IGP: Post Quantum Passkeys And New Alliances Will Shape Balanced Outlook

Analysts have reset their price target on Intercede Group to £1.07 from £1.80. This reflects updated fair value work that now uses a lower discount rate and a materially reduced future P/E assumption, while keeping revenue growth and profit margin expectations unchanged.

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 includes post-quantum cryptography, combining Swissbit hardware with the MyID product family to support phishing-resistant authentication. Source: Company client announcement.
• The expanded Swissbit collaboration is intended to give customers a single path from device issuance through to management, with MyID CMS supporting PKI, PIV and FIDO2 credentials across full lifecycle stages including issuance and revocation for deployments from hundreds to millions of users. Source: Company client announcement.
• The first stage of the joint post-quantum FIDO2 work is planned for demonstration at Identiverse in Las Vegas from June 15-18, 2026, on the Swissbit stand, with Intercede Group planning to introduce the full MyID product suite in the following months. Source: Company client announcement.
• Intercede Group signed a new reseller agreement with OneSpan, which will resell the MyID Solutions suite, particularly MyID CMS, alongside its Digipass-as-a-Service offering through a global channel to seek new enterprise customers. Source: Company client announcement.
• The OneSpan partnership is structured around expected enterprise demand for FIDO-based authentication and phishing-resistant passkeys, combining Digipass FIDO2 security keys with MyID CMS lifecycle management to create an enterprise-grade passkey management solution. Source: Company client announcement.

Valuation Changes for Intercede Group

• The estimated fair value has been reduced from £1.80 to £1.07, representing a significant downward reset in the implied valuation level.
• The discount rate has moved slightly lower from 9.03% to 8.85%, indicating a modest change in the required return used in the model.
• The revenue growth assumption is effectively unchanged at around 16.32%, so the updated valuation does not incorporate a different top-line growth view for Intercede Group.
• The net profit margin assumption remains steady at 20.0%, implying no adjustment to the profitability assumption in the income statement model.
• The assumed future P/E multiple has declined from 27.65x to 16.36x, indicating a substantial change in how much investors are modeled as being willing to pay for Intercede Group’s earnings.