ICG plc (GB:ICG)
LSE:ICG
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ICG plc
(LSE:ICG)
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Rating:67Neutral
Price Target:
1,649.00 p
▲(8.49% Upside)
Action:DowngradedDate:02/04/26
The score is anchored by solid underlying financial results and a constructive earnings-call outlook, supported by an attractive P/E and dividend yield. These positives are meaningfully offset by weak technicals (price below key moving averages and strongly negative momentum) and cash flow deterioration highlighted in the financial statement analysis.
Positive Factors
Scale and AUM growth
ICG's $84bn fee-earning AUM and $9bn of recent fundraising create a durable fee base and scale advantages. Larger, growing AUM supports recurring management fees, improves deal access and pricing power across mandates, and buffers revenue through fundraising cycles.
Negative Factors
Elevated leverage
A debt-to-equity ratio of 2.45 indicates meaningful leverage on the balance sheet, increasing sensitivity to credit cycles. Elevated leverage can constrain capital flexibility, elevate funding costs in stress, and amplify downside risk to returns and covenant exposure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and AUM growth
ICG's $84bn fee-earning AUM and $9bn of recent fundraising create a durable fee base and scale advantages. Larger, growing AUM supports recurring management fees, improves deal access and pricing power across mandates, and buffers revenue through fundraising cycles.
Read all positive factors
ICG plc (ICG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.35B
Dividend Yield4.13%
Average Volume (3M)1.02M
Price to Earnings (P/E)5.4
Beta (1Y)1.53
Revenue Growth28.34%
EPS Growth44.04%
CountryUK
Employees635
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.02
Shares Outstanding294,373,630
10 Day Avg. Volume1,412,922
30 Day Avg. Volume1,020,981
Financial Highlights & Ratios
PEG Ratio-2.57
Price to Book (P/B)2.25
Price to Sales (P/S)5.67
P/FCF Ratio43.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£2,581.00Price Target Upside69.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.77
Revenue Forecast (FY)£1.08B
ICG plc Business Overview & Revenue Model
Company Description
ICG Plc engages in the provision of flexible capital solutions to help companies develop and grow. It is a global alternative asset manager with over 30 years' history, investing across the capital structure. It operates through the Fund Managemen...
How the Company Makes Money
ICG makes money primarily by managing alternative investment funds and mandates and earning fees linked to assets under management and investment performance. Its core revenue streams typically include: (1) Management fees: recurring fees charged ...
ICG plc Earnings Call Summary
Earnings Call Date:Nov 18, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
ICG reported strong financial results and growth in key areas, particularly in higher-return strategies and fundraising, despite a challenging market environment. The strategic partnership with Amundi is positioned to enhance future growth, though the wider market remains difficult, particularly in real estate and buyouts.Positive Updates
Strong Fundraising Performance
Fundraising of $9 billion surpassed expectations, with Europe IX raising $2.8 billion, reaching $7.5 billion total, and Infrastructure II closing at EUR 3.15 billion, more than double the size of the previous vintage.
Negative Updates
Challenging Fundraising Environment
Global private capital raised is likely to be lower for the fourth consecutive year, with some firms unable to raise capital, creating a competitive fundraising environment.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Fundraising Performance
Fundraising of $9 billion surpassed expectations, with Europe IX raising $2.8 billion, reaching $7.5 billion total, and Infrastructure II closing at EUR 3.15 billion, more than double the size of the previous vintage.
Read all positive updates
Company Guidance
During the call, ICG provided detailed guidance highlighting several key metrics. For the first half of the fiscal year 2026, the company reported a 6% increase in fee-earning assets under management (AUM), reaching $84 billion on a constant currency basis. They achieved fundraising of $9 billion, with Europe IX raising $2.8 billion and Infrastructure II closing at €3.15 billion, more than doubling the size of its previous vintage. Management fees increased by 16% to £334 million, and operating cash flow rose significantly to £450 million. The company also highlighted a strategic partnership with Amundi, which aims to accelerate growth in the private wealth space. This partnership is expected to enhance ICG's product offerings and distribution capabilities globally. Additionally, ICG's focus on higher return strategies has resulted in a 3.2x growth in these areas, now representing 57% of the company's fee-earning AUM. The company emphasized its robust financial position, with a net debt of £401 million and a net gearing ratio of 0.15x, supported by a BBB+ credit rating from both rating agencies.ICG plc Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.12B | 990.40M | 981.70M | 989.50M | 672.40M | 256.30M |
| Gross Profit | 1.11B | 951.40M | 963.70M | 934.70M | 656.80M | 246.00M |
| EBITDA | 756.80M | 548.30M | 598.70M | 637.10M | 585.30M | 124.50M |
| Net Income | 596.00M | 451.20M | 473.40M | 526.80M | 457.10M | 108.90M |
Balance Sheet | ||||||
| Total Assets | 9.95B | 9.34B | 9.12B | 8.87B | 7.46B | 7.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 604.80M | 990.00M | 761.50M | 296.90M | 947.90M |
| Total Debt | 6.97B | 6.11B | 6.13B | 6.02B | 5.20B | 1.93B |
| Total Liabilities | 7.34B | 6.85B | 6.82B | 6.87B | 5.84B | 5.71B |
| Stockholders Equity | 2.61B | 2.49B | 2.30B | 1.97B | 1.62B | 1.31B |
Cash Flow | ||||||
| Free Cash Flow | 33.40M | 129.50M | 246.40M | 235.60M | 100.20M | 290.80M |
| Operating Cash Flow | 33.80M | 136.10M | 255.90M | 243.40M | 111.00M | 300.90M |
| Investing Cash Flow | 814.50M | 276.10M | 71.50M | 45.50M | 64.70M | -74.00M |
| Financing Cash Flow | -425.70M | -524.60M | -282.50M | 111.30M | -653.30M | 471.20M |
ICG plc Technical Analysis
Negative
1520.00
Price Trends
1664.70
Negative
1844.32
Negative
1961.12
Negative
Market Momentum
-48.24
Negative
42.17
Neutral
54.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ICG, the sentiment is Negative. The current price of 1520 is below the 20-day moving average (MA) of 1541.05, below the 50-day MA of 1664.70, and below the 200-day MA of 1961.12, indicating a bearish trend. The MACD of -48.24 indicates Negative momentum. The RSI at 42.17 is Neutral, neither overbought nor oversold. The STOCH value of 54.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ICG.
ICG plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £24.82B | 3.00 | 23.76% | 2.44% | 62.80% | 48.86% | |
77 Outperform | £3.38B | 9.24 | 6.50% | 7.21% | -7.11% | 0.45% | |
76 Outperform | £8.91B | 11.95 | 12.35% | 5.37% | 4.78% | -4.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £4.35B | 5.37 | 23.35% | 4.13% | 28.34% | 44.04% | |
54 Neutral | £2.02B | 110.86 | 4.25% | 2.85% | 62.91% | -15.13% | |
52 Neutral | £6.45B | 22.80 | 9.49% | 7.09% | 9.86% | -134.41% |
* Financial Sector Average
GB:ICG
ICG plc
1,520.00
-384.17
-20.18%
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ICG plc Corporate Events
Regulatory Filings and Compliance
ICG Updates Share Capital and Total Voting Rights
Neutral
Apr 1, 2026
ICG plc has disclosed its latest share capital and voting rights, reporting 294,373,624 ordinary shares in issue as of 31 March 2026, of which 6,518,698 are held in treasury, alongside 1,680,934 ordinary non-voting shares. This results in a total ...
Business Operations and StrategyStock Buyback
ICG Executes Share Buyback to Support Amundi Partnership
Positive
Mar 30, 2026
ICG plc has repurchased 316,069 ordinary shares on the London Stock Exchange between 23 and 24 March 2026 as part of its ongoing share buyback programme conducted through Merrill Lynch International. The shares, bought at a volume-weighted average...
Regulatory Filings and Compliance
ICG CFO Increases Stake With £448,000 Share Purchase
Positive
Mar 25, 2026
ICG PLC disclosed that its Chief Financial Officer, David Bicarregui, purchased 30,000 ordinary shares in the company on 24 March 2026 at a price of £14.93 per share on the London Stock Exchange. The transaction involves the company’s s...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Further Non-Dilutive Share Buybacks
Positive
Mar 23, 2026
ICG plc has repurchased 788,362 ordinary shares between 16 and 20 March 2026 under its ongoing buyback programme executed through Merrill Lynch International on the London Stock Exchange. The shares, acquired at prices ranging from 1,463 pence to ...
Regulatory Filings and Compliance
ICG Executive Transfers 36,697 Shares to Partnership in Disclosed Deal
Neutral
Mar 20, 2026
ICG PLC disclosed a share transaction involving Antje Hensel-Roth, its Chief People and External Affairs Officer, in line with U.K. Market Abuse Regulation transparency rules. On 19 March 2026, Hensel-Roth transferred 36,697 ordinary shares in the...
Business Operations and StrategyStock Buyback
ICG Buys Back Shares to Support Amundi Partnership Without Dilution
Positive
Mar 16, 2026
ICG plc has repurchased 759,224 ordinary shares on the London Stock Exchange between 9 and 13 March 2026 under its previously announced share buyback programme, executing the trades via Merrill Lynch International. The shares will be held in treas...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
ICG refreshes board with appointment of Jonathon Bond and planned non-executive departures
Positive
Mar 10, 2026
Intermediate Capital Group has announced changes to its board, appointing experienced private markets executive Jonathon Bond as an Independent Non-Executive Director from 1 April 2026, when he will also join the Remuneration Committee. Bond bring...
Business Operations and StrategyStock Buyback
ICG Buys Back Shares to Support Non‑Dilutive Amundi Partnership
Positive
Mar 9, 2026
ICG has repurchased 148,143 ordinary shares on the London Stock Exchange under its recently announced buyback programme, paying a volume-weighted average price of 1,601.32 pence per share. The shares will be held in treasury and cancelled in tranc...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Targeted Share Buyback
Positive
Mar 6, 2026
ICG plc has repurchased 145,593 ordinary shares on the London Stock Exchange under its previously announced share buyback programme, paying between 1,624.00p and 1,663.00p per share, with a volume-weighted average price of 1,644.89p. The shares, a...
Business Operations and StrategyStock Buyback
ICG Buys Back Shares to Support Non-Dilutive Amundi Partnership
Positive
Mar 5, 2026
ICG plc has repurchased 148,018 ordinary shares on the London Stock Exchange under its recently announced share buyback programme, paying a volume-weighted average price of 1,625.39 pence per share. The shares will be held in treasury and progress...
Business Operations and StrategyStock Buyback
ICG Buys Back Shares to Support Amundi Partnership Without Dilution
Positive
Mar 4, 2026
ICG plc has repurchased 144,295 ordinary shares on the London Stock Exchange as part of its previously announced share buyback programme, executed through Merrill Lynch International. The bought-back shares, with prices ranging between 1,569.00 pe...
Regulatory Filings and Compliance
ICG Discloses Share Purchases by Company Linked to Non-Executive Director
Positive
Mar 4, 2026
ICG plc has disclosed that John Lester Son Limited, a company closely associated with non-executive director Matthew Lester, has purchased a total of 1,528 ICG ordinary shares on 2 and 3 March 2026. The transactions, executed on the London Stock ...
Regulatory Filings and Compliance
ICG Director Sonia Baxendale Buys 5,000 Shares in Governance-Flagged Deal
Positive
Mar 3, 2026
Intermediate Capital Group (ICG) has disclosed that non-executive director Sonia Baxendale purchased 5,000 ordinary shares in the company on 2 March 2026. The trade, executed on the London Stock Exchange at £16.39 per share, has been reported...
Business Operations and StrategyStock Buyback
ICG Executes Share Buyback to Support Amundi Partnership Without Dilution
Positive
Mar 3, 2026
Intermediate Capital Group has repurchased 143,444 ordinary shares on the London Stock Exchange under its previously announced buyback programme, paying between 1,621.00 pence and 1,674.00 pence per share, with a volume-weighted average price of 1...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Fresh Non-Dilutive Share Buyback
Positive
Mar 2, 2026
ICG plc has repurchased 95,521 ordinary shares on the London Stock Exchange under its previously announced buyback programme, paying between 1,676.00 and 1,716.00 pence per share at a volume-weighted average price of 1,692.35 pence. The acquired s...
Business Operations and StrategyStock Buyback
ICG Advances Amundi-Linked Buyback With New Share Repurchase
Positive
Feb 27, 2026
ICG plc has continued executing its recently launched share buyback programme, repurchasing 96,696 ordinary shares on the London Stock Exchange at prices between 1,679.00 pence and 1,733.00 pence, with a volume-weighted average price of 1,716.82 p...
Business Operations and StrategyExecutive/Board ChangesStock Buyback
ICG launches £316m buyback to fund Amundi tie-up and adds Amundi CIO to board
Positive
Feb 19, 2026
ICG has launched a share buyback programme of up to 15.28 million ordinary shares, representing about 5.26% of its issued capital and capped at £316 million, starting on 26 February 2026 and running to 30 June 2027. The repurchased shares wil...
Business Operations and StrategyFinancial Disclosures
ICG Posts Q3 Fee-Earning AUM Growth and Bolsters Balance Sheet Strength
Positive
Jan 21, 2026
ICG reported a solid third quarter to 31 December 2025, with fee-earning assets under management rising 1% in the period and 11% year-on-year to $85bn, within total AUM of $127bn. The group raised $4.4bn in new capital, driven by flagship strategi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.