IDOX plc

IDOX.L · Technology · Software - Application · Valued as of 2026-11-03 · Statements 2025-10-31

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

158.93M USD

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

Profit

127.92M USD

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

FCFF

125.37M USD

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

Average Intrinsic Value

137.41M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

466.33M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.29×

the ratio the screener ranks by

Margin of Safety

-239.4%

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: 158.93M 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).
①EPV (earnings power value)171.98M USD
−②Net Debt Today19.74M USD
+③Growth Value6.70M USD
=Value158.93M USD

EPV of the Operations (NOPAT over WACC)

171.98M USD

Net debt today

-19.74M USD

Growth Value

+6.70M USD

Value

158.93M USD

①EPV (earnings power value)

171.98M USD

②Net Debt Today

19.74M USD

③Growth Value

6.70M USD

Market value

Market Cap466.33M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-193.4%

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): 127.92M 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.
①Present Value of the 15 Years of FCFE59.36M USD
+②Equity at Year 15, Today68.56M USD
=Value127.92M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

59.36M USD

②Equity at Year 15, Today

68.56M USD

Market value

Market Cap466.33M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-264.6%

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): 125.37M 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).
①Present Value of the 15 Years of FCFF86.43M USD
+②Invested Capital at Year 15, Today58.68M USD
−③Net Debt Today19.74M USD
=Value125.37M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

86.43M USD

②Invested Capital at Year 15, Today

58.68M USD

③Net Debt Today

19.74M USD

Market value

Market Cap466.33M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-271.9%

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: 6.18%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.29×Market Risk Premium 6.00%= 6.22%

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 =Tax Provision 3.15M USDPretax Income 11.27M USD= 28.00%

The tax the interest saves.

Interest Expense =EBIT 13.64M USD−Pretax Income 11.27M USD= 2.37M USD

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

Cost of Debt =Interest Expense 2.37M USDTotal Debt 30.64M USD×(1 − Tax Rate for WACC 28.00%)= 5.58%

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

Debt Weight =Total Debt 30.64M USDMarket Cap + Total Debt 466.33M USD + 30.64M USD= 6.17%

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

WACC =Equity Weight 93.83%×Cost of Equity 6.22%+Debt Weight 6.17%×Cost of Debt 5.58%= 6.18%

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 quarter, 2025-10-31.

Total Assets 203.32M USD − Total Liabilities 94.16M USD = Book Value Today 109.16M USD

Total Debt 30.64M USD − Cash and Short-Term Investments 10.90M USD = Net Debt Today 19.74M USD

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 − 11.1%at most 5%passes456,923,383 / 452,074,264
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets8.9%at least -10.0%passes(26.18M USD − 8.11M USD) ÷ 203.32M USD
Price to bookMarket Cap ÷ Book Value Today4.27×at most 3×does not pass466.33M USD ÷ 109.16M USD
Operating marginOperating Income ÷ Revenue11.7%above 10.0%passes13.85M USD ÷ 118.33M USD
Revenue growthRevenue ÷ Revenue a Year Before − 14.1%above 10.0%does not pass118.33M USD / 113.64M USD
Net cash(Cash − Total Debt) ÷ Market Cap-4.2%above -30%passes(10.90M USD − 30.64M USD) ÷ 466.33M USD
Operating efficiencyOperating Income ÷ Gross Profit16.1%above 25.0%does not pass13.85M USD ÷ 85.99M USD

Market Data

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

Share price

74.17 GBp

Enterprise value

353.92M GBP

the provider's own figure

EV / EBITDA

25.53×

Price / book

4.09×

the provider's book

Price / earnings

74.10×

Return on equity

7.6%

the provider's figure, not this page's

Profit margin

6.9%

Revenue growth

0.8%

Analyst target, mean

84.75 GBp

Analysts

3

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

76.82M89.24M113.64M118.33M

Gross profit

59.35M69.71M81.83M85.99M

Operating income

10.05M11.38M12.99M13.85M

EBITDA

operating income before depreciation and amortisation

21.60M24.74M29.25M30.21M

Pretax income

7.66M9.52M10.46M11.27M

Net income

5.85M6.80M6.82M8.11M

Normalized income

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

6.51M6.80M6.82M8.11M

R&D

————
Balance sheet, year end

Total assets

150.93M184.46M190.02M203.32M

Total liabilities

72.68M95.23M88.47M94.16M

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

78.25M89.24M101.55M109.16M

Total debt

25.93M37.36M30.50M30.64M

Cash and equivalents

16.09M18.05M15.13M10.90M

Net PP&E

fixed assets after depreciation

3.67M3.25M3.84M3.50M

Working capital

current assets less current liabilities

-2.23M-2.08M-18.61M-8.85M
Cash flow

Operating cash flow

18.16M22.65M27.38M26.18M

Capital expenditure

paid out, so below zero

-8.77M-10.38M-11.25M-12.52M

Depreciation and amortisation

12.29M13.34M15.59M16.57M

Free cash flow

operating cash flow plus capital expenditure

9.39M12.27M16.13M13.66M