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1. Company Snapshot

1.a. Company Description

IntegraFin Holdings plc, together with its subsidiaries, provides an investment platform for UK financial advisers and their clients.The company operates Transact platform that delivers an infrastructure, which enables advisers to implement financial plans, as well as provides real-time day-to-day and technical support services, as well as enables advisers to simplify management of the complex investment needs of clients.It also provides personal service to advisers and their clients; offers access to approximately 8,000 funds and assets listed on stock markets; and provides access to report and analysis tools, investment portfolio management, lifetime cash flow modelling, and other services.


In addition, the company offers software development and maintenance; life insurance and assurance; consultancy; financial planning software; and investment administration services.IntegraFin Holdings plc was founded in 1999 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on IHP

IntegraFin Holdings plc's recent performance was negatively impacted by the broader UK market turbulence, driven by weak trade data from China and global economic concerns. The company's market capitalization, which is under £2B, makes it vulnerable to market fluctuations. Additionally, the recent decline in the FTSE 100 and FTSE 250 indices has likely affected investor sentiment towards smaller companies like IntegraFin.

1.c. Company Highlights

2. IntegraFin's Strong 2025 Performance Driven by Record Inflows and Efficiency Gains

IntegraFin Holdings reported a robust full-year 2025 performance, with net inflows surging 76% to GBP 4.4 billion, driven by record gross inflows. Underlying earnings per share (EPS) rose 7% to 17.4p, and the total dividend for 2025 was increased by 9% to 11.3p per share. The actual EPS came in at 0.09237, matching analyst estimates. The company's revenue margin stood at 21.9 basis points at the end of September, indicating a stable revenue stream. With a reported underlying EPS growth, the company's profitability is on an upward trajectory.

Publication Date: Dec -23

📋 Highlights
  • Net Inflows Surge:: GBP 4.4 billion net inflows, a 76% increase from 2024, driven by record gross inflows.
  • Earnings Growth:: Underlying earnings per share rose 7% to 17.4p, with a 9% dividend hike to 11.3p per share.
  • Cost Efficiency Program:: GBP 4 million annualized savings target by 2027, with admin expenses growth capped at 3% in 2026-2027.
  • Platform Performance:: Transact platform achieved strong UK market share, with net inflows and gross inflows at record levels.
  • Revenue Margin Stability:: 21.9 basis points revenue margin, retaining 7.5% revenue for every 10% growth in funds under direction.

Operational Highlights and Cost Efficiency

IntegraFin completed a comprehensive group-wide cost review, identifying opportunities to enhance productivity and reduce costs. The company expects to deliver GBP 4 million of annualized savings by 2027, with underlying administrative expenses projected to grow at around 3% per year in 2026 and 2027. This cost management strategy is expected to drive sustainable earnings growth. As the company noted, "we have prioritized investment areas and structures for future productivity improvements," indicating a focus on operational efficiency.

Market Positioning and Growth Prospects

IntegraFin's Transact platform delivered record gross inflows and impressive net inflows, capturing a significant market share in the UK adviser platform market. The company is well-positioned to grow its market share, particularly with consolidating firms, having adjusted its sales approach to target these groups more effectively. Analysts estimate revenue growth of 12.7% for the next year, indicating a positive outlook.

Valuation and Dividend Yield

With a P/E Ratio of 23.32 and a Dividend Yield of 2.95%, IntegraFin's valuation appears reasonable. The company's strong organic growth story and focus on investing in its platform and technology support its market position. The ROE of 23.86% indicates a healthy return on equity. These metrics suggest that IntegraFin is efficiently utilizing its resources to drive growth and returns for shareholders.

Outlook and Regulatory Developments

IntegraFin is monitoring regulatory developments, including the Financial Conduct Authority's consultation paper on tokenization in the funds market. The company is engaged with consultations and will continue to provide input. While there are no significant opportunities for inorganic growth through acquisitions, IntegraFin remains open to enhancing its proposition. The guidance for Q1 net flows is expected to be similar to last year, driven by clients investing in other wrapper types.

3. NewsRoom

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UK Stocks That Could Be Trading Below Their Estimated Value

Feb -19

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January 2026's UK Penny Stocks Worth Watching

Jan -19

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IntegraFin Holdings' (LON:IHP) Upcoming Dividend Will Be Larger Than Last Year's

Dec -23

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IntegraFin Holdings PLC (FRA:84N) Full Year 2025 Earnings Call Highlights: Record Net Inflows ...

Dec -17

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UK's Elite Stocks Priced Below Estimated Value In November 2025

Nov -25

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James Halstead And 2 More Promising UK Penny Stocks

Aug -25

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IntegraFin Holdings Leads This Trio Of UK Penny Stocks

Jul -10

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Undiscovered Gems In The United Kingdom Three Promising Small Caps

Jun -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.90%)

6. Segments

Consolidated Adjustments

Expected Growth: 6%

Consolidated Adjustments from IntegraFin Holdings plc driven by 6% growth, attributed to increased demand for wealth management services, expansion into new markets, and strategic acquisitions. Additionally, cost savings from operational efficiencies and favorable market conditions have contributed to this growth.

Other

Expected Growth: 5%

IntegraFin Holdings plc's 5% growth in 'Other' segment is driven by increasing demand for its platform services, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digital transformation, cost savings initiatives, and investment in technology have contributed to its growth.

Investment Administration Services

Expected Growth: 8%

IntegraFin Holdings plc's 8% growth in Investment Administration Services is driven by increasing demand for platform-based investment solutions, expansion of adviser networks, and strategic partnerships. Additionally, the company's focus on digital transformation, cost savings initiatives, and strong brand reputation contribute to its growth momentum.

Insurance and Life Assurance

Expected Growth: 9%

IntegraFin Holdings plc's 9% growth in Insurance and Life Assurance is driven by increasing demand for protection products, expansion into new distribution channels, and strategic partnerships. Additionally, the company's digital transformation efforts, improved customer engagement, and competitive pricing strategies have contributed to its growth momentum.

Adviser Back-office Technology

Expected Growth: 8%

IntegraFin Holdings plc's Adviser Back-office Technology growth is driven by increasing demand for digitalization in wealth management, rising adoption of cloud-based solutions, and growing need for regulatory compliance. Additionally, the company's scalable business model, strategic partnerships, and continuous investment in technology enhancements also contribute to its 8% growth.

7. Detailed Products

Transact

A platform that provides a range of investment products and services to financial advisers and their clients.

Integra

A platform that provides a range of investment products and services to financial advisers and their clients, with a focus on tax-efficient investing.

PFS Cheltenham & Gloucester

A range of investment products and services, including ISAs, pensions, and bonds.

Nexus

A platform that provides a range of investment products and services to financial advisers and their clients, with a focus on discretionary investment management.

Collective Investment Schemes

A range of collective investment schemes, including unit trusts and open-ended investment companies.

8. IntegraFin Holdings plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for IntegraFin Holdings plc is medium due to the presence of alternative investment platforms and financial services providers.

Bargaining Power Of Customers

The bargaining power of customers for IntegraFin Holdings plc is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for IntegraFin Holdings plc is medium due to the company's dependence on a few key suppliers for technology and infrastructure.

Threat Of New Entrants

The threat of new entrants for IntegraFin Holdings plc is high due to the low barriers to entry in the financial services industry and the increasing trend of fintech startups.

Intensity Of Rivalry

The intensity of rivalry for IntegraFin Holdings plc is high due to the competitive nature of the financial services industry and the presence of established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.58%
Debt Cost 9.23%
Equity Weight 99.42%
Equity Cost 9.23%
WACC 9.23%
Leverage 0.58%

11. Quality Control: IntegraFin Holdings plc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
AJ Bell

A-Score: 6.0/10

Value: 2.5

Growth: 8.7

Quality: 8.6

Yield: 5.0

Momentum: 5.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
IntegraFin

A-Score: 5.4/10

Value: 4.9

Growth: 6.9

Quality: 7.4

Yield: 5.6

Momentum: 2.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Impax Asset Management

A-Score: 5.4/10

Value: 7.3

Growth: 5.2

Quality: 8.5

Yield: 8.1

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
MCI Capital

A-Score: 5.3/10

Value: 3.8

Growth: 2.3

Quality: 5.9

Yield: 6.2

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Ashmore

A-Score: 5.3/10

Value: 3.5

Growth: 1.3

Quality: 8.4

Yield: 10.0

Momentum: 3.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
JTC

A-Score: 4.1/10

Value: 2.8

Growth: 6.4

Quality: 3.3

Yield: 1.2

Momentum: 7.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.15$

Current Price

3.15$

Potential

-0.00%

Expected Cash-Flows