Berenberg lowers target price on IntegraFin

16th Apr 2025 13:52

(Sharecast News) - Analysts at Berenberg lowered their target price on investment platform operator IntegraFin from 400.0p to 380.0p on Wednesday on the back of its Q225 update on 14 April.

Berenberg noted IntegraFin's net inflows came in ahead of consensus expectations, with flow momentum remaining "strong", in its view, as net flows having rose for a third consecutive quarter. IntegraFin highlighted that H125 group revenue was expected to be roughly £77.0m, a 9% increase year-on-year.

However, while flows were strong, Berenberg noted that funds under direction were broadly flat quarter-on-quarter owing to negative mark-to-market movements.

The German bank added that given the impact of US tariff announcements on markets, it now expects the start of Q325 to also be affected by negative market movements.

"We reduce our FY25 EPS estimate by c5% and FY26-27 estimates by 8-9%. This is primarily driven by lower average FuD as a result of mark-to-market movements, partially offset by slightly higher flow assumptions," said Berenberg.

The analysts also reiterated their 'buy' rating on the stock and noted that IntegraFin trades on 19x their updated FY25 earnings per share estimates.

Reporting by Iain Gilbert at Sharescast.com