IntegraFin Holdings (IHP.L), mcap=£905m, price £2.73 vs £2.55

$IHP.L pitch:
– Financial advisor custody platform in the UK.
– High-quality and capital-light business.
– Trades at 17x NTM, which is the lowest historically.
– Industry tailwinds.
– Revenues are a take rate of AUM, currently around 25bps.
– Secular share winner – low teens today and expected to continue gaining.
– Stands out from the competition with a fully owned and modernized tech stack.
– Down 50% YTD due to transitory issues.

$IHP.L valuation: Trades at 17x forward earnings, half a multiple of a year ago. 4% dividend yield.

Exp. gain: Not specified.

Full $IHP.L write-up (free guest account required):

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