Icg Enterprise Share Discussion Threads

[1968jon] 03/12/2024 11:51

I presume Metage Capital's letter to HVPE is being discussed by many a PE trust's board this morning....

[pyglet] 28/11/2024 08:23

Nice steady rise, almost going unnoticed

[novision] 18/10/2024 17:04

Yep I had a lot of good buys in the middle of covid too.

[peckers56] 18/10/2024 16:56

Held 4.5 years. After Divis, annual return 8.11.

[novision] 18/10/2024 12:42

3yrs invested in this - just about break even after divs… I’ve had worse of course!

[rambutan2] 09/10/2024 02:57

Solid interims, with a hint of optimism:

[pvb] 14/9/2024 17:06

Popit 14 Sep '24 - 03:04 - 371 of 372



Private equity’s “extraordinary 40-year run is finished” as an era of cheap debt is replaced by higher interest rates, City figures have declared.

Should we possibly take this as a good contra indicator?

;-)

[its the oxman] 14/9/2024 16:28

Sounds scary but rates are falling now , yes they will have an effect on returns , but they have hardly peaked at an unmanageable level. The PE world survived with 4 to 5% rates in the past. Time will tell.

[its the oxman] 15/8/2024 15:55

Shares spiking up , almost 1350p now, but still so far to go if nav is to be narrowed down. Long term hold for me.

[acol] 31/7/2024 16:29

Posted in error.

[1968jon] 23/7/2024 11:03

SP certainly doing OK and frequently in the last couple of weeks trading the high of the day in the closing auction. Who knows what is going on. I'd be surprised if it were on the back of an anticipation of any news. It's still on a 31% discount, which to me is nonsense. I know that much of the PE world is still a bit bunged up. Maybe, the UK press talking up the UK market - particularly below the FTSE 100 - is helping at the margins.
My view is that the most likely outcome is that I will make great money out of this one in the next 5-10 years.

[pyglet] 22/7/2024 13:14

Going gang busters lately

[novision] 11/7/2024 11:32

Q1 update to 30/4/24

[1968jon] 29/5/2024 09:08

Maybe, and I've observed a few algos and a few buybacks in my time, but I'd question the parameters on this one. At 9.42 this morning 9,855 shares had traded. Of that number 7 trades totalling 3,066 shares had traded on the RSP and 25 trades had been an automatic trade lifting the offer, (including when the spread was 22p wide!!!) for a total of 6,789 shares. A buyback instruction with seemingly no price limit and 69% participation would be unusual. They are only small volumes, so not really moving the price, but interesting to a screen nerd like me.

[elbrus55] 29/5/2024 08:30

Possibly the buy back algo? Looks like they are trying to get 10,000 shares a day via normal trading.

[1968jon] 28/5/2024 10:56

It seems as though someone has left an algo on since Friday. Lifts the offer repeatedly in small size every few minutes. I would post time and sales if I could screenshot it.

[1968jon] 10/5/2024 14:18

I understand the distinction Riverman. My point is more to a wider audience who distrust the valuations of private markets and might say "ah! you sell the good stuff at 29% premium but what of all the unsold stuff". Well it seems to me that the rump stuff should have a floor at -15% not -38%.

Don't get me wrong, I am confident in ICGT and eventually the backup in PE deals will clear and we can get back back to a high teens discount and it will hopefully compound for me at 10+% for the next ten years.

[riverman77] 10/5/2024 13:15

ICGT is realising assets at an average 29% premium. The 15% discount you mention relates to a secondary sale of some assets where they saw less upside - hopefully a one-off clear out and the majority of the portfolio can be sold at a premium. PE funds are generally quite conservative on valuations since they are not typically incentivised to mark up asset values before they are sold.

Unlike PIN and some of the others, there has been no press coverage at all of ICGT's plans - feel they need to up their game on the PR front.

[skyship] 10/5/2024 12:40

1968 - PIN finally did the right thing - though done with buybacks rather than dividends. I cursed them for not rewarding shareholders - finally they have done so.

ICGT & HVPE still less so...

[skyship] 08/5/2024 12:24

Actually, better still they should take a leaf from APAX and pay out a %age of NAV annually. 3% would deliver 57.3p for a yield of 4.8%.

Compare that mere 3% with the long term growth rate of 12%+ pa

Is management just protecting their fees, in the same way as HVPE?

[cousinit] 08/5/2024 11:08

They obviously know there is an overhang so it seems like an invitation to motivated sellers to pick up the phone.

I suspect the dividend would be nudged up if the discount closes.

[skyship] 08/5/2024 11:03

Personally feel they should raise the dividend rather than making more buybacks. The 2.7% yield too low.

[riverman77] 08/5/2024 09:17

New 'opportunistic' buyback announced alongside the existing long term buyback and dividends. Detail is somewhat buried in the report - you'd think they'd want to publicise this a bit more. New buyback is up to £25m, which appears to be in addition to the existing buyback (last year £13m) and the 33p dividend. If you add all this up it could equate to a 7.5% shareholder return at current share price.

Nav returns slightly soft over last year but seems to be a combination of fx, 50% fall in Chewy share price (now only 1.4% of portfolio) and the sale of some older underperforming assets at 15% discount. Underlying portfolio seems to be performing well with 14% EBITDA growth.

Overall think looks pretty good value on a 38% discount, having lagged some its peers recently. They're realising assets at a 29% premium to book value, so on that basis looks very cheap.