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ICG plc
(LSE:ICG)
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Rating:66Neutral
Price Target:
1,943.00 p
▼(-3.43% Downside)
Action:Reiterated
Date:08/23/26
The score is held back primarily by weaker financial statement quality signals—especially the 2026 cash flow deterioration and elevated leverage—despite strong reported profitability. Offsetting this, the latest earnings call points to strong fee-related earnings growth, record operating cash flow, AUM/fundraising momentum, and meaningful deleveraging. Technicals are supportive (price above key moving averages with healthy momentum), and valuation looks reasonable with a moderate P/E and a ~4.3% dividend yield.
Positive Factors
Fundraising and AUM Growth
Strong fundraising and double-digit fee-earning AUM growth expand the recurring management-fee base and demonstrate institutional demand across strategies. A larger, diversified capital platform can support future fundraising, product scaling, and more durable earnings over the next several quarters.
Negative Factors
Revenue Contraction
A sharp revenue decline after two broadly flat years raises concern about the durability and predictability of ICG’s top-line growth. The contraction suggests that realizations, fee bases, or other revenue components remain cyclical, potentially limiting operating leverage and making future earnings less consistent.
Read all positive and negative factors
Positive Factors
Negative Factors
Fundraising and AUM Growth
Strong fundraising and double-digit fee-earning AUM growth expand the recurring management-fee base and demonstrate institutional demand across strategies. A larger, diversified capital platform can support future fundraising, product scaling, and more durable earnings over the next several quarters.
Read all positive factors
ICG plc (ICG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.15B
Dividend Yield4.86%
Average Volume (3M)1.34M
Price to Earnings (P/E)10.7
Beta (1Y)1.48
Revenue Growth6.46%
EPS Growth6.47%
CountryUK
Employees676
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.67
Shares Outstanding275,363,300
10 Day Avg. Volume1,374,946
30 Day Avg. Volume1,344,015
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
£2,528.00Price Target Upside25.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.65
Revenue Forecast (FY)£980.35M
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 its investment funds and earning (1) management fees and (2) performance-based fees, alongside (3) investment returns from its own balance-sheet investments.
1) Management fees (recurri...
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
2012.00
Price Trends
1923.52
Negative
1857.82
Negative
1784.98
Positive
Market Momentum
-38.40
Negative
41.66
Neutral
50.92
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 2012 is above the 20-day moving average (MA) of 1828.10, above the 50-day MA of 1923.52, and above the 200-day MA of 1784.98, indicating a neutral trend. The MACD of -38.40 indicates Negative momentum. The RSI at 41.66 is Neutral, neither overbought nor oversold. The STOCH value of 50.92 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | £4.35B | 10.96 | 7.37% | 6.09% | 2.19% | 19.78% | |
72 Outperform | £24.35B | 4.47 | 17.91% | 3.52% | -25.49% | 3.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | £5.15B | 10.72 | 18.00% | 4.86% | 6.46% | 6.47% | |
61 Neutral | £3.71B | 125.31 | 2.71% | 2.34% | 36.24% | -53.64% | |
58 Neutral | £7.32B | -66.70 | -3.86% | 6.70% | 67.89% | -87.40% |
* Financial Sector Average
GB:ICG
ICG plc
1,790.00
-212.75
-10.62%
GB:III
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2,403.00
-1,810.38
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GB:ABDN
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239.60
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22.16%
GB:MNG
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307.50
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24.70%
GB:BPT
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37.61%
ICG plc Corporate Events
Regulatory Filings and Compliance
ICG Updates Market on Total Voting Rights and Share Structure
Neutral
Oct 1, 2026
ICG plc has reported its latest share capital structure, confirming that as of 30 September 2026 it had 275,363,297 Ordinary Shares with voting rights in issue, alongside 15,280,825 Ordinary Non-Voting shares. The company holds no shares in treasu...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG completes £274m buyback to fund Amundi partnership and resets voting base
Positive
Sep 17, 2026
ICG plc has completed a share buyback programme linked to its strategic partnership with Amundi, repurchasing 15,280,825 ordinary shares for about £274 million at a weighted average price of 1,790.56 pence. The repurchased shares enabled the ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Updates Voting Rights After Share Buyback Linked to Amundi Partnership
Neutral
Sep 9, 2026
ICG plc has repurchased 706,778 ordinary shares on the London Stock Exchange between 1 and 8 September 2026 under its previously announced share buyback programme. The shares, acquired via Merrill Lynch International, are being held in treasury an...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Advances Amundi-Linked Buyback, Sets New Voting Rights Total
Positive
Sep 1, 2026
ICG plc has repurchased 579,821 ordinary shares on the London Stock Exchange between 24 and 28 August 2026 under its ongoing share buyback programme, executed through BofA Securities. The buyback supports the company’s strategic partnership ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG share buyback adjusts voting rights as Amundi partnership progresses
Positive
Aug 24, 2026
ICG plc has repurchased 456,135 ordinary shares on the London Stock Exchange between 17 and 21 August 2026 under its ongoing share buyback programme. The shares, bought via Merrill Lynch International, will be held in treasury and later cancelled ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Advances Share Buyback to Support Amundi Partnership and Clarifies Voting Rights
Positive
Aug 17, 2026
ICG plc has continued executing its previously announced share buyback programme, repurchasing 239,413 ordinary shares on the London Stock Exchange between 10 and 14 August 2026 through Merrill Lynch International. The buyback supports a strategic...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Updates Voting Rights After Share Buyback to Support Amundi Partnership
Positive
Aug 10, 2026
ICG plc has repurchased 355,853 ordinary shares on the London Stock Exchange between 3 and 7 August 2026 as part of its ongoing share buyback programme. The repurchased shares will be held in treasury and subsequently cancelled in tranches, ensuri...
Business Operations and StrategyStock Buyback
ICG Advances Amundi-Linked Buyback as Voting Rights Reset
Neutral
Aug 3, 2026
ICG plc has repurchased 633,510 ordinary shares on the London Stock Exchange between 27 and 31 July 2026 under its ongoing share buyback programme, working through BofA Securities. The shares, bought at volume-weighted average prices around 1,896&...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG Updates Share Buyback Activity and Total Voting Rights
Neutral
Jul 27, 2026
ICG plc has repurchased 648,359 ordinary shares on the London Stock Exchange between 20 and 24 July 2026 under its existing share buyback programme. The buyback supports its strategic partnership with Amundi by enabling the issue of an equivalent ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
ICG advances Amundi-linked buyback, sets new voting rights total
Positive
Jul 20, 2026
ICG plc has repurchased 508,170 ordinary shares on the London Stock Exchange between 13 and 17 July 2026 under its ongoing share buyback programme, executed through Merrill Lynch International. The buyback supports the company’s strategic pa...
Business Operations and StrategyRegulatory Filings and Compliance
ICG executives transfer shareholdings into partnership structures
Neutral
Jul 16, 2026
ICG plc has disclosed that Chief Executive and Chief Investment Officer Benoît Durteste has transferred 187,465 ordinary shares in the company to a partnership in exchange for a partnership interest. The transaction, conducted outside a tradi...
Business Operations and StrategyDividendsFinancial Disclosures
ICG lifts fee-earning assets and nears record fund close in Q1 FY27
Positive
Jul 15, 2026
ICG plc reported fee-earning assets under management of $88bn for the quarter to 30 June 2026, up 3% sequentially and 10% year-on-year, supported by $2.4bn of net additions and total assets under management of $126bn. The group’s dry powder ...
Business Operations and StrategyStock Buyback
ICG Buys Back Shares to Support Amundi Partnership and Clarifies Voting Rights
Positive
Jul 13, 2026
ICG plc has repurchased 677,476 ordinary shares on the London Stock Exchange between 6 and 10 July 2026 under its previously announced share buyback programme, executed through Merrill Lynch International. The buyback supports a strategic partners...
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.