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Intermediate Capital (GB:ICG)
LSE:ICG

Intermediate Capital (ICG) AI Stock Analysis

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Intermediate Capital

(LSE:ICG)

Rating:67Neutral
Price Target:
Intermediate Capital Group's overall score reflects strong financial performance and positive corporate events, enhanced by robust fundraising and high ESG standards. However, technical analysis indicates bearish market momentum, and the valuation is moderate. The correction in holdings notification slightly impacts transparency views.
Positive Factors
Business Growth
ICG's GP-led secondaries business is expected to grow at least in line with the market, indicating strong potential for future expansion.
Investment Opportunity
ICG trades at a discount to European peers despite offering similar growth prospects, providing an appealing investment opportunity.
Investor Confidence
ICG's Strategic Equity V fund raised an industry record $11bn, significantly exceeding its target and demonstrating strong investor confidence.
Negative Factors
Market Valuation
ICG trades at a discount to European peers, which might signal market skepticism about its growth prospects.

Intermediate Capital (ICG) vs. iShares MSCI United Kingdom ETF (EWC)

Intermediate Capital Business Overview & Revenue Model

Company DescriptionIntermediate Capital Group (ICG) is a global alternative asset manager headquartered in London, specializing in providing flexible capital solutions across the capital structure. The company operates in sectors such as corporate, real asset, and secondary markets, offering products and services including private debt, credit, and equity investments. ICG serves a wide range of clients, including institutional investors, corporations, and financial institutions, providing tailored investment strategies to meet their unique needs.
How the Company Makes MoneyICG makes money through a diversified revenue model that includes management fees, performance fees, and investment income. The company earns management fees by managing assets on behalf of its clients, typically calculated as a percentage of the assets under management (AUM). Performance fees are accrued when the investments managed by ICG exceed predefined benchmarks or achieve specific performance targets. Additionally, ICG generates investment income from its own capital investments, which can include interest, dividends, and capital gains from the assets in its portfolio. Strategic partnerships and collaborations with institutional investors also play a significant role in enhancing its investment capabilities and broadening its revenue streams.

Intermediate Capital Financial Statement Overview

Summary
Intermediate Capital demonstrates strong revenue growth and profitability margins, although it operates with a moderate level of leverage. Cash flow generation is satisfactory but can be improved to better align with net income.
Income Statement
85
Very Positive
Intermediate Capital has demonstrated significant revenue growth, with a revenue increase of over 119% from 2023 to 2024. The company maintains a strong gross profit margin of approximately 98.2% and a healthy net profit margin of about 48.2% in 2024. EBIT and EBITDA margins are both robust, reflecting strong operating efficiency.
Balance Sheet
70
Positive
The balance sheet reveals a moderately high debt-to-equity ratio of 2.66, indicating leveraged operations. However, the company has improved its equity base with a 13.9% equity ratio. Return on equity is strong at 20.6%, suggesting efficient use of equity in generating profits.
Cash Flow
75
Positive
The cash flow statement shows positive free cash flow growth, although operating cash flow to net income ratio is lower than ideal at 0.54, indicating potential volatility in cash generation relative to net earnings. Free cash flow to net income ratio is strong at 0.52, indicating decent cash conversion.
BreakdownTTMMar 2024Mar 2022Mar 2021Mar 2019Mar 2020
Income Statement
Total Revenue850.40M981.70M989.50M672.40M212.70M256.30M
Gross Profit833.00M963.70M934.70M656.80M212.70M246.00M
EBITDA825.20M598.70M637.10M585.30M188.20M124.50M
Net Income400.90M473.40M526.80M457.10M180.10M108.90M
Balance Sheet
Total Assets9.07B9.12B8.87B7.46B6.52B7.02B
Cash, Cash Equivalents and Short-Term Investments780.50M990.00M761.50M296.90M431.30M947.90M
Total Debt1.20B6.13B6.02B5.20B4.63B1.93B
Total Liabilities6.79B6.82B6.87B5.84B5.12B5.71B
Stockholders Equity2.28B2.30B1.97B1.62B1.38B1.31B
Cash Flow
Free Cash Flow457.30M246.40M235.60M100.20M82.80M290.80M
Operating Cash Flow459.10M255.90M243.40M111.00M88.00M300.90M
Investing Cash Flow1.53B71.50M45.50M64.70M-289.80M-74.00M
Financing Cash Flow-539.20M-282.50M111.30M-653.30M48.30M471.20M

Intermediate Capital Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1924.00
Price Trends
50DMA
1928.38
Negative
100DMA
1979.88
Negative
200DMA
2030.44
Negative
Market Momentum
MACD
2.12
Positive
RSI
46.57
Neutral
STOCH
38.61
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 1924 is below the 20-day moving average (MA) of 1955.28, below the 50-day MA of 1928.38, and below the 200-day MA of 2030.44, indicating a bearish trend. The MACD of 2.12 indicates Positive momentum. The RSI at 46.57 is Neutral, neither overbought nor oversold. The STOCH value of 38.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ICG.

Intermediate Capital Peers Comparison

Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
GBSDR
78
Outperform
£5.65B13.799.48%8.24%0.72%7.66%
77
Outperform
£2.39B3.7216.46%2.65%1.20%161.62%
GBJUP
76
Outperform
£516.77M8.158.03%4.40%0.37%
69
Neutral
£3.33B14.164.88%7.81%-5.51%1596.15%
67
Neutral
$16.86B11.649.71%3.83%11.61%-9.60%
GBICG
67
Neutral
£5.45B12.2718.83%4.31%1.50%-12.67%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:ICG
Intermediate Capital
1,924.00
-212.40
-9.94%
GB:ABDN
Aberdeen Group
186.80
42.88
29.79%
GB:JUP
Jupiter Fund Management Plc
100.80
24.86
32.74%
GB:SDR
Schroders
363.00
7.51
2.11%
GB:PHLL
Petershill Partners PLC
226.50
57.02
33.64%

Intermediate Capital Corporate Events

Financial DisclosuresRegulatory Filings and Compliance
Intermediate Capital Group Corrects Major Holdings Notification
Negative
Mar 24, 2025

Intermediate Capital Group plc, a prominent player in the financial sector, announced a correction regarding its major holdings notification. Initially, JPMorgan Chase & Co. had reported an increase in its holdings above the notification threshold, but later retracted this statement, advising stakeholders to refer to a previous notification from November 2024. This correction may affect shareholder perceptions and the company’s transparency in reporting significant changes in holdings.

Business Operations and StrategyRegulatory Filings and Compliance
Intermediate Capital Group: Notification of Major Holdings by JPMorgan Chase
Neutral
Mar 20, 2025

Intermediate Capital Group plc, a UK-based company, has been notified of a significant change in voting rights due to transactions involving JPMorgan Chase & Co. The notification indicates that JPMorgan Chase & Co. has adjusted its holdings, crossing a threshold on March 17, 2025, with a total of 5.386441% voting rights in the company. This shift in holdings could impact Intermediate Capital Group’s shareholder dynamics and influence its strategic decisions moving forward.

Business Operations and Strategy
Intermediate Capital’s CEO Transfers Shares to Trust and Partnership
Neutral
Mar 6, 2025

Intermediate Capital Group PLC announced that its CEO and CIO, Benoît Durteste, transferred a significant number of shares to a charitable trust and a partnership. These transactions, involving a total of 1,748,688 ordinary shares, were conducted for nil consideration and in exchange for a partnership interest, respectively. This strategic move reflects a potential shift in Durteste’s personal investment strategy and may have implications for the company’s shareholding structure, although it does not alter his retained interest in the company.

Executive/Board Changes
ICG Appoints Robin Lawther as Non-Executive Director
Positive
Feb 26, 2025

Intermediate Capital Group plc (ICG) has announced the appointment of Robin Lawther as a Non-Executive Director, effective November 1, 2025. Lawther brings extensive experience from her roles at JPMorgan Chase and various other financial institutions, which is expected to enhance ICG’s board with her broad market knowledge and expertise across different geographies.

Regulatory Filings and Compliance
Intermediate Capital Group Announces Total Voting Rights Update
Neutral
Feb 3, 2025

Intermediate Capital Group plc announced that as of January 31, 2025, the company has a total of 290,636,469 voting rights. This figure is crucial for shareholders to determine their interest changes under the FCA’s Disclosure Guidance and Transparency Rules, impacting investor reporting obligations and potentially influencing shareholder engagement strategies.

Business Operations and Strategy
Intermediate Capital Group Sees Shift in Major Holdings by BlackRock
Neutral
Jan 27, 2025

Intermediate Capital Group plc, a UK-based entity, has seen a change in its major holdings due to an acquisition or disposal of voting rights by BlackRock, Inc. As of January 24, 2025, BlackRock increased its total voting rights in the company to 5.39%, up from a previous 5.11%. This adjustment in holdings reflects BlackRock’s strategic interest and investment in Intermediate Capital Group, potentially impacting the company’s market positioning and shareholder dynamics.

Private Placements and FinancingFinancial Disclosures
Intermediate Capital Group Achieves Robust Fundraising and Sustains High ESG Standards
Positive
Jan 22, 2025

Intermediate Capital Group (ICG) reported strong fundraising results, raising $7.2 billion in the third quarter, totaling $22 billion over the past twelve months, more than doubling the previous year’s amount, which supports its long-term growth in client capital and management fees. The company’s assets under management (AUM) reached $107 billion, with fee-earning AUM of $71 billion, and it received an AAA ESG rating for the fourth consecutive year, maintaining its membership in the Dow Jones Sustainability Index (Europe), which indicates a strong commitment to sustainability and positive impacts for stakeholders.

Intermediate Capital Group plc Updates Total Voting Rights
Jan 2, 2025

Intermediate Capital Group plc has announced the total number of voting rights in the company as of December 31, 2024, is 290,635,768, after accounting for shares held in treasury. This figure is essential for shareholders to assess their reporting obligations under the FCA’s Disclosure Guidance and Transparency Rules, impacting how they manage their interests in the company.

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.Date of analysis: Mar 24, 2025