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ICG plc
(LSE:ICG)
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Rating:68Neutral
Price Target:
1,802.00 p
▼(-3.69% Downside)
Action:Reiterated
Date:05/23/26
The score is driven by attractive valuation (low P/E and solid dividend yield) and a positive earnings-call outlook (FRE growth, AUM growth, deleveraging, margin expansion guidance). These are tempered by weaker underlying financial statement quality—especially the latest-year cash flow deterioration and elevated leverage—plus only moderately bullish technicals with the price still below the 200-day moving average.
Positive Factors
FRE margin expansion
Significant expansion in fee‑related earnings and FRE margin raises the stable, recurring component of ICG’s revenues. Higher base management margins improve earnings durability, reduce relative reliance on lumpy carry, and amplify operating leverage as AUM grows, supporting more predictable free cash generation over multi-year fund cycles.
Negative Factors
Elevated leverage
Despite recent improvement, the capital structure remains relatively debt‑heavy historically. Elevated leverage constrains strategic optionality, raises the firm’s sensitivity to balance‑sheet return volatility and market dislocations, and can force more conservative deployment or capital actions in stressed credit cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
FRE margin expansion
Significant expansion in fee‑related earnings and FRE margin raises the stable, recurring component of ICG’s revenues. Higher base management margins improve earnings durability, reduce relative reliance on lumpy carry, and amplify operating leverage as AUM grows, supporting more predictable free cash generation over multi-year fund cycles.
Read all positive factors
ICG plc (ICG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.82B
Dividend Yield4.13%
Average Volume (3M)1.02M
Price to Earnings (P/E)10.1
Beta (1Y)1.59
Revenue Growth6.46%
EPS Growth6.47%
CountryUK
Employees635
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.67
Shares Outstanding280,659,360
10 Day Avg. Volume1,412,922
30 Day Avg. Volume1,020,981
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)1.61
Price to Sales (P/S)5.23
P/FCF Ratio-160.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£2,501.67Price Target Upside33.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.71
Revenue Forecast (FY)£1.03B
ICG plc Business Overview & Revenue Model
Company Description
ICG Plc is a global alternative asset manager focused on providing adaptable financial solutions to support companies in their growth and development. With a rich history spanning over three decades, the firm strategically invests across various l...
How the Company Makes Money
ICG makes money primarily by managing third-party capital in funds and mandates and earning fees linked to assets it manages and performance outcomes. Its core revenue streams typically include: (1) Management fees: recurring fees charged (usually...
ICG plc Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: robust fundraising ($17bn), double-digit growth in fee-earning AUM (11% YoY to $87bn), a 23% rise in FRE to GBP 350m, record GBP 861m operating cash flow, substantial deleveraging and clear medium-term FRE margin expansion guidance. Management emphasized market leadership in several strategies (real assets, GP-led secondaries), significant dry powder ($36bn), and disciplined deployment. Key caveats include short-term volatility in balance sheet returns (5% this year with CLO mark-to-market losses), lumpiness and some accounting-driven components in performance fees, and an expectation that FY27 fundraising will be lower given timing. Overall, the positive operational momentum, strong cash generation and improved margins outweigh the cautions.Positive Updates
Strong Fundraising and AUM Growth
Raised $17.0bn in FY26 (materially above expectations); fee-earning AUM grew 11% year-on-year to $87bn and total assets under management stood at $126bn as of 31 March 2026.
Negative Updates
Balance Sheet Short-Term Volatility and Lower FY26 Return
Balance sheet returned 5% in FY26 (below long-term double-digit target) and debt exposure produced a negative GBP 7m (≈-2%) driven by mark-to-market movements in the CLO portfolio, highlighting potential short-term volatility in balance sheet returns.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Fundraising and AUM Growth
Raised $17.0bn in FY26 (materially above expectations); fee-earning AUM grew 11% year-on-year to $87bn and total assets under management stood at $126bn as of 31 March 2026.
Read all positive updates
Company Guidance
Guidance focused on expanding fee‑related earnings (FRE) margin (excluding catch‑up fees) over the medium term while delivering FRE per share accretion: FY26 FRE was GBP350m (120p, +23% YoY) with FRE margin ex catch‑up up from 33% in FY21 to ~47% today; management fees were GBP685m (+13% YoY, 98bps management fee rate) and performance fees are expected to be 10–20% of total fee income (FY26 performance fees GBP127m including a GBP72m transition gain; GBP96m cash realized). Fundraising guidance remains a $55bn four‑year target (two years in, $40bn raised; FY26 fundraising $17bn), fee‑earning AUM stands at $87bn (up 11% YoY) with total AUM $126bn and $19bn of non‑fee‑earning AUM (≈£120m potential fees), dry powder $36bn, deployments $14bn and realizations ~ $7bn, distributions to clients $9bn. Balance sheet: GBP2.6bn of assets (5% FY return; 5‑yr avg ~10%), co‑investment cash yield c.10% (co‑invest portfolio generated ~GBP500m net cash flow), group operating cash flow GBP861m, net debt GBP113m (down from GBP629m; net debt/FRE 0.3x) with a priority to reach zero net debt before broader capital returns (87p ordinary dividend) and then consider buybacks, M&A, seeding or further co‑investments.ICG plc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 834.00M | 990.40M | 981.70M | 599.00M | 989.50M |
| Gross Profit | 799.60M | 951.40M | 963.70M | 579.10M | 934.70M |
| EBITDA | 645.00M | 548.30M | 598.70M | 269.20M | 637.10M |
| Net Income | 478.40M | 451.20M | 473.40M | 280.60M | 526.80M |
Balance Sheet | |||||
| Total Assets | 9.91B | 9.34B | 9.12B | 9.05B | 8.87B |
| Cash, Cash Equivalents and Short-Term Investments | 1.46B | 604.80M | 990.00M | 550.00M | 761.50M |
| Total Debt | 6.56B | 6.11B | 6.13B | 6.11B | 6.02B |
| Total Liabilities | 7.21B | 6.85B | 6.82B | 7.01B | 6.87B |
| Stockholders Equity | 2.70B | 2.49B | 2.30B | 2.02B | 1.97B |
Cash Flow | |||||
| Free Cash Flow | -27.20M | 129.50M | 246.40M | 280.40M | 235.60M |
| Operating Cash Flow | -26.50M | 136.10M | 255.90M | 291.60M | 243.40M |
| Investing Cash Flow | 1.02B | 276.10M | 71.50M | 130.80M | 45.50M |
| Financing Cash Flow | -478.10M | -524.60M | -282.50M | -476.70M | 111.30M |
ICG plc Technical Analysis
Negative
1871.00
Price Trends
1772.12
Negative
1672.01
Negative
1822.41
Negative
Market Momentum
-19.69
Positive
36.13
Neutral
7.74
Positive
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 1871 is above the 20-day moving average (MA) of 1743.91, above the 50-day MA of 1772.12, and above the 200-day MA of 1822.41, indicating a bearish trend. The MACD of -19.69 indicates Positive momentum. The RSI at 36.13 is Neutral, neither overbought nor oversold. The STOCH value of 7.74 is Positive, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £4.25B | 10.90 | 8.13% | 7.21% | -1.72% | 63.64% | |
76 Outperform | £9.11B | 17.46 | 12.35% | 5.37% | 12.45% | 28.89% | |
72 Outperform | £25.02B | 4.63 | 17.91% | 2.44% | -25.49% | 3.34% | |
68 Neutral | £4.82B | 10.11 | 18.00% | 4.13% | 6.46% | 6.47% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | £2.30B | 52.27 | 4.25% | 2.85% | 47.14% | -37.72% | |
52 Neutral | £8.01B | 26.94 | 9.49% | 7.09% | 52.52% | ― |
* Financial Sector Average
GB:ICG
ICG plc
1,689.00
-149.71
-8.14%
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GB:MNG
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GB:BPT
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ICG plc Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG advances Amundi partnership with latest share buyback
Positive
Jun 22, 2026
ICG plc has repurchased 653,299 ordinary shares on the London Stock Exchange between 15 and 19 June 2026 under its ongoing buyback programme, executed through BofA Securities. The repurchased shares will be held in treasury and progressively cance...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Advances Amundi Partnership With Targeted Share Buybacks and Updated Voting Rights
Positive
Jun 15, 2026
ICG plc has repurchased 675,403 ordinary shares on the London Stock Exchange between 8 and 12 June 2026 under its previously announced share buyback programme, executed via Merrill Lynch International. The buyback is designed to support its strate...
Business Operations and StrategyRegulatory Filings and Compliance
ICG Resets Voting Rights After Cancelling Treasury Shares
Neutral
Jun 10, 2026
ICG plc has cancelled 12,116,794 ordinary shares previously held in treasury, simplifying its capital structure and removing all ordinary and ordinary non-voting shares from treasury holdings. Following the cancellation, the company now has 282,25...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
ICG Publishes 2026 Annual Report and Sets Date for London AGM
Neutral
Jun 8, 2026
ICG plc has published its Annual Report and Accounts 2026 and the Notice of Annual General Meeting, making them available to shareholders via its website and submitting them to the UK’s National Storage Mechanism in line with listing require...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Advances Amundi-Linked Buyback as Voting Rights Reset
Positive
Jun 8, 2026
ICG plc has continued to execute its share buyback programme linked to its strategic partnership with Amundi, repurchasing 622,950 ordinary shares between 1 June and 5 June 2026 through BofA Securities on the London Stock Exchange. The repurchased...
Executive/Board ChangesRegulatory Filings and Compliance
ICG executives receive vested share awards under Omnibus Plan
Neutral
Jun 4, 2026
ICG plc has reported the vesting of share awards to senior executives under its Omnibus Plan, highlighting ongoing use of equity-based incentives to align management with shareholder interests. Chief Executive Officer and Chief Investment Officer ...
Business Operations and StrategyDelistings and Listing Changes
ICG Seeks LSE Admission for New Shares Issued Under Incentive Plan
Neutral
Jun 3, 2026
ICG plc has applied for the admission of 2,367 new ordinary shares to trading on the London Stock Exchange, following the vesting of awards granted under its ICG Omnibus Plan 2020. The new shares, expected to begin trading on 8 June 2026, will ran...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Buys Back 514,000 Shares to Support Amundi Partnership and Updates Voting Rights
Positive
Jun 1, 2026
ICG plc has repurchased 513,805 ordinary shares on the London Stock Exchange between 26 and 29 May 2026 under its ongoing share buyback programme, executed through Merrill Lynch International. The shares, bought at volume‑weighted average pr...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Non-Dilutive Share Buyback
Positive
May 26, 2026
ICG plc has repurchased 663,961 ordinary shares on the London Stock Exchange between 18 and 22 May 2026 under its ongoing buyback programme, executing the trades via Merrill Lynch International. The shares, which will be held in Treasury and cance...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
ICG Grants Long-Term Equity Awards to Senior Executives Under 2020 Plan
Positive
May 22, 2026
ICG plc has granted new PLC Equity Awards under its Omnibus Plan 2020 to three senior executives, including CEO and CIO Benoît Durteste, CFO David Bicarregui and Chief People and External Affairs Officer Antje Hensel-Roth. The awards, over a ...
Business Operations and StrategyDividendsFinancial Disclosures
ICG posts strong FY26 results as fundraising and fee earnings surge
Positive
May 21, 2026
ICG plc reported a strong financial year to 31 March 2026, underpinned by disciplined investment and growing client demand across its alternative asset strategies. Assets under management reached $126bn, with fee-earning AUM up 11% year-on-year to...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG advances buyback to support Amundi partnership, updates voting capital
Positive
May 18, 2026
ICG plc has continued executing its previously announced share buyback programme, repurchasing 633,211 ordinary shares on the London Stock Exchange between 11 and 15 May 2026 through Merrill Lynch International. The company plans to hold these sha...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG repurchases shares to support non‑dilutive Amundi partnership
Positive
May 11, 2026
ICG plc has repurchased 521,845 ordinary shares on the London Stock Exchange between 5 and 8 May 2026 under its previously announced buyback programme, with the trades executed by Merrill Lynch International. The shares, which will be held in trea...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Advances Amundi-Linked Buyback, Resets Voting Rights Base
Positive
May 5, 2026
ICG plc has repurchased 660,774 ordinary shares on the London Stock Exchange between 27 April and 1 May 2026 under its ongoing buyback programme. The purchases, executed via Merrill Lynch International, were made at prices ranging from 1,768.00 pe...
Regulatory Filings and Compliance
ICG Updates Share Capital and Total Voting Rights
Neutral
May 1, 2026
ICG plc has reported that, as of the close of business on 30 April 2026, it had 294,373,624 ordinary shares in issue, of which 8,500,248 were held in treasury, alongside 3,951,459 ordinary non-voting shares, resulting in 285,873,376 total voting r...
Business Operations and StrategyExecutive/Board Changes
ICG’s Senior Independent Director to Exit Board After Appointment at 3i Infrastructure
Neutral
Apr 29, 2026
ICG plc announced that its Senior Independent Director, Andrew Sykes, has been appointed as an Independent Non-Executive Director and Chair Designate of 3i Infrastructure plc, effective 23 July 2026. Sykes will step down from ICG’s board at ...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Fresh Share Buybacks
Positive
Apr 27, 2026
ICG plc has repurchased 669,555 ordinary shares on the London Stock Exchange between 20 and 24 April 2026 under its previously announced buyback programme, executing trades through Merrill Lynch International. The shares, bought at volume-weighted...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Targeted Share Buyback
Positive
Apr 21, 2026
ICG plc has repurchased 432,235 ordinary shares on the London Stock Exchange between 13 and 17 April 2026 as part of its ongoing buyback programme executed through BofA Securities. The shares, bought at prices ranging from 1677.00 pence to 1820.00...
Business Operations and StrategyStock Buyback
ICG Advances Amundi Partnership With Targeted Share Buyback
Positive
Apr 13, 2026
ICG plc has repurchased 567,916 ordinary shares on the London Stock Exchange between 7 and 10 April 2026 under its previously announced buyback programme, executed through Merrill Lynch International. The buyback supports the company’s strat...
Business Operations and StrategyStock Buyback
ICG Repurchases Shares to Support Amundi Partnership Without Dilution
Positive
Apr 7, 2026
ICG plc has repurchased 311,844 ordinary shares on the London Stock Exchange between 1 and 2 April 2026 under its previously announced buyback programme. The shares, acquired through Merrill Lynch International, will be held in treasury and cancel...
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...
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.