IGP: Post Quantum Passkey Partnerships Will Drive Future Authentication Upside

Analysts have revised their price target on Intercede Group to £1.80 from £2.25, citing updated assumptions around higher projected revenue growth, improved profit margins and a lower future P/E multiple, along with a modestly higher discount rate.

What’s in the News for Intercede Group

• Intercede Group extended its partnership with Swissbit AG to begin active development of an end-to-end FIDO2 Passkey offering that aims to use post-quantum cryptography, combining Swissbit hardware with Intercede’s MyID product family to support phishing-resistant authentication across device issuance and management. (Source: Client Announcement)
• The first stage of this post-quantum FIDO2 work is planned to be demonstrated at Identiverse in Las Vegas from June 15-18, 2026, with Swissbit hosting the demonstration and Intercede Group scheduled to introduce the full MyID product suite in the following months. (Source: Client Announcement)
• Intercede Group signed a new reseller agreement with OneSpan, under which OneSpan will resell Intercede’s MyID Solutions suite, focusing on MyID CMS alongside its Digipass-as-a-Service offering through its global channel to target new enterprise customers. (Source: Client Announcement)
• The OneSpan partnership is structured to address enterprise demand for FIDO-based authentication and phishing-resistant passkeys, combining Digipass FIDO2 security keys with MyID CMS lifecycle management capabilities to offer an enterprise-grade passkey management solution. (Source: Client Announcement)
• Intercede Group reported additional contract activity via partners, including upsell orders for MyID CMS perpetual licences and support with a large US Federal Agency and a UK Government Department, plus a support renewal with another large US Federal Agency, with total orders of US$3.8 million. (Source: Client Announcement)

Valuation Changes for Intercede Group

• Fair Value: revised from £2.25 to £1.80, reflecting updated assumptions in the valuation model.
• Discount Rate: adjusted from 8.75% to 9.03%, indicating a slightly higher required return in the analysis.
• Revenue Growth: assumptions moved from 13.47% to 16.32%, implying a higher projected growth rate for Intercede Group.
• Net Profit Margin: updated from 16.08% to 20.00%, indicating a higher expected level of profitability in future estimates.
• Future P/E: reduced from 42.25x to 27.65x, pointing to a lower valuation multiple applied to projected earnings.