2025-05-20-Jefferies-英特格拉金融（IHP）_平台上半年表现稳健_确认T4A减值_7页_126kb

Flash Note Summary

• Hold Rating: Jefferies maintains a "Hold" rating with a price target of 330p ( +1%).

• Strong Platform Performance: The company's platform maintained strong flow momentum in April and May, with 30 April FUD stabilizing after a drop seen in April.

• Overperformance vs. Consensus: Underlying profit beat consensus by 5% due to higher interest income and lower costs.

• T4A Impairment: A £7.5m impairment to goodwill related to the T4A business explains the 15% miss in reported EPS. The impairment was driven by falling projected cash flows, despite slight revenue growth in the unit.

• Valuation and Outlook: The market multiple (P/E) is 33.5p, an elevated valuation compared to a forward P/E of 20.7p. Guidance is unchanged, implying continued positive momentum in flows and cost management. The impairment is unlikely to have a material impact on future forecasts.