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Prices & Quotes - UK Markets - Intermediate Capital Group (ICP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 1,712.00p
Change Today:
51.00p
Market Cap:
5,036m
Sector:
Financial Services

Canaccord hikes target for Intermediate Capital Group, spies bottom in fund flows

By Alexander Bueso

Date: Tuesday 07 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity hiked their target price for shares of Intermediate Capital Group, arguing that investors' focus on losses on the Investment Co. side of the business.
That unit posted 98.9m of red ink for the 2020 financial year on the back of 152.4m in unrealised losses.

But the greater value and growing bit of the firm was its fund management arm, analysts Justin Bates and Portia Patel said.

"In FY20, 50% of management fees were earned on invested capital and 50% on committed, providing stability through the cycle and irrespective of market volatility," they explained.

The tailwind from low interest rates around the world was likely to continue funneling fund flows towards the alternative asset manager, they added.

Fund flows were seen picking up from €4.5bn in the 2021 financial year, to €6.2bn and €9.0bn over the subsequent two years.

In parallel, they estimated a 16% compound annual rate of growth for the company's profit before tax between 2021-23.

Canaccord assigned a valuation multiple of 1.0 times ICG's FY 2020 net asset value due to its IC unit.

However, the multiple for the funds side of the firm was set at 18.0 times to reflect the "superior" visibility around its fees for a 30% premium against the asset management sector although that remained a 20% discount against rival Partners Group.

Hence the increase in their target price from 1,244.0p to 1,716.0p, while the recommendation was kept at 'buy'.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

ICP Market Data

Currency UK Pounds
Price 1,712.00p
Change Today 51.00p
52 Week High 1,877.00p
52 Week Low 559.50p
Volume 465,345
Shares Issued 294.18m
Market Cap 5,036m

Performance Indicators

Compare performance with the sector and the market.

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Income
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Growth
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Dividend Yield
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Operating Margin
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What The Brokers Say

Strong Buy 8
Buy 1
Neutral 1
Sell 0
Strong Sell 1
Total 11
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ICP Dividends

  Latest Previous
  Interim Final
Ex-Div 10-Dec-20 18-Jun-20
Paid 08-Jan-21 05-Aug-20
Amount 17.00p 35.80p

Trades for 03-Dec-2020

Time Volume / Share Price
16:39 3,541 @ 1,712.00p
16:35 3,709 @ 1,712.00p
16:35 1,103 @ 1,712.00p
16:35 153,748 @ 1,712.00p
16:29 3 @ 1,723.00p

ICP Key Personnel

CEO Benoit Durteste
Chair Davies of Abersoch