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Intercede Group (IGP) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Intercede Group £1.38, price £1.33, upside +3.8%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Technology · GB · ISIN GB0003287249

IG Broad data Sep 23, 2026

Intercede Group

IGP · LSE

NeutralQuality growthThe stock looks roughly fairly valued with average quality.

·Fair value £1.38 · Fairly valued (+4%)
!Quality 62/100
!Mixed Growth (revenue 5y +9.4 %/yr)
✓Solidly profitable · 19.7% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (8/13)
✓Wide moat 71/100
!Insider activity 40/100

What runs behind every stock

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

Price vs Fair Value

£2.12 £0.3800 Fair Value £1.38 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range £0.3800 – £2.12 · fair‑value band £1.01 – £1.89 · the £1.33 price screens below the £1.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Intercede Group plc, a cybersecurity company, develops and supplies identity and credential management software for digital trust primarily in the United Kingdom, rest of Europe, the United States, and internationally.

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Intercede Group plc, a cybersecurity company, develops and supplies identity and credential management software for digital trust primarily in the United Kingdom, rest of Europe, the United States, and internationally. The company offers MyID Password Security Management which detects and prevents breached passwords through real-time and scheduled checking, stops accounts from sharing passwords and offers instant password feedback and automatic remediation. It also provides MyID IDV for registration and identity verification; and MyID MFA, a secure login and password replacement solution which provides multiple token and tokenless options to suit any scenario while ensuring a simple user experience. In addition, the company offers MyID CMS, a flexible software solution that enables organizations and governments to deploy and manage PKI based digital identities; and MyID PIV, a software solution for federal agencies that issue and manage secure digital identities to federal employees using public key infrastructure. It serves government and federal; US federal; aerospace and defense; finance and banking; healthcare and critical infrastructure; energy and utilities; manufacturing and industry; and military and police institutes. The company was formerly known as Optionsilver plc and changed its name to Intercede Group plc in December 2000. Intercede Group plc was founded in 1992 and is headquartered in Lutterworth, the United Kingdom.

Stock analysis

Intercede Group (IGP) currently trades at £1.33, while our model-based Fair Value estimate is £1.38, implying the stock looks roughly 3.6% fairly valued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of £1.23 per share, and 7 of the 24 models we run sit above the £1.33 price.

Bear case: the Asset-Based group reads lowest at £0.2100, and 17 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: £1.01 (bear) to £1.89 (bull), the price of £1.33 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 62/100 (solid quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Intercede Group reported revenue of 17.2M GBX in FY2026 versus 9.9M GBX in FY2022, a compound +14.7%/yr. Reported net income was 3.4M GBX in FY2026, compounding +47.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.

Key figures

Market cap 81.8M GBX · P/E ratio 26.5 · P/S ratio 5.21 · EPS (TTM) £0.0500 · Net margin 19.7% · Return on equity 18.6% · Return on assets (EBIT) 10.5% · Operating margin 24.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 25% below its 52-week high and 74% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 4%, IGP screens cheaper than that median.

Fair Value models

Bear £1.01 Fair Value £1.38 Bull £1.89
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (£0.0244 per share) are deliberately not added. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF £0.8000 £1.04 £1.37 82
Growth DCF £0.7900 £1.00 £1.28 80
Owner Earnings £0.9200 £1.23 £1.65 77
All 24 models by family
DCF Models
FCF DCF £0.8000 £1.04 £1.37 82
Owner Earnings £0.9200 £1.23 £1.65 77
5Y Revenue Exit £0.8100 £1.12 £1.54 73
5Y EBITDA Exit £0.9900 £1.48 £2.08 75
5Y P/E Exit £1.14 £1.78 £2.50 70
10Y Revenue Exit £0.7800 £1.05 £1.43 67
10Y EBITDA Exit £0.9000 £1.26 £1.80 68
10Y P/E Exit £0.9800 £1.45 £2.09 64
Earnings-Based
Graham-Dodd £0.3800 £1.58 £2.15 64
Lynch FV £0.4000 £0.5700 £0.7400 61
PEG = 1.0 £0.4000 £0.5700 £0.7400 57
EPV £0.6900 £0.7300 £0.7700 74
Multiples
P/E Multiple £1.18 £1.57 £1.96 63
P/S Multiple £0.7200 £0.9500 £1.19 58
P/B Multiple £0.7200 £0.9500 £1.19 55
EV/EBIT £1.34 £1.68 £2.01 66
EV/EBITDA £1.22 £1.51 £1.81 67
EV/Revenue £0.8400 £1.06 £1.28 54
Asset-Based
NCAV (Graham) £0.1600 £0.2100 £0.3200 54
Growth DCF
Growth DCF £0.7900 £1.00 £1.28 80
Rev-Margin DCF £0.8100 £1.12 £1.51 73
Economic Profit
Residual Income £0.3100 £0.3900 £0.8600 65
ROIC Compounder £0.6900 £0.7300 £0.7700 72
Growth Earnings
Growth-Adj P/E £0.8100 £1.16 £1.51 67

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Quality Score breakdown

Overall quality 62/100

Of which business quality 65 · Market factors (momentum, volatility) 40

Profitability 69
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 97
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 84
Share count: buybacks or dilution?

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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. 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.2%
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.
+12.3%
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.
+9.4%
Start year 2021 (pandemic). Over 10 years: +4.5% a year
Revenue growth 28 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.
+16.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+23.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.7%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘ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.15% → 20%

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).
+24.0%
Yearly growth needed for the next five years to justify today's price.
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 +21.1% a year for the price.

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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.Software - Application · 721 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 62 · Above median
Fair Value upside +10% · Above median
Profitability
Return on equity (TTM) 19% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 25% · Top 25%
Growth and dividend
Revenue growth −3% · Below median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 26.5× · Cheaper than median
P/B 5.31× · Priciest 25%
P/S (TTM) 5.96× · Priciest 25%
P/FCF 33.8× · Priciest 25%
EV/EBITDA 23.0× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)38 · sector 27
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)74 · sector 16
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 30

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 Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €184.18 €159.06 −14%
Shopify Inc SHOP $142.34 $64.36 −55%
Uber Technologies, Inc UBER $69.89 $104.82 +50%
Salesforce, Inc CRM $233.28 $344.41 +48%
ServiceNow, Inc NOW $140.78 $154.86 +10%
Cadence Design Systems, Inc CDNS $309.09 $225.14 −27%
Snowflake Inc SNOW $334.81 $75.08 −78%
Datadog, Inc DDOG $251.49 $32.92 −87%
Adobe Inc ADBE $238.25 $454.04 +91%
Automatic Data Processing, Inc ADP $263.68 $177.51 −33%

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Cite: Fair Value Calculator (2026). "Intercede Group Fair Value". https://www.fairvalue-calculator.com/stock/IGP

Frequently asked questions

Is Intercede Group (IGP) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of £1.38 versus a price of £1.33, about +4% upside (fairly valued).
What is the fair value of IGP?
Our model-based fair value for Intercede Group is £1.38 (as of Sep 23, 2026), built from audited fundamentals. The current price: £1.33.
What is the quality score of IGP?
Intercede Group has a Quality Score of 62/100. 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 Intercede Group (IGP)?
Our model-based price target is the fair value of £1.38 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario £1.01, optimistic scenario £1.89. It is a calculation from audited fundamentals, not an analyst target.
What is the Intercede Group stock forecast for 2026?
Our models put fair value at £1.38, about +4% upside versus a price of £1.33 (fairly valued). Cautious scenario £1.01, optimistic scenario £1.89. The calculation is refreshed regularly with new filings.
What is the revenue of Intercede Group (IGP)?
Intercede Group reported trailing-twelve-month revenue of about £17.2M (latest available figure, as of Sep 23, 2026).
What growth is priced into Intercede Group (IGP)?
For today's price to be fair in a discounted-cash-flow model, Intercede Group would have to grow free cash flow by +24.0 % per year for five years (discount rate 15.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of IGP use?
Our models discount Intercede Group at 15.4 %: a base by market capitalisation (micro), damped by beta 1.62, 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 Intercede Group that is +24.0 % per year a year over ten years, using the same discount rate (15.4 %) and the same formula as our fair value.
How much growth has Intercede Group (IGP) delivered so far?
Over the past 5 years revenue at Intercede Group grew +9.4 % a year. The price currently implies +24.0 % per year free-cash-flow growth a 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 Intercede Group (IGP) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Intercede Group (+24.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Intercede Group (IGP)?
The free-cash-flow yield on the price is 3.70 %: that much free cash flow Intercede Group produces per unit of market value. When it exceeds the discount rate of our models (15.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Intercede Group (IGP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Intercede Group it is £1.38 per share (as of Sep 23, 2026), against a price of £1.33. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Intercede Group stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IGP trades below its calculated fair value: price £1.33, fair value £1.38, 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 IGP?
No. The price is what the market pays today (£1.33); the fair value is what the company's own numbers justify (£1.38). For Intercede Group the two are £0.0500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Intercede Group worth?
The market values Intercede Group at about 81.8M GBX (market capitalisation, as of Sep 23, 2026). Per share that is £1.33; our models calculate a fair value of £1.38 per share.
What do the bullish and bearish scenarios say about IGP?
Our models span a range for Intercede Group: cautious scenario £1.01, base £1.38, optimistic £1.89 per share (as of Sep 23, 2026, price £1.33). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IGP?
Intercede Group trades at a price-to-earnings ratio of 26.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.38 is built from several models across several years. Other multiples: P/B 5.3, P/S 6.0, EV/EBITDA 23.0.
How solid is the balance sheet of Intercede Group (IGP)?
Balance-sheet figures for Intercede Group (as of Sep 23, 2026): return on equity 18.6%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is IGP from its 52-week high?
Intercede Group trades at £1.33, about 25% below its 52-week high of £1.77 and 74% above the low of £0.7600 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of £1.38 is for.
Which stocks are comparable to Intercede Group?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, 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 Intercede Group stock attractive at the current price?
The data as of Sep 23, 2026: price £1.33, calculated fair value £1.38 (+4%), Quality Score 62/100, from 24 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 IGP calculated?
We run Intercede Group through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £1.38, 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 13.0 % above its aggregate fair value. Intercede Group 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 Intercede Group (IGP)?
The closing price on Sep 24, 2026 was £1.33. Our model-based fair value is £1.38, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Intercede Group right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (£1.01 to £1.89) leaves room in how you read the outcome.

Key figures of Intercede Group

How large is the market capitalisation of Intercede Group (IGP)?
The market capitalisation of Intercede Group is 81.8M GBX. 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 Intercede Group (IGP)?
The price-to-sales ratio of Intercede Group is 5.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Intercede Group (IGP)?
Earnings per share at Intercede Group are £0.0500 (price ÷ EPS = P/E 26.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Intercede Group (IGP)?
The net margin of Intercede Group is 19.7% (fiscal year 2026). 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 Intercede Group (IGP)?
The return on equity (ROE) of Intercede Group is 18.6% (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 Intercede Group (IGP)?
On an EBIT basis the return on assets of Intercede Group is 10.5% (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 Intercede Group (IGP)?
The operating margin of Intercede Group is 24.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Intercede Group (IGP)?
Revenue at Intercede Group is growing −2.5% versus a year earlier (3y avg +12.3%). 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 Intercede Group (IGP)?
Earnings per share at Intercede Group are growing −7.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Intercede Group (IGP) hold?
Intercede Group holds more cash than debt, 18.9M GBX net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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