iFOREX Financial Trading Holdings Ltd.

IFRX.L · Financial Services · Capital Markets · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

10.35M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

10.35M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

10.35M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

10.35M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

42.75M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.24×

the ratio the screener ranks by

Margin of Safety

-313.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 10.35M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a NOPAT at or below zero this year), so the value is the book value today, 10.35M USD.

Market value

Market Cap42.75M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-313.0%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 10.35M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 10.35M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap42.75M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-313.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 10.35M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 10.35M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap42.75M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-313.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.38%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -323.32K USD on a pretax income of -3.17M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -3.02M USD−Pretax Income -3.17M USD= 154.15K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 154.15K USDTotal Debt 1.62M USD×(1 − Tax Rate for WACC 25.00%)= 7.13%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.62M USDMarket Cap + Total Debt 42.75M USD + 1.62M USD= 3.65%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 96.35%×Cost of Equity 10.50%+Debt Weight 3.65%×Cost of Debt 7.13%= 10.38%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest year, 2025-12-31.

Total Assets 15.89M USD − Total Liabilities 5.54M USD = Book Value Today 10.35M USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes22,186,679 / 22,186,679
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets34.9%at least -10.0%passes(3.56M USD − -2.00M USD) ÷ 15.89M USD
Price to bookMarket Cap ÷ Book Value Today4.13×at most 3×does not pass42.75M USD ÷ 10.35M USD
Operating marginOperating Income ÷ Revenue-8.5%above 10.0%does not pass-4.19M USD ÷ 49.19M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.0%above 10.0%does not pass49.19M USD / 50.20M USD
Net cash(Cash − Total Debt) ÷ Market Cap10.7%above -30%passes(6.21M USD − 1.62M USD) ÷ 42.75M USD
Operating efficiencyOperating Income ÷ Gross Profit-15.4%above 25.0%does not pass-4.19M USD ÷ 27.29M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

142.64 GBp

Enterprise value

21.76M GBP

the provider's own figure

EV / EBITDA

—

Price / book

2.36×

the provider's book

Price / earnings

—

Return on equity

—

the provider's figure, not this page's

Profit margin

-10.1%

Revenue growth

1.3%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

76.87M49.71M50.20M49.19M

Gross profit

71.82M45.10M34.91M27.29M

Operating income

27.06M8.21M7.63M-4.19M

EBITDA

operating income before depreciation and amortisation

26.35M8.16M6.73M-2.31M

Pretax income

26.17M7.58M6.03M-3.17M

Net income

21.77M5.63M3.93M-2.00M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

21.77M5.63M3.93M-2.00M

R&D

9.77M9.74M8.20M—
Balance sheet, year end

Total assets

20.49M25.22M20.14M15.89M

Total liabilities

7.33M4.78M10.08M5.54M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

10.95M17.02M7.13M6.86M

Total debt

250.25K1.96M1.77M1.62M

Cash and equivalents

11.75M17.83M8.62M6.21M

Net PP&E

fixed assets after depreciation

888.89K2.59M2.22M1.84M

Working capital

current assets less current liabilities

12.43M19.37M9.18M9.28M
Cash flow

Operating cash flow

21.97M7.22M-54.05K3.56M

Capital expenditure

paid out, so below zero

-326.33K-327.33K-82.08K-192.19K

Depreciation and amortisation

172.17K483.48K553.55K704.70K

Free cash flow

operating cash flow plus capital expenditure

21.64M6.90M-136.14K3.36M