Icg Enterprise Share Discussion Threads

[horseyphil] 05/2/2021 13:53

Surprised at the response to an excellent update. Looks like the lead manager was too as he bought more.
The quality of the portfolio has been transformed over the past 2 years, and reinforced by the recent secondary sale of part of the Graphite Capital holding.
The 31st Oct valuations used for Telos and Chewy compared to their much higher current prices would seem to guarantee a further rise in nav when the 31st Jan year end results are published.
I expected to see this closer to 1050p on these results, and still do.

[its the oxman] 04/2/2021 16:03

Added today, wide discount to nav should close but also encouraged by repositioning of portfolio toward high conviction ideas and US exposure. Suspect portfolio returns will strengthen and maybe an argument to be made for a narrowing of the discount going forward.

[its the oxman] 04/2/2021 09:17

By my reckoning 15% discount to nav is a tad over c.1050p so should climb higher yet.

[winsome] 04/2/2021 08:41

Yes, nice update. Glad I cam onboard at 930p last month. One to keep tucked away.

[its the oxman] 04/2/2021 08:31

Nice update. Should pop 1000p.

[18bt] 04/2/2021 07:37

Strong update for Q3 and notes further cash receipts since Qend, but no mention of Dr Martens. NAV at 31. is 1,242 and discount is still 15%.

[horseyphil] 29/1/2021 11:06

Wonder if it will benefit from the Dr Martens flotation? It's owned by the Permira V fund in which ICGT is invested. Never seen it referenced, but then I'd never seen any mention of Telos until that rns suddenly appeared when it IPO'd and added 33p to the nav.

[horseyphil] 28/1/2021 17:33

Hopefully it's signalling that next week's trading update is going to be positive.

[its the oxman] 28/1/2021 14:28

Not sure why icgt has chosen today to break up 20p above 950p when everything else is down, but this is not a complaint.

[horseyphil] 15/1/2021 08:22

Trading update on 04 Feb. Huge value being created by chewy and telos alone, with both hitting ath's again yesterday. Positive update should see this move towards and probably through 1000p. Will also top-up if it goes below 900p, but unlikely unless there's a big overall market decline.

[its the oxman] 05/1/2021 17:27

Chewy and telos still look strong, not sure why this is down, will certainly consider buying more if slips sub 900p

[its the oxman] 24/12/2020 11:59

Yes the new emphasis on upping the US exposure should pay off and arguably warrant a much narrower discount to nav. So looks placed to do well. Pound will be up or down at various times, can't see it having massive upside v the dollar but who knows with currency.

[horseyphil] 24/12/2020 11:04

Telos now over $30, so 50% up on 26 Nov RNS. Nice group of US-listed holdings. Management buys suggest they think it's undervalued. Can see a move towards 1000p happening soon, and could even move higher from there depending on the Oct NAV estimate. Will be a bit of a headwind from the rising £.

[its the oxman] 24/12/2020 08:56

Crept back over 900p this morning. Plenty more to go, not sure how much Ceridian they still hold but that's up also.

[horseyphil] 21/12/2020 16:15

The large holding in Chewy on the NYSE has doubled in price since ICGT reported its 31st July results, hitting another ath today. Telos shares have also appreciated substantially since the recent RNS, so the 2 in combination should have given the NAV a big uplift. That augurs well for a good increase in the NAV when they report the figures for October in January.

[its the oxman] 17/12/2020 16:20

Hvpe almost 2000p, icgt feels left behind b6 comparison , think we could move toward 1000p fairly quickly at some point.

[its the oxman] 27/11/2020 12:03

Pushing up, delayed response to nav news perhaps, be nice to run toward 1000p again.

[its the oxman] 26/11/2020 09:48

Positive update today giving a nice little boost to nav.

[rambutan2] 23/10/2020 19:45

Re recent interims:

[horseyphil] 15/10/2020 11:18

Yes, especially as sale prices suggest that they are fairly conservative in valuing the portfolio and very few holdings seem to have been badly impacted by the virus. Got to be a great buy if it dips below £8 again. Unlikely but could happen on thin volume. Encouraging to see insider purchases.

[deadly] 11/10/2020 19:06

Still on a huge discount. Strange how the market discounts so much great past performance, but good for current investors.

[deadly] 07/10/2020 18:11

Market likes the results:

-- NAV per share of 1,126.9p -- total return of -1.0%
-- Ahead of the FTSE All-Share, which returned -17.8% over the same
period
-- Portfolio began to recover in Q2, +3.2% total return versus -4.1%
in Q1
-- Diversified Portfolio alongside top-tier managers demonstrating
resilience in volatile markets
-- +0.1% Sterling return on the Portfolio; -3.6% local currency
return
-- +15% average LTM earnings growth from Top 30 underlying companies
which represents 47% of the Portfolio
-- This compares to -24% LTM EBITDA growth for the FTSE
All-Share

[rambutan2] 26/9/2020 03:14

Interview from yesterday:

[skyship] 17/9/2020 10:06

Interims to end Jul'20 due in c2weeks...

[deadly] 10/8/2020 14:57

It's getting a move on now at last.