expense | 161.0 m | 196.9 m | 272.7 m | esef· 21 Apr 2026verified |
| Pre-tax income | 737.4 m | 1.4 bn | 2.1 bn | esef· 21 Apr 2026verified |
| Income tax | 269.0 m | 431.2 m | 816.9 m | esef· 21 Apr 2026verified |
| Net income | 510.3 m | 1.1 bn | 1.3 bn | esef· 21 Apr 2026verified |
| Diluted EPS | 0.85 | 1.82 | 2.17 | esef· 21 Apr 2026verified |
| Dividend per share | 0.00 | 0.05 | 0.92 | esef· 21 Apr 2026derived |
Balance sheet · EGP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 674.3 m | 1.2 bn | 1.7 bn | esef· 21 Apr 2026verified |
| Receivables | 727.2 m | 1.0 bn | 1.4 bn | esef· 21 Apr 2026verified |
| Inventories | 374.7 m | 317.6 m | 424.4 m | esef· 21 Apr 2026verified |
| Current assets | 2.0 bn | 3.1 bn | 4.0 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.5 bn | 2.0 bn | esef· 21 Apr 2026verified |
| Total assets | 5.8 bn | 7.1 bn | 8.6 bn | esef· 21 Apr 2026verified |
| Accounts payable | 637.8 m | 826.3 m | 1.1 bn | esef· 21 Apr 2026verified |
| Short-term debt | 43.7 m | 224.5 m | 173.8 m | esef· 21 Apr 2026verified |
| Long-term debt | 67.5 m | 40.5 m | 253.5 m | esef· 21 Apr 2026verified |
| Current liabilities | 1.3 bn | 2.2 bn | 2.7 bn | esef· 21 Apr 2026verified |
| Total liabilities | 2.7 bn | 3.6 bn | 4.5 bn | esef· 21 Apr 2026verified |
| Equity | 3.1 bn | 3.5 bn | 4.1 bn | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 600.4 m | 592.0 m | 581.7 m | esef· 21 Apr 2026derived |
Cash flow · EGP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 543.7 m | 1.6 bn | 1.9 bn | esef· 21 Apr 2026verified |
| Capex | 323.4 m | 209.2 m | 436.2 m | esef· 21 Apr 2026verified |
| Free cash flow | 220.2 m ≈ | 1.4 bn ≈ | 1.5 bn ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -243.9 m | -446.7 m | -552.9 m | esef· 21 Apr 2026verified |
| Financing cash flow | -330.5 m | -749.0 m | -851.1 m | esef· 21 Apr 2026verified |
| Dividends paid | 0 | 27.4 m | 535.1 m | esef· 21 Apr 2026verified |
| Share repurchases | 0 | 374.4 m | 0 | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 48.9% | 92 (vs peers) | 28% |
| Net margin · Quality | 16.1% | 60 (vs peers) | 17% |
| FCF conversion · Quality | 116.3% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.0x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 36.4% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet82/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTEGRATED DIAGNOSTICS HOLDINGS PLC (IDHC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.9 bn EGP in 2025; YoY growth 37.3%; net margin 16.1%; ROE 41.4%.
The estimated value range is 16.76–24.47 EGP per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 48.9%
- FCF conversion: 116.3%
- Interest coverage: 8.0x
- Payout ratio (FCF): 36.4%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for IDHC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Integrated Diagnostics Holdings is a regional provider of medical diagnostic services, based mainly in Egypt and also active in Jordan, Nigeria and Saudi Arabia. In 2025 the company reported revenue growth of 37% 1, with higher EBITDA and a more geographically diversified footprint, which matters for investors following emerging markets in the region.
SWOT
Strengths
- Leading position in Egypt, rising EBITDA margins and a relatively low-investment operating model.
- Service network with a broad patient base and a diversified test range, including radiology.
- Solid cash generation, which allowed the resumption of dividend distributions in 2025.
Weaknesses
- Heavy dependence on the Egyptian market, which generates the majority of revenue.
- Exposure to local currency volatility and exchange-rate differences in EGP reporting.
- Operations in Sudan remain limited by conflict, and some newer markets are still in a ramp-up phase.
Opportunities
- Consolidation of the fragmented markets in Saudi Arabia and Nigeria could add long-term growth.
- A growing share of radiology and specialised services could improve margins.
- Development of digital platforms and house-call services could widen the patient base.
Threats
- Geopolitical instability in the region and energy market volatility could weigh on the economy.
- High inflation could reduce patients' purchasing power and demand for discretionary services.
- Pressure from local competitors and price regulation could limit revenue growth.
Risks
- Currency riskhigh
Revenue and results are reported in EGP, and depreciation of local currencies could reduce the value in the reporting currency.
- Geographic concentration riskhigh
Reliance on Egypt could amplify the impact of macroeconomic or political shocks on the group's overall results.
- Regional conflict riskmedium
Conflict in Sudan has limited activity, and wider regional conflict could affect other operations.
- Cybersecurity riskmedium
The company had a security incident in 2023, and a further incident could affect patient data and reputation.
- Price regulation risklow
Regulated pricing in Jordan and price pressure in other markets could limit margin expansion.
Investment thesis
What would need to be true (bull case)
- If revenue and margin growth are sustained, the company could benefit from a scalable operating model and a leading position in Egypt.
- Expansion in Saudi Arabia and Nigeria could reduce dependence on a single market and add foreign-currency revenue.
- The resumption of dividend distributions suggests cash generation capacity that could support investment and shareholder returns.
What would break the thesis
- If the Egyptian pound depreciates again, revenue reported in EGP could fall in real terms or be affected by exchange differences.
- Growth relies on higher average prices per test, which could prove hard to sustain if demand falls because of inflation.
- Geopolitical risks and regional conflicts could disrupt supply chains and operations across several countries.
What to watch
- Trend in EBITDA margins and average revenue per testQ1 2027
- Contribution of Saudi Arabia and Nigeria to revenue2027
- Effects of the major shareholder transfer on the shareholder structurenext 10-K
- Movement of the EGP exchange rate and its impact on reportingQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
IDH operates a network of laboratories and imaging centres offering pathology, radiology and radiotherapy tests, as well as house-call services. The company performed 43.5 million tests and served 9.4 million patients in 2025 1. Its model combines patients from corporate contracts and insurers with direct clients at its own centres, which provides a relatively predictable revenue base.
Financial reporting is in EGP and spans several local currencies, so profitability depends on exchange-rate movements. Management highlights higher margins and growth in foreign-currency earnings as central elements of its 2025 strategy 1.
The governance structure includes an Executive Committee led by the chief executive and a group chief financial officer appointed in 2024. The company is registered in Jersey and is listed in the Equity Shares (Transition) category of the London Stock Exchange 1.
Segments
Contract segment
The contract segment, which accounted for 67% of group revenue in 2025, grew 42% year-on-year, supported by corporates, insurers and referral networks 1.
Walk-in segment
The walk-in segment generated 33% of revenue and grew 30% in 2025, helped by a higher average revenue per test and wider uptake of radiology services 1.
Egypt
Egypt remains the main market, with revenue up 41% in 2025, and radiology and radiotherapy revenue grew 38%, helped by a higher-value service mix 1.
Market context
Diagnostic services in the region are fragmented and underpenetrated, with demand rising on the back of chronic disease and insurance coverage. The company's analysis describes Jordan as a stable market with regulated pricing and Nigeria as a high-growth market with high inflation 1.
Economic growth in Egypt is expected to continue in the coming period according to forecasts cited by the company, although geopolitical risks and inflation pressures could affect demand and costs 1.
Trends
- Rising average revenue per testmixed
Average revenue per test rose 24% in 2025, supporting revenue, but this could become harder to sustain if patients' purchasing power declines.
- House-call servicestailwind
House-call services, which reached about 20% of Egyptian revenue, help the company offset possible branch closures, but depend on logistics and consumer demand.
- Inflation and exchange ratesheadwind
Inflation and local currency volatility can reduce patients' purchasing power and affect results reported in EGP if the currency depreciates.
- Expansion in Saudi Arabiatailwind
The fast-growing and fragmented Saudi market offers consolidation potential, and expansion could add foreign-currency revenue if growth and investment discipline are maintained.
Competitive position
Competition comes from small independent laboratories, hospital-based units and other regional operators. Market fragmentation offers consolidation opportunities but also price pressure, especially in Egypt and Nigeria.
The company's advantage rests on its network scale, insurer contracts and accredited laboratories in Jordan, which new entrants may find hard to replicate quickly.
- Local independent laboratories
Small, fragmented operators in Egypt and Nigeria that compete mainly on price and proximity.
- Hospitals with in-house diagnostic units
Hospital providers that retain patients for routine and imaging tests.
- Regional diagnostic operators
Companies active in the Middle East and Africa that may compete for the same corporate contracts.
- Digital health service providers
Online platforms that could attract customers through remote ordering and delivery, competing with house-call services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202521 Apr 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Integrated Diagnostics Holdings plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.