EN DE
Watch Image Scan Holdings Plc for free: we tell you when fair value or trend changes.
Data-driven stock valuation

Image Scan Holdings Plc (IGE) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Image Scan Holdings Plc stock £0.03, price £0.03, upside +4.3%, quality 61 out of 100. Rating: fairly valued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Industrials GB · ISIN GB0031410581

IS Image Scan Holdings Plc logo Thin data Nov 4, 2026

Image Scan Holdings Plc

IGE · LSE
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Quality 61/100
Generates free cash flow
Fair value £0.0349 · Fairly valued
Thin margins · 8.1% net margin (TTM)
Mixed vs. peers (6/11)
Profit last quarter 62% below a year ago.
Weak Growth (revenue 5y −14.2 %/yr in GBP)
Narrow moat 38/100 · thin data
Thin data
Watch Image Scan Holdings Plc for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£0.0380 £0.0083 Fair Value £0.0349 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range £0.0083 – £0.0380 · fair‑value band £0.0317 – £0.0382 · the £0.0335 price screens below the £0.0349 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

Follow Image Scan Holdings in your weekly email

Every Wednesday you see whether Image Scan Holdings is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Image Scan Holdings Plc, through its subsidiary 3DX-Ray Limited, engages in the manufacture and sale of portable X-ray systems in the United Kingdom, Europe, the Middle East, Africa, Asia, Indian Subcontinent, and the Americas.

Show moreShow less

Its security products include portable systems, such as THREATSCAN-LS1, THREATSCAN-LS3, THREATSCAN-AS1(ISC), THREATSCAN-LSC, THREATSCAN AS1, and THREATSCAN AS2; mail and baggage screening products, including AXIS-CXI cabinet screening and conveyor systems; metal detection products, including AXIS archway and walk by metal detectors; and blast protection products, consisting of mailsafe, EOD/IEDD search suits, uprated " EOD/IEDD and uprated bomb disposal suits, 3DX-ARX MKII handheld raman spectrometer, and blast protection blankets; and EOD/IEDD equipment.

The company's industrial products include production line systems, such as MDXi-NT, a high-resolution turnkey X-ray inspection system; laboratory systems, which comprise MDXi-400 and MDXi-200, cabinet-based systems for stand-alone use; and portable systems comprising THREATSCAN-AS1, THREATSCAN-AS2, THREATSCAN-AS1(ISC), THREATSCAN-LSC, THREATSCAN-LS3, and THREATSCAN-LS1 X-ray scanning systems.

Its products are used for various applications, such as explosive ordnance disposal, border control and customs, mass transit locations, stadiums and events, high security building and facilities, mail room screening, and emission control solutions, and other applications.

The company was formerly known as Rapid Grade Limited and changed its name to Image Scan Holdings Plc in October 1996. The company was founded in 1980 and is based in Barrow-upon-Soar, the United Kingdom.

Stock analysis

Image Scan Holdings Plc (IGE) currently trades at £0.0335, while our model-based Fair Value estimate is £0.0349, so the stock looks roughly fairly valued today (gap 4.1%).

Show more

Valuation

Bull case: the Growth DCF group reads highest at a median of £0.0400 per share, and 6 of the 7 models we run sit above the £0.0335 price.

Bear case: the Asset-Based group reads lowest at £0.0100, and 1 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: £0.0317 (bear) to £0.0382 (bull), the price of £0.0335 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 61/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Image Scan Holdings Plc reported revenue of £1.6M in FY2025 versus £2.9M in FY2021, a compound −13.4%/yr. Reported net income was −£288K in FY2025.

Key figures

Market cap £4.6M Micro · P/S ratio 1.70 · Net margin −17.8% · Return on equity 14.9% · Return on assets (EBIT) −1.7% (5-year average) · Operating margin 5.4% · Revenue (TTM) £2.6M · Revenue growth (YoY) +277%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 148% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 1% fair-value upside, at 4%, IGE screens cheaper than that median.

Fair Value models

Bear £0.0317 Fair Value £0.0349 Bull £0.0382
Price £0.0335 · Upside +4.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF £0.0300 £0.0400 £0.0600 78
Growth DCF £0.0300 £0.0400 £0.0600 76
5Y Revenue Exit £0.0300 £0.0400 £0.0500 71
All 7 models by family
DCF Models
FCF DCF £0.0300 £0.0400 £0.0600 78
5Y Revenue Exit £0.0300 £0.0400 £0.0500 71
10Y Revenue Exit £0.0300 £0.0400 £0.0500 66
Multiples
EV/Revenue £0.0300 £0.0400 £0.0500 52
Asset-Based
NCAV (Graham) £0.0100 £0.0100 £0.0100 53
Growth DCF
Growth DCF £0.0300 £0.0400 £0.0600 76
Rev-Margin DCF £0.0300 £0.0400 £0.0500 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 61/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 24
How much profit the company makes from its sales and capital
Quality Growth 20
Are margins and returns getting better?
Cashflow 78
Do the profits arrive as real cash?
Financial strength 74
Debt, balance sheet and risk of trouble
Investment 97
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 95
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 91
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−43.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.2%
Start year 2020 (pandemic). Over 10 years: −0.5% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.7% (2020) → −18.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −5.0% a year for the price.

Watch IGE, get fair value alerts →

Compare Image Scan Holdings Plc with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Security & Protection Services · 105 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 61 · Above median
Fair Value upside +4.2% · Above median
Profitability
Return on equity (12 months) 14.9% · Above median
Return on assets −12.4% · Bottom 25%
Net margin (12 months) 8.1% · Above median
Operating margin (12 months) 5.4% · Below median
Growth and dividend
Revenue growth (quarter YoY) 277.4% · Top 25%

Valuation Multiplesvs Security & Protection Services median · lower = cheaper

P/B 3.20× · Priciest 25%
P/S (12 months) 1.77× · Pricier than median
Price / free cash flow (fiscal year) 14.8× · Cheaper than median
EV/EBITDA 11.9× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)39 · sector 35
FUTURE (revenue growth)100 · sector 45
PAST (return on equity)60 · sector 28
HEALTH (low debt)0 · sector 99
DIVIDEND (yield)0 · sector 43

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Security & Protection Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zhejiang Dahua Technology Co 002236 ¥14.54 ¥32.12 +121% vs IGE
The Brink's Company BCO $110.25 $121.16 +10% vs IGE
ADT Inc ADT $9.86 $10.67 +8% vs IGE
Brady Corporation BRC $78.72 $84.37 +7% vs IGE
S-1 Corporation 012750 98,400 KRW 99,629 KRW +1% vs IGE
Loomis AB LOOMIS kr 506.00 kr 496.43 −2% vs IGE
MSA Safety Incorporated MSA $170.14 $121.81 −28% vs IGE
Allegion plc ALLE $185.39 $129.15 −30% vs IGE
CoreCivic, Inc CXW $28.67 $18.76 −35% vs IGE
The GEO Group GEO $27.80 $13.08 −53% vs IGE

Explore undervalued stocks

More undervalued Industrials stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Free calculator Peter Lynch Fair Value Formula &…Free calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Image Scan Holdings Plc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Image Scan Holdings Plc Fair Value". https://www.fairvalue-calculator.com/stock/IGE

Frequently asked questions

Is Image Scan Holdings Plc (IGE) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of £0.0349 versus a price of £0.0335, about +4% upside (fairly valued).
What is the fair value of IGE?
Our model-based fair value for Image Scan Holdings Plc is £0.0349 (as of Nov 4, 2026), built from audited fundamentals. The current price: £0.0335.
What is the quality score of IGE?
Image Scan Holdings Plc has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Image Scan Holdings Plc (IGE)?
Our model-based price target is the fair value of £0.0349 (as of Nov 4, 2026) from 7 valuation models. Cautious scenario £0.0317, optimistic scenario £0.0382. It is a calculation from audited fundamentals, not an analyst target.
What is the Image Scan Holdings Plc stock forecast for 2026?
Our models put fair value at £0.0349, about +4% upside versus a price of £0.0335 (fairly valued). Cautious scenario £0.0317, optimistic scenario £0.0382. The calculation is refreshed regularly with new filings.
What is the revenue of Image Scan Holdings Plc (IGE)?
Image Scan Holdings Plc reported trailing-twelve-month revenue of about £2.6M (latest available figure, as of Nov 4, 2026).
What growth is priced into Image Scan Holdings Plc (IGE)?
For today's price to be fair in a discounted-cash-flow model, Image Scan Holdings Plc would have to grow free cash flow by -2.7 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -14.2 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of IGE use?
Our models discount Image Scan Holdings Plc at 9.0 %: a base by market capitalisation (nano), damped by beta 0.19, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Image Scan Holdings Plc that is -2.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Image Scan Holdings Plc (IGE) delivered so far?
Over the past 5 years revenue at Image Scan Holdings Plc grew -14.2 % a year. The price currently implies free-cash-flow growth of -2.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Image Scan Holdings Plc (IGE) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Image Scan Holdings Plc (-2.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Image Scan Holdings Plc (IGE)?
The free-cash-flow yield on the price is 6.76 %: that much free cash flow Image Scan Holdings Plc produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Image Scan Holdings Plc (IGE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Image Scan Holdings Plc it is £0.0349 per share (as of Nov 4, 2026), against a price of £0.0335. It is the blended result of 7 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Image Scan Holdings Plc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, IGE trades below its calculated fair value: price £0.0335, fair value £0.0349, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IGE?
No. The price is what the market pays today (£0.0335); the fair value is what the company's own numbers justify (£0.0349). For Image Scan Holdings Plc the two are £0.0014 per share apart. That gap is exactly why we show both numbers side by side.
How much is Image Scan Holdings Plc worth?
The market values Image Scan Holdings Plc at about £4.6M (market capitalisation, as of Nov 4, 2026). Per share that is £0.0335; our models calculate a fair value of £0.0349 per share.
What do the bullish and bearish scenarios say about IGE?
Our models span a range for Image Scan Holdings Plc: cautious scenario £0.0317, base £0.0349, optimistic £0.0382 per share (as of Nov 4, 2026, price £0.0335). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Image Scan Holdings Plc (IGE)?
Balance-sheet figures for Image Scan Holdings Plc (as of Nov 4, 2026): return on equity 14.9%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is IGE from its 52-week high?
Image Scan Holdings Plc trades at £0.0335, about 12% below its 52-week high of £0.0380 and 148% above the low of £0.0135 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £0.0349 is for.
Which stocks are comparable to Image Scan Holdings Plc?
From the same area (Industrials) we also value Allegion plc, ADT Inc, Zhejiang Dahua Technology Co, MSA Safety Incorporated, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Image Scan Holdings Plc stock attractive at the current price?
The data as of Nov 4, 2026: price £0.0335, calculated fair value £0.0349 (+4%), Quality Score 61/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IGE calculated?
We run Image Scan Holdings Plc through 7 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of £0.0349 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Image Scan Holdings Plc currently trades 4% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Image Scan Holdings Plc (IGE)?
The closing price on Nov 6, 2026 was £0.0335. Our model-based fair value is £0.0349, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Image Scan Holdings Plc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Image Scan Holdings Plc

How large is the market capitalisation of Image Scan Holdings Plc (IGE)?
The market capitalisation of Image Scan Holdings Plc is £4.6M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Image Scan Holdings Plc (IGE)?
The price-to-sales ratio of Image Scan Holdings Plc is 1.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Image Scan Holdings Plc (IGE)?
The net margin of Image Scan Holdings Plc is −17.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Image Scan Holdings Plc (IGE)?
The return on equity (ROE) of Image Scan Holdings Plc is 14.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Image Scan Holdings Plc (IGE)?
On an EBIT basis the return on assets of Image Scan Holdings Plc is −1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Image Scan Holdings Plc (IGE)?
The operating margin of Image Scan Holdings Plc is 5.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Image Scan Holdings Plc (IGE)?
Revenue at Image Scan Holdings Plc is growing +277% versus a year earlier (3y avg −6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Image Scan Holdings Plc (IGE)?
Earnings per share at Image Scan Holdings Plc are growing −62.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Image Scan Holdings Plc (IGE) hold?
Image Scan Holdings Plc holds more cash than debt, £1.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch Image Scan Holdings Plc in the live analysis

One click puts Image Scan Holdings Plc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.