olivLaw · European equity research
IP Group plc IPO.L
United Kingdom · London Stock Exchange · ISIN GB00B128J450 · Vertical: Listed companies from United Kingdom
IP Group plc is the UK's leading science and technology investor, building and funding spin-out companies from British universities. Its profile now rests on licences over Pfizer's obesity programmes, which were recognised at fair value after Pfizer's Metsera acquisition, lifting NAV per share to 110.4 pence at the end of 2025.
At the close of 05 Nov 2026, IP Group plc (IPO.L) stock was 0.75 GBP (−1.70% on the day), with market capitalisation 69.3 k GBP, P/E 0.0 on diluted EPS of 710.00 GBP over the last 12 months, dividend yield 0.00%, beta 0.95, 52-week range 0.49–0.76 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)
- 59.6
- strong (55–70)
- Bollinger (20, 2)
- 0.68 – 0.77
- in the upper half of the band · %B 0.83 · band width 12.5%
- SMA 50 / 200
- 0.71 / 0.64
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.01
- 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 | +4.0% | −0.6% | +4.7 pp | — |
| 3 months | +8.1% | −4.2% | +12.2 pp | — |
| 6 months | +14.0% | +4.3% | +9.6 pp | — |
| Year to date | +28.0% | +7.5% | +20.5 pp | — |
| 1 year | +23.2% | +9.9% | +13.2 pp | +6.7% |
| 3 years | +62.3% | +49.8% | +12.5 pp | +24.8% |
| 5 years | −38.9% | +42.8% | −81.8 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 100 percentile of its own 1-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -174.4 m | -207.0 m | 66.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.17 | -1,997.00 | 710.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | -25.1 m | -19.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.5 m GBP
- Financial debt
- 119.7 m GBP
- Net debt
- 103.2 m GBP
- Equity
- 975.1 m GBP
- Total assets
- 1.1 bn GBP
- Debt / equity
- 0.12x
- Current ratio
- 0.16x
- ROE
- 6.9%
- ROA
- 5.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -180.5 m | -208.8 m | 61.0 m | esef· 21 Apr 2026verified |
| Interest expense | 5.6 m | 6.7 m | 6.4 m | esef· 21 Apr 2026verified |
| Pre-tax income | -176.3 m | -206.7 m | 64.8 m | esef· 21 Apr 2026verified |
| Income tax | -1.9 m | 300.0 k | -2.1 m | esef· 21 Apr 2026verified |
| Net income | -174.4 m | -207.0 m | 66.9 m | esef· 21 Apr 2026verified |
| Diluted EPS | -0.17 | -1,997.00 | 710.00 | esef· 21 Apr 2026verified |
| Dividend per share | 0.01 | 0.00 | — | esef· 10 Jun 2025verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 100.9 m | 115.6 m | 16.5 m | esef· 21 Apr 2026verified |
| Receivables | 8.2 m | 6.3 m | 3.3 m | esef· 21 Apr 2026verified |
| Current assets | 236.5 m | 307.4 m | 19.8 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 1.4 m | 800.0 k | 0 | esef· 21 Apr 2026verified |
| Goodwill | 400.0 k | 400.0 k | 400.0 k | esef· 21 Apr 2026verified |
| Total assets | 1.4 bn | 1.2 bn | 1.1 bn | esef· 21 Apr 2026verified |
| Accounts payable | 17.1 m | 12.5 m | 3.0 m | esef· 21 Apr 2026verified |
| Short-term debt | 6.3 m | 6.3 m | 119.7 m | esef· 21 Apr 2026verified |
| Long-term debt | 128.9 m | 122.8 m | 0 | esef· 21 Apr 2026verified |
| Current liabilities | 23.4 m | 18.8 m | 122.7 m | esef· 21 Apr 2026verified |
| Total liabilities | 221.3 m | 198.7 m | 123.5 m | esef· 21 Apr 2026verified |
| Equity | 1.2 bn | 952.5 m | 975.1 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 1.1 bn | 103.7 k | 92.4 k | esef· 21 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -17.9 m | -25.1 m | -19.5 m | esef· 21 Apr 2026verified |
| Capex | — | 0 | -100.0 k | esef· 21 Apr 2026verified |
| Free cash flow | — | -25.1 m ≈ | -19.6 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -4.4 m | 82.9 m | -20.7 m | esef· 21 Apr 2026verified |
| Financing cash flow | 34.7 m | -42.9 m | -58.9 m | esef· 21 Apr 2026verified |
| Dividends paid | 13.0 m | 0 | — | esef· 10 Jun 2025verified |
| Share repurchases | 100.0 k | 29.6 m | 45.7 m | esef· 21 Apr 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 69.3 k GBP
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 24 (vs peers) | 20% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -29.3% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.5x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -28,281.9% | 0 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 65,943.0% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation56/100 · 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
IP GROUP PLC (IPO.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.9%.
The estimated value range is 8,410.09–15,225.88 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10,890.80 GBP, the price of 0.75 GBP leaves a potential of 1,452,006.3% (value / price − 1) and a margin of safety of 100.0% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 9.5x
- P/E (TTM): 0.0x
- Shareholder yield (distributions): 65,943.0%
- The price is below the estimated value range
What contradicts it
- ROIC: 5.0%
- FCF conversion: -29.3%
- Current ratio: 0.2x
- FCF yield: -28,281.9%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 IPO.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
Scenarios are not available. input data missing
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
IP Group plc is the UK's leading science and technology investor, building and funding spin-out companies from British universities. Its profile now rests on licences over Pfizer's obesity programmes, which were recognised at fair value after Pfizer's Metsera acquisition, lifting NAV per share to 110.4 pence at the end of 2025 1.
SWOT
Strengths
- A solid network with leading universities and long experience forming science-based companies.
- A portfolio with significant value concentrated in several high-potential companies.
- A balance sheet with good liquidity and a clear capital allocation policy.
Weaknesses
- Results depend on exits and valuations that can vary widely from one year to the next.
- Several portfolio write-downs in 2025 offset part of the gains.
- Value concentrated in a few positions makes performance sensitive to single events.
Opportunities
- Royalty income from the Pfizer licences could become significant if the programmes advance.
- Growth in third-party capital management could increase fee income.
- More open public markets could enable exits at good valuations.
Threats
- If capital markets weaken, portfolio valuations could fall again.
- Clinical failures in the licensed programmes could reduce the estimated value of the licences.
- Regulatory changes could alter the EIS regime or climate reporting requirements.
Risks
- Dependence on Pfizer licenceshigh
A large part of the NAV increase in 2025 comes from recognising licences linked to Pfizer programmes, so a clinical setback would have a large effect.
- Portfolio valuationsmedium
Write-downs at companies such as Oxa, Pulmocide and First Light Fusion show that values can fall quickly.
- Uncertain exitsmedium
The exit target for 2025 to 2027 depends on public markets and transactions, which could be delayed.
- EIS policy regimelow
Changes to the tax treatment of EIS investments could affect capital raised from third parties.
- Climate riskslow
The group's assessment shows low risk, but stricter climate reporting could raise costs.
Investment thesis
What would need to be true (bull case)
- If the Pfizer-linked licences generate royalty income, NAV could rise meaningfully in the coming years.
- Discipline in buybacks and a narrowing discount to NAV could support value for shareholders.
- Growth in third-party capital management could bring steadier and more predictable fee income.
What would break the thesis
- If the clinical programmes fail, a large part of the value recognised in 2025 could be reduced.
- Weak public markets could delay exits and reduce portfolio gains.
- Concentration of value in a few companies makes results volatile from one year to the next.
What to watch
- Timing of the start of the 2026 share buyback programme2026
- Remaining proceeds from the Monolith sale and other transactions2026
- Progress of the Phase 3 programme for PF'3944 at Pfizer2026
- Progress toward the target of over 250 million pounds of exits2027
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
The group invests in HealthTech, DeepTech and CleanTech companies that start from research at partner universities, mainly through its Parkwalk subsidiary in the UK 1. Its activity also includes managing private and EIS funds for third parties, and results are measured by NAV per share and exit proceeds. By the end of 2025 it had formed more than 600 science-based businesses 1.
Income combines portfolio gains, the monetisation of IP licences and fees from third-party fund management. In 2025 the total portfolio was valued at 908.1 million pounds, and third-party capital managed or advised stood at 557 million pounds 1. This structure means results depend on exits from the portfolio and on the public market performance of holdings.
The capital allocation policy divides cash realisations between reinvestment and share buybacks, with a focus on narrowing the discount to NAV. The group spent 45.7 million pounds on buybacks in 2025 and states it targets over 250 million pounds of exits between 2025 and the end of 2027 1.
Segments
HealthTech
The largest segment, with 33 companies and a fair value of 542.8 million pounds at the end of 2025, including licences linked to the Pfizer programmes 1.
DeepTech
A segment of 29 companies valued at 144.3 million pounds at the end of 2025, where the report shows a net portfolio loss in 2025 1.
Market context
The reference market for the health portfolio is obesity drugs, which Pfizer estimated at 150 billion dollars by 2030 1. The equity market for technology companies has partly reopened, as seen in the IPO of Hinge Health on the New York Stock Exchange.
Funding for UK university spin-outs depends on EIS funds and institutional capital, and the group notes changes in the November 2025 Budget that doubled the amount that can be invested in qualifying EIS companies 1.
Trends
- Pfizer obesity licencestailwind
Programmes such as PF'3944 could generate royalty income if clinical development continues, with a global Phase 3 programme begun in late 2025 1.
- Reopening public marketsmixed
A strong IPO such as Hinge Health can support exits, but valuations could fall if markets weaken again 1.
- Supportive EIS tax policytailwind
Doubling the amount that can be invested in qualifying EIS companies could support early-stage funding through Parkwalk 1.
- Stricter climate reportingheadwind
Mandatory climate risk reporting could raise compliance costs, although the group rates its overall climate risk as low 1.
Competitive position
The group competes with other venture investors and university-linked funds for access to research and deals, and its stated advantage is its partnerships with leading universities and its managed fund platform 1.
In a market where capital is contested, its position in the UK and its third-party management model are the main differentiators; without market share data, the comparison remains qualitative 1.
- Other science and technology venture investors
Competitors for deals and institutional capital; the source gives no comparable data.
- University spin-out funds
Investors working with the same universities, for which the source gives no figures.
- Australian superannuation funds
Partners and capital providers that are also relevant as potential competition for capital.
- Private asset management platforms
Competition for third-party capital, mentioned only in general terms in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202410 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IP Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.