Financials IntegraFin Holdings plc

Equities

IHP

GB00BD45SH49

Financial Technology (Fintech)

Market Closed - London S.E. Other stock markets 11:35:29 2024-04-26 am EDT			5-day change	1st Jan Change
295.5 ^GBX	+1.90%		+2.96%	-2.54%

Apr. 17	BofA cuts Ashmore; JPMorgan lifts Fresnillo	AN
Apr. 16	Integrafin funds under direction rise as hails platform	AN

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,312	1,683	1,720	728.2	785.9	979.1	-	-
Enterprise Value (EV) ¹	1,180	149.4	282.2	548	609.1	785.8	768.5	744.6
P/E ratio	32.7 x	37.1 x	33.7 x	16.5 x	15.7 x	20 x	17.5 x	15.8 x
Yield	1.97%	1.63%	1.93%	4.64%	4.3%	3.51%	3.74%	4.09%
Capitalization / Revenue	13.2 x	15.7 x	13.9 x	5.45 x	5.83 x	6.69 x	6.12 x	5.64 x
EV / Revenue	11.9 x	1.39 x	2.28 x	4.1 x	4.52 x	5.37 x	4.8 x	4.29 x
EV / EBITDA	23.9 x	2.58 x	4.26 x	8.05 x	10.3 x	12.9 x	11.3 x	9.92 x
EV / FCF	25.7 x	0.66 x	-4.94 x	2.31 x	93.7 x	16.5 x	14.4 x	12.4 x
FCF Yield	3.9%	152%	-20.2%	43.3%	1.07%	6.07%	6.97%	8.04%
Price to Book	11.4 x	11.9 x	10.5 x	4.2 x	4.13 x	4.77 x	4.35 x	3.94 x
Nbr of stocks (in thousands)	331,322	331,322	331,322	331,322	331,322	331,322	-	-
Reference price ²	3.960	5.080	5.190	2.198	2.372	2.955	2.955	2.955
Announcement Date	12/18/19	12/17/20	12/16/21	12/14/22	12/14/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99.16	107.3	123.7	133.6	134.9	146.3	160	173.6
EBITDA ¹	49.3	57.83	66.29	68.1	59.2	60.84	67.89	75.04
EBIT ¹	48.6	55.26	63.21	53.6	56.7	59.7	67.29	74.22
Operating Margin	49.01%	51.49%	51.11%	40.12%	42.03%	40.81%	42.07%	42.75%
Earnings before Tax (EBT) ¹	48.61	55.32	63.12	54.3	62.6	65.55	73.96	80.83
Net income ¹	40.15	45.48	51.11	44.1	49.9	48.62	55.52	60.81
Net margin	40.49%	42.38%	41.32%	33.01%	36.99%	33.23%	34.71%	35.03%
EPS ²	0.1210	0.1370	0.1540	0.1330	0.1510	0.1480	0.1689	0.1873
Free Cash Flow ¹	45.95	227.6	-57.08	237.1	6.5	47.69	53.53	59.85
FCF margin	46.34%	212.09%	-46.16%	177.47%	4.82%	32.6%	33.47%	34.48%
FCF Conversion (EBITDA)	93.21%	393.56%	-	348.16%	10.98%	78.4%	78.85%	79.76%
FCF Conversion (Net income)	114.46%	500.42%	-	537.64%	13.03%	98.1%	96.41%	98.42%
Dividend per Share ²	0.0780	0.0830	0.1000	0.1020	0.1020	0.1039	0.1104	0.1210
Announcement Date	12/18/19	12/17/20	12/16/21	12/14/22	12/14/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2021 S1	2023 S1	2024 Q2	2024 Q4
Net sales	59.39	66.5	-	-
EBITDA	32.57	28.6	-	-
EBIT	31.21	27.2	-	-
Operating Margin	52.55%	40.9%	-	-
Earnings before Tax (EBT)	-	27.9	-	-
Net income	-	22	-	-
Net margin	-	33.08%	-	-
EPS ¹	-	-	0.0670	0.0870
Dividend per Share	0.0300	0.0320	-	-
Announcement Date	5/20/21	5/26/23	-	-

¹GBP

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	132	1,534	1,437	180	177	193	211	234
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	46	228	-57.1	237	6.5	47.7	53.5	59.9
ROE (net income / shareholders' equity)	36.4%	34.6%	33.6%	26.2%	27.5%	24.4%	24.8%	25.3%
ROA (Net income/ Total Assets)	-	-	-	17.9%	-	-	-	-
Assets ¹	-	-	-	245.9	-	-	-	-
Book Value Per Share ²	0.3500	0.4300	0.4900	0.5200	0.5700	0.6200	0.6800	0.7500
Cash Flow per Share ²	0.1400	0.6900	-0.1700	0.7200	0.0200	0.1600	0.1800	0.2000
Capex ¹	1.25	0.86	0.66	0.4	0.7	0.9	1	1
Capex / Sales	1.26%	0.8%	0.53%	0.3%	0.52%	0.62%	0.63%	0.58%
Announcement Date	12/18/19	12/17/20	12/16/21	12/14/22	12/14/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IntegraFin Holdings plc

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.955 GBP

Average target price

3.296 GBP

Spread / Average Target

+11.53%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Financial Technology (Fintech) (NEC)

	1st Jan change	Capi.
INTEGRAFIN HOLDINGS PLC	-2.54%	1.22B
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ADYEN N.V.	+1.11%	39.08B
ROBINHOOD MARKETS, INC.	+40.35%	15.64B
AFFIRM HOLDINGS, INC.	-32.17%	10.23B
FUTU HOLDINGS LIMITED	+21.51%	9.16B
HITHINK ROYALFLUSH INFORMATION NETWORK CO., LTD.	-22.87%	8.98B
PB FINTECH LIMITED	+58.27%	6.75B
STONECO LTD.	-9.32%	5.05B

Financial Technology (Fintech) (NEC)