olivLaw · European equity research
ICFG LIMITED ICFG.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
ICFG LIMITED is a financial services group rooted in Mongolia, offering mainly microfinance and digital lending, and expanding into Central Asia. The company listed in London after a reverse acquisition in February 2025, and a 31% rise in net interest income shows the core business is resilient, while asset quality remains a point of attention.
At the close of 05 Nov 2026, ICFG LIMITED (ICFG.L) stock was 0.35 GBP (−8.42% on the day), with beta -21.61, 52-week range 0.00–0.41 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)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 0.36 – 0.42
- below the lower band · %B -0.26 · band width 14.6%
- SMA 50 / 200
- 0.31 / 0.25
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- MACD below 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 | −15.5% | −0.6% | −14.9 pp | — |
| 3 months | +132.0% | −4.2% | +136.2 pp | — |
| 6 months | +23,900.0% | +4.3% | +23,895.7 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +110.9% | +9.9% | +101.0 pp | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 19.6 m | 2.9 m |
| Net income YoY | unavailable | −85.2% |
| Diluted EPS | 0.11 | 0.01 |
| Diluted EPS YoY | unavailable | −90.9% |
| net % | unavailable | unavailable |
| Free cash flow | -47.7 m | -20.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 93.1 m USD
- Total assets
- 329.7 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.4%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Depreciation & amortisation | 1.3 m | 1.5 m | esef· 07 Jul 2026verified |
| Pre-tax income | 31.9 m | 15.7 m | esef· 07 Jul 2026verified |
| Income tax | 7.4 m | 7.7 m | esef· 07 Jul 2026verified |
| Net income | 19.6 m | 2.9 m | esef· 07 Jul 2026verified |
| Diluted EPS | 0.11 | 0.01 | esef· 07 Jul 2026verified |
| Dividend per share | 0.00 | — | esef· 07 Jul 2026derived |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 39.3 m | 47.1 m | esef· 07 Jul 2026verified |
| Property, plant & equipment, net | 6.9 m | 8.5 m | esef· 07 Jul 2026verified |
| Intangibles (excl. goodwill) | 1.3 m | 2.1 m | esef· 07 Jul 2026verified |
| Total assets | 279.5 m | 329.7 m | esef· 07 Jul 2026verified |
| Total liabilities | 200.9 m | 236.6 m | esef· 07 Jul 2026verified |
| Equity | 78.6 m | 93.1 m | esef· 07 Jul 2026verified |
| Shares outstanding at year end | 177.8 m | — | esef· 07 Jul 2026derived |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -47.0 m | -17.1 m | esef· 07 Jul 2026verified |
| Capex | 728.0 k | 3.6 m | esef· 07 Jul 2026verified |
| Free cash flow | -47.7 m ≈ | -20.8 m ≈ | esef· 07 Jul 2026derived |
| Investing cash flow | -4.2 m | -3.3 m | esef· 07 Jul 2026verified |
| Financing cash flow | 66.7 m | 27.4 m | esef· 07 Jul 2026verified |
| Dividends paid | 311.0 k | 1.0 m | esef· 07 Jul 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
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.12 – 0.21 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.12 – 0.21 (Mid 0.15)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)outside the aggregate0.02 – 0.03 (Mid 0.03)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -718.8% | 0 (on a fixed band) | 100% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ICFG LIMITED (ICFG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.7%.
The estimated value range is 0.12–0.21 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -718.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 ICFG.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
ICFG LIMITED is a financial services group rooted in Mongolia, offering mainly microfinance and digital lending, and expanding into Central Asia. The company listed in London after a reverse acquisition in February 2025, and a 31% rise in net interest income shows the core business is resilient, while asset quality remains a point of attention.
SWOT
Strengths
- A leading position in Mongolia with a solid earnings and funding base, and a proprietary digital platform that supports scaling 1.
- Strong growth in net interest income and non-interest income in fiscal 2025 1.
- Access to international capital markets through the London listing, which can support funding and visibility 1.
Weaknesses
- Heavy geographic concentration in Mongolia, which exposes the Group to local macroeconomic conditions 1.
- Rising non-performing loans in segments linked to mining logistics and unsecured digital lending 1.
- Frequent changes in management and the board after the reverse acquisition, which may slow execution 1.
Opportunities
Risks
- Loan portfolio qualityhigh
Non-performing loans have risen in segments linked to mining logistics and unsecured digital lending, which could generate additional provisions 1.
- Trading suspension and reporting delayhigh
Trading in the shares on the London Stock Exchange was temporarily suspended after the audited financial statements were delayed, which raises questions about internal control 1.
- Geographic concentrationmedium
Most revenue comes from Mongolia, so a local macroeconomic shock could affect Group results 1.
- Cost of fundingmedium
Higher funding costs and tight liquidity could limit margins and growth capacity 1.
- Changes in leadershiplow
Resignations and appointments on the board and in executive roles, including the finance function, could affect continuity of strategy 1.
Investment thesis
What would need to be true (bull case)
- If sector growth in Mongolia materialises and the Group keeps its leading position, interest income could continue to rise 1.
- Expansion in Central Asia and Southeast Asia could reduce reliance on a single market and produce more diversified growth 1.
- Development of insurance and pensions through Connect Life could add recurring income and deepen customer relationships 1.
What would break the thesis
- If inflation and the cost of credit remain high, customers could struggle to repay, and asset quality could deteriorate further 1.
- Reporting delays and frequent management changes could weaken investor confidence and slow strategy execution 1.
- Rising competition and possible interest rate caps could compress margins, particularly in newer markets 1.
What to watch
- Publication of audited results and resumption of trading in London2026
- Trend in non-performing loans and provisions2026 and next annual report
- Pace of expansion in Central Asia and Southeast Asia2027
- Development of the insurance business through Connect Lifenext annual report
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
ICFG LIMITED, also known as InvesCore, is a financial services group active mainly in microfinance and digital credit. Its operations are concentrated in Mongolia, which accounts for approximately 90.5% of the Group's GLP as of 31 December 2025 1. Expansion has come through new branches, partnerships with regional NBFIs and acquisitions, including Insur Life in 2025 1. The London listing followed the reverse acquisition completed on 12 February 2025 1.
The business model combines organic expansion through licensing, branches and brand building with inorganic expansion through acquisitions and their integration. Proprietary technology, including the Pocket digital platform, is used to widen customer reach and improve operating efficiency. Revenue comes from loan book growth and non-interest income, which both rose in 2025 1.
The Group aims to develop into a broader financial services platform that could include insurance, savings and investment alongside traditional lending 1. Management has indicated a prudent approach that depends on available capital and regulatory requirements 1.
Segments
Market context
Mongolia's NBFI sector has over 570 licensed institutions and approximately 2.8 million active borrowers, with total outstanding loans of around USD 1.8 billion 1. The sector is expected to grow approximately 15-20% annually over the next one to three years, according to the report's estimates 1. NPL ratios are estimated between 6% and 9%, showing sensitivity to the macroeconomic cycle 1.
In Central Asia, GDP growth in Kyrgyzstan and Kazakhstan remains solid, and Southeast Asia, particularly Indonesia and the Philippines, is seen as a medium to long-term opportunity 1. There, the NBFI sector is viewed as having large potential, although competition and regulation will be decisive 1.
Trends
- Inflation and the high cost of creditheadwind
High inflation and a restrictive monetary policy have raised borrowing costs and pressured household budgets, especially in consumer lending 1. If these conditions persist, demand and repayment could be affected 1.
- Digitalisation of lendingtailwind
Adoption of digital lending platforms is growing quickly across markets, and speed and convenience are becoming competitive factors 1. The Group's investment in AI-based scoring and process automation could reduce operating costs 1.
- Recovery in Mongolian exportstailwind
Official data show export activity recovering in the first quarter of 2026 compared with the same period in 2025, which could support household incomes and credit quality 1.
- Asset quality under pressuremixed
Rising non-performing loans, linked to mining logistics and unsecured digital lending, have pressured margins and provisions 1. The effect on profitability depends on recoveries 1.
Competitive position
Competition in Mongolia is centred on speed, convenience and pricing flexibility, within a sector of over 570 licensed institutions 1. In Central Asia, banks and fintech companies are increasing competitive pressure, particularly in Kazakhstan 1.
The Group positions itself through regional partnerships, its digital network and its local leadership in Mongolia, which could support market share if execution remains disciplined 1. Larger competitors or those with cheaper funding could limit this progress 1.
- Commercial banks in Mongolia and Central Asia
Compete in consumer and MSME lending, with access to deposits and different funding costs 1.
- Digital lending fintech companies
Intensify competition on approval speed and user experience in all of the Group's markets 1.
- Local NBFIs and microfinance institutions
Cover rural and regional segments, where competition rests on proximity and distribution networks 1.
- Leasing and factoring operators
May compete for MSME and working capital financing, segments the Group could expand into 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Jul 2026
- Annual report 202407 Jul 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ICFG LIMITED · 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.