olivLaw · European equity research
ICG plc ICG.L
United Kingdom · London Stock Exchange · ISIN GB00BYT1DJ19 · Vertical: Listed companies from United Kingdom
ICG plc is a global alternative asset manager focused on investing in structured capital, private credit, secondaries and real assets for institutional clients. The company ended fiscal 2026 with assets under management of about 126 bn USD and a growth strategy supported by its partnership with Amundi, in a difficult fundraising environment.
At the close of 05 Nov 2026, ICG plc (ICG.L) stock was 19.37 GBP (−2.27% on the day), with market capitalisation 5.6 bn GBP, P/E 12.6 on diluted EPS of 1.54 GBP over the last 12 months, beta 1.13, 52-week range 14.63–21.20 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 17.11 – 19.45
- in the upper half of the band · %B 0.97 · band width 12.8%
- SMA 50 / 200
- 18.57 / 18.02
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.24 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.6% | −0.6% | +10.3 pp | — |
| 3 months | −4.5% | −4.2% | −0.3 pp | — |
| 6 months | +3.3% | +4.3% | −1.1 pp | — |
| Year to date | −5.7% | +7.5% | −13.2 pp | — |
| 1 year | −2.5% | +9.9% | −12.4 pp | +5.8% |
| 3 years | +40.5% | +49.8% | −9.3 pp | +26.3% |
| 5 years | −15.5% | +42.8% | −58.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 12.7, median 12.7, max 12.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 949.6 m | 970.9 m | 1.0 bn |
| Revenue YoY | unavailable | +2.2% | +6.7% |
| Net income | 473.4 m | 451.2 m | 478.4 m |
| Net income YoY | unavailable | −4.7% | +6.0% |
| Diluted EPS | 1.62 | 1.54 | unavailable |
| Diluted EPS YoY | unavailable | −5.1% | unavailable |
| net % | 49.9% | 46.5% | 46.2% |
| Free cash flow | 252.7 m | 135.4 m | 845.4 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.4 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.7 bn GBP
- Total assets
- 9.9 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- 18.4%
- ROA
- 5.0%
- FCF margin
- 81.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 949.6 m | 970.9 m | 1.0 bn | esef· 11 Jun 2026verified |
| Interest expense | 49.5 m | 43.7 m | 39.6 m | esef· 11 Jun 2026verified |
| Pre-tax income | 530.8 m | 530.5 m | 588.2 m | esef· 11 Jun 2026verified |
| Income tax | 62.4 m | 79.3 m | 109.5 m | esef· 11 Jun 2026verified |
| Net income | 473.4 m | 451.2 m | 478.4 m | esef· 11 Jun 2026verified |
| Diluted EPS | 1.62 | 1.54 | — | esef· 10 Jun 2025verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 990.0 m | 860.2 m | 1.4 bn | esef· 11 Jun 2026verified |
| Receivables | 389.6 m | 442.8 m | 347.3 m | esef· 11 Jun 2026verified |
| Current assets | 1.5 bn | 1.4 bn | 1.8 bn | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | 79.2 m | 70.7 m | — | esef· 10 Jun 2025verified |
| Total assets | 9.1 bn | 9.3 bn | 9.9 bn | esef· 11 Jun 2026verified |
| Accounts payable | 529.2 m | 559.3 m | 516.0 m | esef· 11 Jun 2026verified |
| Current liabilities | 835.5 m | 808.8 m | 1.1 bn | esef· 11 Jun 2026verified |
| Total liabilities | 6.8 bn | 6.9 bn | 7.2 bn | esef· 11 Jun 2026verified |
| Equity | 2.3 bn | 2.5 bn | 2.7 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 286.0 m | 287.2 m | — | esef· 11 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 255.9 m | 136.1 m | 846.1 m | esef· 11 Jun 2026verified |
| Capex | 3.2 m | 700.0 k | 700.0 k | esef· 11 Jun 2026verified |
| Free cash flow | 252.7 m ≈ | 135.4 m ≈ | 845.4 m ≈ | esef· 11 Jun 2026derived |
| Investing cash flow | 71.5 m | 276.1 m | 182.2 m | esef· 11 Jun 2026verified |
| Financing cash flow | -282.5 m | -524.6 m | -478.1 m | esef· 11 Jun 2026verified |
| Share repurchases | 0 | 42.4 m | 78.0 m | esef· 11 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 46.2% | 91 (vs peers) | 15% |
| FCF conversion · Quality | 176.7% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.6x | 72 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.2% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial69/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns· partial20/100 · 1/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ICG PLC (ICG.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 1.0 bn GBP in 2026; YoY growth 6.7%; net margin 46.2%; ROE 18.4%.
The estimated value range is 18.81–29.00 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 24.03 GBP, the price of 19.37 GBP leaves a potential of 24.1% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 46.2%
- FCF conversion: 176.7%
- P/E (TTM): 11.6x
- FCF yield: 15.2%
What contradicts it
- Shareholder yield (distributions): 1.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| ICG.LIcg PLC | 5.6 bn | 11.6 | 18.4% | 46.2% | +6.7% | −7% / +24% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for ICG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.70 Total return -40% · Per year -40% | 20.67 Total return 7% · Per year 7% | 31.10 Total return 61% · Per year 61% |
| 3 years | 11.87 Total return -39% · Per year -15% | 23.53 Total return 21% · Per year 7% | 38.81 Total return 100% · Per year 26% |
| 5 years | 12.03 Total return -38% · Per year -9% | 26.80 Total return 38% · Per year 7% | 48.43 Total return 150% · Per year 20% |
- Exit P/E± 5.88
- Net margin± 4.12
- Annual revenue growth± 3.31
- Annual dilution± 0.35
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ICG plc is a global alternative asset manager focused on investing in structured capital, private credit, secondaries and real assets for institutional clients. The company ended fiscal 2026 with assets under management of about 126 bn USD and a growth strategy supported by its partnership with Amundi, in a difficult fundraising environment.1
SWOT
Strengths
- Scalable platform with a long investment performance record and a broad base of institutional clients.
- Visible and recurring management fee income from funds without redemption rights.
- A balance sheet described as strong, with available liquidity and fixed-rate drawn debt.
Weaknesses
- Reliance on fundraising for new funds, which is harder in a consolidated market.
- Exposure to investment valuations, which can fall in periods of market volatility.
- Dependence on senior executives and investment teams whose departure could affect performance.
Opportunities
- Developing second-vintage strategies such as LP Secondaries and Real Estate could add growth.
- The Amundi partnership could open access to the wealth management channel.
- Sustained institutional demand for alternative assets could support future fundraising.
Threats
- Macroeconomic volatility and geopolitical tensions could reduce deal activity and exits.
- Intense competition from sector consolidation could limit share gains.
- Risks from artificial intelligence could affect valuations of some portfolio companies, especially in exposed sectors.
Risks
- Fundraisinghigh
Failure to attract new investors could reduce management fee income and limit expansion into new asset classes.1
- Fund performancehigh
Weak fund performance could hinder launches of later vintages and reduce competitiveness.1
- Market and liquiditymedium
Adverse market conditions could reduce the value of the group's own investments and constrain co-investment obligations.1
- Key personnelmedium
Departure of executives or investment professionals could affect strategy execution and key person provisions in funds.1
- External environmentmedium
Wars, tariffs and government debt, beyond the company's control, could affect operations and fund portfolios.1
Investment thesis
What would need to be true (bull case)
- If ICG keeps closing funds above target, share gains could continue in a consolidating sector.
- Recurring fee income and growth in fee-related earnings per share could support long-term shareholder returns.
- The Amundi partnership could add a growth source in wealth management without changing the investment culture.
What would break the thesis
- If fundraising stays difficult, growth in new funds could slow and pressure management fee income.
- Market volatility or geopolitical tensions could lower asset valuations and exits from the portfolio.
- Execution risk in newer strategies could make growth slower than management expects.
What to watch
- Final close of the Europe IX fund and its size against the announced target2027
- Pace of fundraising in second-vintage strategies, LP Secondaries and Real Estatenext 10-K
- Progress of the Amundi partnership in the wealth management channel2027
- Development of fee-related earnings per share and the group effective fee ratenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ICG is one of the world's leading alternative asset managers, attracting capital from sovereign wealth funds, pension plans, insurers and family offices. Its business model relies on closed-end funds where client capital is returned only when assets are realised, giving visible and recurring management fee income.1 The company describes its edge as investment performance and investment discipline rather than asset volume.1
In fiscal 2026 ICG held two final closes above target, European Infrastructure II and Metropolitan II, and launched the second vintage of its LP Secondaries strategy.1 The long-term strategic and equity partnership with Amundi opens access to the wealth channel in a selective way, according to management.1
Visible management fees come mainly from funds without redemption rights, so results depend more on asset volume and performance fees than on one-off transactions.1
Segments
Structured capital and secondaries
These are the company's flagship strategies, including structured capital, European direct lending and GP-led secondaries, which make up the largest share of assets under management.1
Credit and private debt
Credit and private debt strategies cover direct lending, with a significant share of assets under management and an important position in Europe.1
Real assets and LP secondaries
Real estate, infrastructure and LP Secondaries are described as emerging growth drivers, lifting the share of scaling strategies in management fees.1
Market context
The alternative asset market is consolidating, and private markets have raised less capital than in 2021, according to ICG's management.1 The company attributes its share gains to this environment but also describes a fundraising backdrop that remains difficult.1
Institutional demand remains robust in the markets ICG serves, and management sees significant room for growth, since assets under management are still far from the capacity of the institutional market.1
Trends
- Consolidation of fundraisingmixed
Fundraising in private markets is concentrating at large managers, which could favour ICG if it keeps closing funds above target.1
- Steady institutional interesttailwind
Institutional clients continue to seek access to top strategies, supporting growth of later-generation funds.1
- Macroeconomic and geopolitical uncertaintyheadwind
High interest rates, geopolitical tensions and weak economic growth could affect asset valuations, exits and the ability to deploy new capital.1
- Expansion into wealth managementtailwind
The Amundi partnership could open a new long-term growth channel if implemented selectively, according to management.1
Competitive position
ICG competes with other large alternative asset managers for institutional capital, particularly in private credit, structured capital and secondaries. Management says investment performance and disciplined realisation are the main criteria clients use to compare managers.1
Sector consolidation could favour managers with scale and a strong track record, but competition for capital remains intense, and the source does not provide a full list of competitors.1
- Global alternative asset managers
The source does not name competitors; comparison is made at category level on performance and fundraising criteria.
- Private credit managers
Competition for direct lending and credit strategies, where ICG reports a strong position in Europe.
- Secondaries managers
Competition in GP-led and LP secondaries, where ICG recently launched a second vintage.
- Infrastructure and real estate managers
Competition for institutional capital in real asset strategies, which management sees as a growing segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202510 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / ICG plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.