Jefferies Upgrades IntegraFin Holdings PLC
Jefferies has upgraded IntegraFin Holdings PLC (LON:IHPI) from a Hold to a Buy recommendation and increased its price target to £4.40 per share. The upgrade is driven by the company's expanding market share in the adviser platform sector and a slowdown in cost growth.
Jefferies incorporated the latest quarterly numbers into its forecasts, noting that market movement late in the quarter exceeded expectations and that gross inflows remained strong. While maintaining its revenue‑margin assumptions based on company guidance, Jefferies reduced its cost‑growth projection to 3% going forward.
The company's Transact platform captured roughly 20% of sector net inflows in 2025 and in the first quarter of 2026, placing it third in total assets under administration. Jefferies estimates that IntegraFin can add about one percentage point of market share each year.
The platform has broadened its client base beyond small and medium‑size advice firms to serve larger clients, and it no longer offers discounts. Jefferies attributes part of this shift to the sales of the Curo software suite, which IntegraFin acquired several years ago.
Revised financial estimates now project funds under direction of £87.3 billion for fiscal 2026, up from £81.1 billion, and underlying earnings per share of 21.0 pence, up from 20.2 pence. For fiscal 2027, revenue is forecast at £203.2 million, an increase from £193.7 million, and earnings per share are expected to rise to 25.0 pence from 23.0 pence.