olivLaw · European equity research
IntegraFin Holdings plc IHP.L
United Kingdom · London Stock Exchange · ISIN GB00BD45SH49 · Vertical: Listed companies from United Kingdom
IntegraFin Holdings plc is a UK group that runs investment and pension platforms for financial advisers, with revenues linked to the value of client portfolios. Its annual report for the year ended 30 September 2024 shows significant cash balances, which makes the sensitivity of revenues to markets, interest rates and regulation relevant.
At the close of 05 Nov 2026, IntegraFin Holdings plc (IHP.L) stock was 3.81 GBP (−1.68% on the day), with market capitalisation 1.3 bn GBP, P/E 24.2 on diluted EPS of 0.16 GBP over the last 12 months, dividend yield 2.69%, beta 0.64, 52-week range 2.99–4.00 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)
- 53.9
- neutral
- Bollinger (20, 2)
- 3.59 – 3.90
- in the upper half of the band · %B 0.69 · band width 8.3%
- SMA 50 / 200
- 3.74 / 3.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +4.4% | −0.6% | +5.0 pp | — |
| 3 months | −0.8% | −4.2% | +3.4 pp | — |
| 6 months | +14.6% | +4.3% | +10.3 pp | — |
| Year to date | +5.7% | +7.5% | −1.8 pp | — |
| 1 year | +5.1% | +9.9% | −4.8 pp | +5.8% |
| 3 years | +64.9% | +49.8% | +15.0 pp | +26.3% |
| 5 years | −35.0% | +42.8% | −77.8 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 15.7, median 16.5, max 23.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 133.6 m | 134.9 m | 144.9 m |
| Revenue YoY | unavailable | +1.0% | +7.4% |
| Net income | 44.0 m | 49.9 m | 52.1 m |
| Net income YoY | unavailable | +13.4% | +4.4% |
| Diluted EPS | 0.13 | 0.15 | 0.16 |
| Diluted EPS YoY | unavailable | +13.5% | +4.0% |
| net % | 32.9% | 37.0% | 36.0% |
| Free cash flow | 236.4 m | 6.5 m | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 30 Sept 2024
- Cash
- 244.1 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 208.3 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 5.68x
- ROE
- 26.2%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 133.6 m | 134.9 m | 144.9 m | esef· 30 Jan 2025verified |
| Cost of revenue | 2.1 m | 3.9 m | 3.0 m | esef· 30 Jan 2025verified |
| Gross profit | 131.5 m | 131.0 m | 141.9 m | esef· 30 Jan 2025verified |
| Operating income | 53.6 m | 56.3 m | 57.0 m | esef· 30 Jan 2025verified |
| Pre-tax income | 54.3 m | 62.6 m | 68.9 m | esef· 30 Jan 2025verified |
| Income tax | 10.3 m | 12.7 m | 16.8 m | esef· 30 Jan 2025verified |
| Net income | 44.0 m | 49.9 m | 52.1 m | esef· 30 Jan 2025verified |
| Diluted EPS | 0.13 | 0.15 | 0.16 | esef· 30 Jan 2025verified |
| Dividend per share | 0.10 | 0.10 | 0.10 | esef· 30 Jan 2025derived |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 183.0 m | 177.9 m | 244.1 m | esef· 30 Jan 2025verified |
| Receivables | 2.0 m | 3.6 m | 2.9 m | esef· 30 Jan 2025verified |
| Current assets | 220.3 m | 235.4 m | 270.0 m | esef· 30 Jan 2025verified |
| Property, plant & equipment, net | 1.2 m | 1.1 m | 1.5 m | esef· 30 Jan 2025verified |
| Accounts payable | 21.5 m | 19.5 m | 21.7 m | esef· 30 Jan 2025verified |
| Current liabilities | 34.1 m | 27.5 m | 47.5 m | esef· 30 Jan 2025verified |
| Equity | 173.2 m | 189.9 m | 208.3 m | esef· 30 Jan 2025verified |
| Shares outstanding at year end | 330.8 m | 330.5 m | 329.7 m | esef· 30 Jan 2025derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 236.7 m | 7.2 m | 277.2 m | esef· 30 Jan 2025verified |
| Capex | 300.0 k | 700.0 k | — | esef· 30 Jan 2024verified |
| Free cash flow | 236.4 m ≈ | 6.5 m ≈ | — | esef· 30 Jan 2024derived |
| Investing cash flow | 400.0 k | -14.4 m | 29.4 m | esef· 30 Jan 2025verified |
| Financing cash flow | -37.9 m | -37.1 m | -36.8 m | esef· 30 Jan 2025verified |
| Dividends paid | 33.7 m | 33.7 m | 33.7 m | esef· 30 Jan 2025verified |
| Share repurchases | 500.0 k | 400.0 k | 800.0 k | esef· 30 Jan 2025verified |
≈ 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
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 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 | 36.0% | 91 (vs peers) | 14% |
| FCF conversion · Quality | 530.7% | 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.7x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 24.2x | 17 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 22.0% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 12.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation54/100 · 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
INTEGRAFIN HOLDINGS PLC (IHP.L). Latest full fiscal year: 2024; data up to 2024-09-30.
Figures computed from the financial statements: revenue 144.9 m GBP in 2024; YoY growth 7.4%; net margin 36.0%; ROE 26.2%.
The estimated value range is 1.39–1.99 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.69 GBP, the price of 3.81 GBP leaves a potential of -55.7% (value / price − 1) and a margin of safety of -125.6% (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
- Net margin: 36.0%
- FCF conversion: 530.7%
- Current ratio: 5.7x
- FCF yield: 22.0%
- Payout ratio (FCF): 12.2%
What contradicts it
- P/E (TTM): 24.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| IHP.LIntegrafin Holdings PLC | 1.3 bn | 24.2 | 26.2% | 36.0% | +7.4% | +10% / +51% |
| 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% |
1- and 3-year price returns: for IHP.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.33 Total return -37% · Per year -37% | 4.11 Total return 11% · Per year 11% | 6.19 Total return 66% · Per year 66% |
| 3 years | 2.40 Total return -30% · Per year -11% | 4.75 Total return 34% · Per year 10% | 7.82 Total return 117% · Per year 30% |
| 5 years | 2.46 Total return -24% · Per year -5% | 5.48 Total return 61% · Per year 10% | 9.88 Total return 182% · Per year 23% |
- Exit P/E± 1.19
- Net margin± 0.83
- Annual revenue growth± 0.66
- Annual dilution± 0.07
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
IntegraFin Holdings plc is a UK group that runs investment and pension platforms for financial advisers, with revenues linked to the value of client portfolios. Its annual report for the year ended 30 September 2024 shows significant cash balances, which makes the sensitivity of revenues to markets, interest rates and regulation relevant 1.
SWOT
Strengths
- Recurring revenues linked to assets under administration, with a structure combining variable and fixed per-wrapper charges 1.
- Solid liquidity, with significant cash held at regulated banks and a policy of spreading deposits across institutions 1.
- Low currency exposure, as most assets are denominated in sterling 1.
Weaknesses
- Dependence of revenues on client portfolio values makes results sensitive to market movements.
- The holding structure relies on dividends from regulated subsidiaries to pay its own dividends.
- Concentration of activity in the UK market limits geographic diversification of revenues.
Opportunities
- Expansion towards new advisers and growth in assets on the platform could support revenues.
- Niche debt financing for advisory firms through the Vertus entity may open new revenue sources.
- Digitisation of platform services could reduce operating costs over the longer term.
Threats
- A prolonged fall in capital markets could reduce annual charges linked to portfolio values.
- Changes to the tax regime applicable to policies could affect provisions and costs.
- The failure of a bank holding group or client funds could create liquidity problems.
Risks
- Market risk on revenueshigh
Annual charges are linked to portfolio values, so a fall in markets reduces group revenues directly.
- Interest rate riskmedium
Interest income depends on rates on cash and investments, and a decline in rates would reduce financial gains.
- Counterparty riskmedium
The group is exposed to client non-payment of fees and to failure of banks holding cash, although existing controls limit the exposure.
- Tax risk on policiesmedium
Tax on policy gains and related provisions depend on the interpretation of the tax regime, which could lead to significant adjustments.
- Holding company liquidity risklow
Dividend payments depend on dividends received from subsidiaries, and any regulatory restrictions could affect liquidity.
Investment thesis
What would need to be true (bull case)
- If assets under administration keep growing, recurring fee revenues could support the group's profitability.
- The mixed charging structure and low currency exposure provide a relatively stable revenue base.
- Interest income on significant cash balances could remain a support if rates stay high.
What would break the thesis
- A period of falling markets could directly reduce annual charges, the main source of revenue.
- Tax risk on unit-linked policies could generate unexpected costs or provision adjustments.
- The holding company's dependence on dividends from regulated subsidiaries limits financial flexibility if results weaken.
What to watch
- Trend in total unit-linked investments and annual chargesnext 10-K
- Changes to the tax regime applicable to unit-linked policies2027
- Level of interest earned on the group's cash and investmentsnext 10-K
- Results of the Vertus debt financing activity and growth of the adviser base2027
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 operates through several regulated entities, including IFAL, ILUK and ILInt, which provide the Transact platform for managing client investments, including wrapper structures and unit-linked life policies 1. The main source of income is annual charges linked to portfolio values, complemented by fixed charges per wrapper, which gives the income stream some diversification 1. The parent company is a holding company, and dividends received from its regulated subsidiaries are the main source of liquidity for paying shareholder dividends and operating costs 1.
Segments
Investment platform (IFAL, Transact)
This is the main revenue-generating activity, where charges are linked to client asset values, exposing the group to capital market levels 1. Revenues could fall if portfolio values decline, and the estimated sensitivity shows a impact of 8.7 million GBP for a 10% change in values 1.
Unit-linked insurance (ILUK)
ILUK administers unit-linked life policies, where market risk is borne by policyholders, and the group collects policyholder tax for HMRC at a rate of 20% 1. Tax reserves for policies are treated as a separate part of provisions, which could influence results if the tax regime changes 1.
Market context
The group's core market is the United Kingdom, where 99.4% of investments and cash held for policyholders are denominated in GBP, limiting direct currency exposure 1. Total unit-linked investments reached 28860.6 million GBP at 30 September 2024, compared with 24440.9 million GBP a year earlier 1. Revenues therefore depend on the level of the UK capital market and on the activity of advisers using the platform 1.
Trends
- High interest on cash balancesmixed
The group earned significant interest on cash held, which supports financial income while rates stay high, although a fall in rates would reduce this gain 1.
- Capital market volatilityheadwind
The value of platform assets determines annual charges, so a period of high volatility or market decline could reduce recurring revenues, although the fixed-charge structure partly cushions this effect 1.
- Tax regulation of policiesheadwind
The basic-rate tax charged by ILUK on policy gains and the risk of a change in the tax regime could lead to provision adjustments and costs with uncertain effects on profitability 1.
- Growth in assets under administrationtailwind
The increase in total unit-linked investments points to a larger asset base on which charges can be generated, which could support revenues if the trend continues 1.
Competitive position
The group operates in the UK market for investment platforms serving financial advisers, where competition may come from other portfolio administration platforms and unit-linked insurance providers. The sources provided do not explicitly name competitors, so the analysis remains limited to the structure of the revenue model 1.
- UK portfolio administration platforms
Providers of similar platforms for financial advisers; not named in the sources.
- Unit-linked insurance providers
Companies administering unit-linked policies in competition with ILUK; names not specified in the sources.
- European fund administrators and platforms
Operators in the same investment services area, not identified in the sources provided.
- Digital investment platforms
New entrants that could influence the pricing and volume of platform services; not identified in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202430 Jan 2025
- Annual report 202330 Jan 2024
Sources
- [1] Annual report, fiscal year ended 2024-09-30 (ESEF) · SEC / IntegraFin Holdings plc · 30 Sept 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.