ICG PLC Growth vs. Value - Time to Switch?

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ICG PLC Growth vs. Value - Time to Switch?

Global Research

23 June 2026ab

ICG PLC Equities

United KingdomGrowth vs. Value - Time to Switch?

Diversified Financial

12-month rating Buy *

Upgrade to Buy Prior : Neutral

We upgrade ICG to Buy, to reflect: i) attractive FRE resilience against a difficult backdrop; 12m price target 2,150p

ii) significant surplus cashflow generation supporting future possible shareholder returns

(possible catalyst: 1H27 results on 11 Nov 26), and iii) inexpensive valuation.

Price (22 Jun 2026) 1,744p

Resilient FRE RIC: ICGIN.L BBG: ICG LN

We forecast FRE growth of -9% FY27E, +1% FY28E and +19% FY29E. Against a Trading data and key metrics

difficult sector backdrop, this resilient and accelerating FRE growth looks attractive. The

52-wk range 2,332p-1,463

fall in FY27E FRE reflects non-repeat of significant FY26 catch up fees, not a

Market cap. £5.07b/US$6.71b

fundamental deterioration. Stable FY28E reflects debt deployment helping Credit

Shares o/s 291m (ORD)

AUM to grow steadily. Significant FY29E growth reflects anticipated Structured and

Free float 98%

Private Equity fundraising (activation of SE VI in FY28E and final close FY29E).

Avg. daily volume ('000) 1,426

Cashflow generation Avg. daily value (m) £25.4

Common s/h equity (03/27E) £2.88b

We forecast ICG will generate ca. £300m FRE-related cashflow in FY27E and >£300m in

FY28E. We expect the Amundi buyback to be complete before H1 results on 11 Nov, at P/BV (03/27E) 1.7x

which time ICG could announce a capital return to shareholders. ICG has moved from a Net debt to EBITDA (03/27E) NM

significant net debt position (ca £1bn through FY20-FY24) to £0.1bn net debt at Mar EPS (UBS, diluted) (GBX)

26. We forecast ICG will have ~£0.5bn (>10% market cap) net cash by Mar-28E. From To % ch Cons.