olivLaw · European equity research
IG Group Holdings plc IGG.L
United Kingdom · London Stock Exchange · ISIN GB00B06QFB75 · Vertical: Listed companies from United Kingdom
IG Group Holdings plc is a UK-based provider of trading and investment services with clients across several countries. In fiscal 2024 it reported total revenue of 987.3 million GBP, and its non-OTC products are increasingly important for diversifying the business.
At the close of 06 Nov 2026, IG Group Holdings plc (IGG.L) stock was 9.36 GBP (−1.37% on the day), with market capitalisation 3.6 bn GBP, P/E 11.9 on diluted EPS of 0.78 GBP over the last 12 months, dividend yield 4.92%, beta 0.24, 52-week range 9.31–19.38 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 9.26 – 9.90
- in the lower half of the band · %B 0.15 · band width 6.6%
- SMA 50 / 200
- 11.41 / 14.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.51 / -0.64
- MACD above 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 | −1.5% | −0.2% | −1.3 pp | — |
| 3 months | −30.3% | −5.4% | −24.9 pp | — |
| 6 months | −38.7% | +4.4% | −43.1 pp | — |
| Year to date | −28.8% | +6.5% | −35.3 pp | — |
| 1 year | −16.6% | +10.0% | −26.5 pp | +4.0% |
| 3 years | +42.6% | +48.6% | −6.0 pp | +24.3% |
| 5 years | +18.5% | +41.4% | −22.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.1, median 7.8, max 10.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 503.9 m | 365.0 m | 307.7 m |
| Net income YoY | unavailable | −27.6% | −15.7% |
| Diluted EPS | 1.17 | 0.86 | 0.78 |
| Diluted EPS YoY | unavailable | −26.3% | −9.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 703.7 m | 168.0 m | 381.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 May 2024
- Cash
- 983.2 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.9 bn GBP
- Total assets
- 2.9 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 2.47x
- ROE
- 15.8%
- ROA
- 10.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 477.3 m | 438.5 m | 369.2 m | esef· 28 Aug 2024verified |
| Interest expense | 14.8 m | 16.2 m | 24.8 m | esef· 28 Aug 2024verified |
| Pre-tax income | 477.0 m | 449.9 m | 400.8 m | esef· 28 Aug 2024verified |
| Income tax | 80.9 m | 86.2 m | 93.1 m | esef· 28 Aug 2024verified |
| Net income | 503.9 m | 365.0 m | 307.7 m | esef· 28 Aug 2024verified |
| Diluted EPS | 1.17 | 0.86 | 0.78 | esef· 28 Aug 2024verified |
| Dividend per share | 0.44 | 0.45 | 0.46 | esef· 28 Aug 2024derived |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 bn | 798.5 m | 983.2 m | esef· 28 Aug 2024verified |
| Current assets | 2.0 bn | 1.7 bn | 1.7 bn | esef· 28 Aug 2024verified |
| Property, plant & equipment, net | 36.6 m | 36.1 m | 41.8 m | esef· 28 Aug 2024verified |
| Goodwill | 604.7 m | 611.0 m | 599.0 m | esef· 28 Aug 2024verified |
| Intangibles (excl. goodwill) | 292.1 m | 276.5 m | 216.6 m | esef· 28 Aug 2024verified |
| Total assets | 3.1 bn | 3.0 bn | 2.9 bn | esef· 28 Aug 2024verified |
| Current liabilities | 720.1 m | 607.7 m | 685.6 m | esef· 28 Aug 2024verified |
| Total liabilities | 1.1 bn | 980.6 m | 1.1 bn | esef· 28 Aug 2024verified |
| Equity | 2.0 bn | 2.0 bn | 1.9 bn | esef· 28 Aug 2024verified |
| Shares outstanding at year end | 426.3 m | 418.6 m | 387.5 m | esef· 28 Aug 2024derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 712.2 m | 179.6 m | 397.0 m | esef· 28 Aug 2024verified |
| Capex | 8.5 m | 11.6 m | 15.2 m | esef· 28 Aug 2024verified |
| Free cash flow | 703.7 m ≈ | 168.0 m ≈ | 381.8 m ≈ | esef· 28 Aug 2024derived |
| Investing cash flow | -99.0 m | -229.2 m | 194.4 m | esef· 28 Aug 2024verified |
| Financing cash flow | -18.2 m | -400.9 m | -466.3 m | esef· 28 Aug 2024verified |
| Dividends paid | 186.2 m | 188.1 m | 178.3 m | esef· 28 Aug 2024verified |
| Share repurchases | 6.7 m | 14.6 m | — | esef· 22 Aug 2023verified |
≈ 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 3.6 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 124.1% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.9x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 11.9x | 74 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.5% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 5.3% | 76 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 46.7% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 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
IG GROUP HOLDINGS PLC (IGG.L). Latest full fiscal year: 2024; data up to 2024-05-31.
Figures computed from the financial statements: ROE 15.8%.
The estimated value range is 6.99–11.76 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.78 GBP, the price of 9.36 GBP leaves a potential of -6.2% (value / price − 1) and a margin of safety of -6.6% (1 − price / value). 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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 124.1%
- Interest coverage: 14.9x
- Current ratio: 2.5x
- P/E (TTM): 11.9x
- FCF yield: 10.5%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 46.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| 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% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for IGG.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
IG Group Holdings plc is a UK-based provider of trading and investment services with clients across several countries. In fiscal 2024 it reported total revenue of 987.3 million GBP 1, and its non-OTC products are increasingly important for diversifying the business 1.
SWOT
Strengths
- The group has an international client base and a solid governance structure with dedicated risk and audit committees 1.
- The adjusted profit margin remains high, showing the ability to convert revenue into profit 1.
- The group has regulated operations in the United Kingdom and other jurisdictions, which supports its credibility 1.
Weaknesses
Opportunities
Risks
- Regulatory riskhigh
New policies and regulations could create non-compliance risk if systems are not ready in time 1.
- Physical climate riskmedium
Storms and extreme temperatures could affect offices and servers, especially in Asia 1.
- Energy riskmedium
Rising energy costs could affect operations and the group's data centres 1.
- Dependence on market volatilityhigh
Trading revenue is sensitive to changes in volatility, which could reduce profit 1.
- Governance risk during leadership changelow
Board and subsidiary board changes could affect the continuity of strategy 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in non-OTC revenuenext annual report
- Number of active clientsnext annual report
- Guidance on total revenue and adjusted profit before taxFY25
- Setting of net zero targetsFY25
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
The group gives clients access to a wide range of financial instruments, provided they can demonstrate understanding of the products, and its market-making and brokerage services do not involve trading decisions on clients' behalf 1. Revenue still comes mainly from OTC products, but the group aims to grow other revenue streams 1. Active clients fell slightly in fiscal 2024 to 346,200 1.
Operating profit fell in fiscal 2024 to 369.2 million GBP compared with the prior year 1. Management described an aim to get closer to customers and improve efficiency to achieve stronger growth 1.
The group operates in several regions, including North America through IG US Holdings Inc., which oversees that business 1. Its governance structure includes the Board and dedicated committees for risk, audit and remuneration 1.
Segments
Trading and interest revenue
Net trading revenue was 844.9 million GBP in fiscal 2024, down from the prior year, while net interest income rose to 142.4 million GBP 1.
Non-OTC products
Revenue from non-OTC products reached 254.7 million GBP in fiscal 2024, a metric the group tracks as a measure of diversification 1.
Market context
The group operates in financial markets with clients in several countries, and its revenue depends on the level of activity and market volatility 1. Management said the profit margin fell back toward more sustainable levels after a period of high volatility 1.
The regulatory environment is changing, with new rules that could take effect within the next two to three years, and the group monitors these changes every quarter 1.
Trends
- Market volatilitymixed
High market volatility supported trading revenue in earlier periods, but a decline could reduce client activity 1.
- Growing regulationheadwind
New regulations, including those on sustainability and consumer protection, increase compliance obligations 1.
- Digital products and mobile appstailwind
Developing the mobile app and digital products could attract new clients and provide the scale needed for growth 1.
- Energy and climate costsheadwind
Rising energy costs and physical climate risks could affect operations and data centres 1.
Competitive position
The group competes with other online trading providers and investment platforms, including firms offering mobile market access 1. The source does not name competitors in detail, so this analysis is limited to the information in the annual report 1.
The group's position depends on the size of its client base, product diversification and its ability to innovate quickly, factors management considers essential 1.
- European online trading providers
Regional competitors offering similar trading products; the source does not name them.
- Investment platforms with mobile apps
Companies attracting clients through mobile apps, a segment the group is developing.
- Banks with brokerage services
Traditional financial institutions offering market access and investment services.
- North American financial services firms
Competitors in the region where the group operates through its US subsidiary.
News & filings
In the press
- IG Group Shares Plunge After Surprise Slump in RevenueBloomberg Markets · 02 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202428 Aug 2024
- Annual report 202322 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2024-05-31 (ESEF) · SEC / IG Group Holdings plc · 31 May 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.