Intermediate Capital (ICG) AI Stock Analysis

• Market Cap: £5.73B
• Dividend Yield: 4.16%
• Average Volume (3M): 1.02M
• Price to Earnings (P/E): 9.8
• Beta (1Y): 1.86
• Revenue Growth: 28.34%
• EPS Growth: 44.04%
• Country: UK
• Employees: 635
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.02
• Shares Outstanding: 290,640,300
• 10 Day Avg. Volume: 1,412,922
• 30 Day Avg. Volume: 1,020,981
• PEG Ratio: -2.57
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 5.67
• P/FCF Ratio: 43.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £2,552.83
• Price Target Upside: 25.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: 2,355.00p ▲(16.12% Upside)

Intermediate Capital Group's strong financial performance, attractive valuation, and positive earnings call sentiment contribute to a robust stock score. The strategic partnership with Amundi and growth in higher-return strategies are significant strengths. However, potential liquidity issues and high leverage pose risks that should be monitored.

Positive Factors

Strategic Partnership

The partnership with Amundi enhances ICG's position in the private wealth space, expanding product offerings and distribution capabilities globally, which can drive long-term growth.

Growth in Fee-Earning AUM

A 6% increase in fee-earning AUM indicates robust growth and effective asset management, enhancing revenue potential through increased management fees.

Higher-Return Strategies

The focus on higher-return strategies boosts profitability and aligns with market demand, supporting sustainable revenue growth and competitive positioning.

Negative Factors

High Debt Levels

Despite improved leverage, high debt levels can limit financial flexibility and increase risk, potentially impacting long-term stability and cash flow.

Declining Cash Flow

Significant decline in free cash flow suggests potential liquidity challenges, which could constrain investment capacity and operational flexibility.

Challenging Fundraising Environment

A competitive fundraising environment may hinder capital acquisition efforts, affecting growth and expansion opportunities in the medium term.

Intermediate Capital 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 Management Company (FMC) and Investment Company (IC) segments. The FMC segment offers investment management services and incurs the majority of the group’s costs in delivering these services. The IC segment recognizes the fair value movement on any hedging derivatives. The company was founded by Andrew Jackson, Thomas Hugh Bartlam, Jean-Loup Brousse de Gersigny, James Odgers, Andrew Coventon Phillips, and Paul J. Piper on March 23, 1988 and is headquartered in London, the United Kingdom.

How the Company Makes Money

ICG generates revenue through various streams including management fees, performance fees, and interest income from its investment activities. Management fees are charged to clients for the oversight and administration of investment funds, while performance fees are earned based on the returns generated for investors above a specified benchmark. Additionally, ICG earns interest income from the loans it provides to companies, which forms a significant part of its private debt operations. The company's strong relationships with institutional investors and strategic partnerships with financial institutions also contribute to its ability to raise capital and expand its investment portfolio, further enhancing its revenue potential.

Intermediate Capital Financial Statement Overview

Summary

Intermediate Capital shows strong revenue growth and high profitability margins, though there is a slight downward trend in net profit margins. The balance sheet shows improved leverage but still carries a high debt load, posing risks. Cash flow metrics indicate potential liquidity issues, with significant declines in operating and free cash flows.

Income Statement

Intermediate Capital has shown strong revenue growth of 14.5% in the latest year, indicating a positive trajectory. The gross profit margin remains high at 96%, showcasing efficient cost management. However, the net profit margin has slightly decreased to 45.6% from 48.2% the previous year, suggesting some pressure on profitability. The EBIT and EBITDA margins are robust, though they have seen a slight decline, which could indicate rising operational costs.

Balance Sheet

The company's debt-to-equity ratio has improved slightly to 2.45 from 2.66, indicating better leverage management, but it remains relatively high, posing a potential risk. Return on equity has decreased to 18.1% from 20.6%, reflecting reduced profitability on shareholder investments. The equity ratio is stable, suggesting a balanced asset structure.

Cash Flow

Operating cash flow has decreased significantly, impacting the operating cash flow to net income ratio, which is now at 0.25. Free cash flow has also declined by 71.7%, indicating potential liquidity challenges. However, the free cash flow to net income ratio remains strong at 95.2%, suggesting efficient cash generation relative to net income.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.12B	990.40M	599.00M	981.70M	989.50M	672.40M
Gross Profit	547.10M	951.40M	579.10M	963.70M	934.70M	656.80M
EBITDA	756.80M	548.30M	0.00	598.70M	637.10M	585.30M
Net Income	596.00M	451.20M	280.60M	473.40M	526.80M	457.10M
Balance Sheet
Total Assets	9.95B	9.34B	9.05B	9.12B	8.87B	7.46B
Cash, Cash Equivalents and Short-Term Investments	1.25B	604.80M	550.00M	990.00M	761.50M	296.90M
Total Debt	6.77B	6.11B	6.11B	6.13B	6.02B	5.20B
Total Liabilities	7.34B	6.85B	7.01B	6.82B	6.87B	5.84B
Stockholders Equity	2.61B	2.49B	2.02B	2.30B	1.97B	1.62B
Cash Flow
Free Cash Flow	33.40M	129.50M	280.40M	246.40M	235.60M	100.20M
Operating Cash Flow	33.80M	136.10M	291.60M	255.90M	243.40M	111.00M
Investing Cash Flow	814.50M	276.10M	130.80M	71.50M	45.50M	64.70M
Financing Cash Flow	-425.70M	-524.60M	-476.70M	-282.50M	111.30M	-653.30M

Intermediate Capital Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2028.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ICG, the sentiment is Positive. The current price of 2028 is above the 20-day moving average (MA) of 2018.97, above the 50-day MA of 1999.07, and above the 200-day MA of 1997.21, indicating a bullish trend. The MACD of 15.89 indicates Negative momentum. The RSI at 51.80 is Neutral, neither overbought nor oversold. The STOCH value of 52.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ICG.

Intermediate Capital Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ABDN	78 Outperform	£3.47B	10.94	6.50%	7.50%	-7.11%	0.45%
N91	78 Outperform	£3.60B	11.29	41.56%	6.20%	4.28%	5.18%
SDR	77 Outperform	£5.96B	16.79	8.30%	5.59%	4.78%	-4.86%
ICG	76 Outperform	£5.73B	9.75	24.36%	4.16%	28.34%	44.04%
PHLL	76 Outperform	£3.41B	4.67	19.58%	10.21%	11.03%	176.31%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MNG	61 Neutral	£6.49B	-111.26	-1.53%	7.38%	9.86%	-134.41%

Intermediate Capital Corporate Events

Intermediate Capital Group Announces Total Voting Rights

Intermediate Capital Group plc, a company involved in financial services, announced the total number of voting rights as of 30 November 2025. The company has 294,373,624 ordinary shares, with 3,733,333 held in treasury, resulting in 290,640,291 voting rights. This figure is crucial for shareholders to determine their notification requirements under FCA rules.

ICG and Amundi Forge Strategic Partnership to Target Wealth Investors

Intermediate Capital Group (ICG) and Amundi have announced a strategic partnership to develop private market products aimed at wealth investors, leveraging ICG’s investment expertise and Amundi’s distribution capabilities. This partnership is expected to significantly increase ICG’s assets under management and enhance its product offerings, while Amundi plans to acquire a 9.9% economic interest in ICG, reinforcing the long-term strategic alignment between the two companies.

Intermediate Capital Group Reports Strong Interim Results and Strategic Partnership

Intermediate Capital Group has reported strong interim results for the six months ending September 2025, driven by robust client demand and investment excellence. The company achieved a 6% increase in fee-earning AUM to $84 billion, with a five-year annualized growth rate of 14%. Fundraising reached $9 billion, supported by significant contributions from European IX and European Infrastructure II funds. Management fees rose by 16%, and performance fee income saw a notable increase due to a strategic change in approach. The group also announced a strategic partnership with Amundi to enhance its private markets offerings for wealth investors. These developments underscore ICG’s strong market positioning and commitment to sustainable value creation, despite the uncertain economic environment.

Robin Lawther Joins ICG Board, Enhancing Governance

Intermediate Capital Group (ICG) has announced a change in its board of directors, with Robin Lawther joining the board as of November 1, 2025. Lawther will also serve on the Nominations and Governance Committee and the Remuneration Committee, a move that could influence the company’s strategic direction and governance practices.

ICG Grants Share Options to CFO Under Sharesave Plan

Intermediate Capital Group PLC (ICG) operates in the financial services industry, focusing on providing alternative asset management and investment solutions. The company announced that its Chief Financial Officer, David Bicarregui, was granted options for ordinary shares under the ICG Sharesave Plan 2025. This move aligns with regulatory requirements and reflects the company’s ongoing efforts to incentivize its leadership, potentially impacting its market positioning and stakeholder confidence.

ICG Enhances Performance Fee Recognition, Boosting Financial Guidance

ICG has announced changes to its recognition of performance fees, aiming to enhance visibility and reduce management judgment in financial statements. This adjustment is expected to result in a one-off gain of £65-75 million in H1 FY26 and increase the medium-term guidance for performance fees and FMC operating margin. The changes are designed to make performance fees more visible earlier in a fund’s life, without affecting the total amount or timing of cash receipts, and are expected to positively impact the company’s financial performance and stakeholder confidence.