We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Icg Enterprise Trust Plc | LSE:ICGT | London | Ordinary Share | GB0003292009 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6.00 | 0.50% | 1,214.00 | 1,206.00 | 1,210.00 | 1,210.00 | 1,204.00 | 1,208.00 | 45,034 | 16:35:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.95 | 815.18M |
Hot Features
Premium
TIDMICGT
23 January 2019
ICG Enterprise Trust plc
Quarterly Update
For the three months to 31 October 2018
Highlights
-- NAV per share of 1,046.2p; total return of 2.5% in the quarter and 10.8%
over the nine months
-- Continued strong performance across the portfolio
-- Portfolio remains highly cash generative; realisations at significant
uplifts to carrying value and cost
-- Selective investment into a number of compelling high conviction
investment opportunities
-- NAV and share price continue to outperform FTSE All-Share over one, three,
five and 10 years
Continued strong performance across the portfolio
-- Investment portfolio valued at GBP681.8m1
-- 3.4% portfolio return for the quarter; 3.0% on a constant currency
basis
-- 14.1% portfolio return for the nine months; 11.2% on a constant
currency basis
Portfolio remains highly cash generative
-- 15 full realisations in the quarter; GBP33.6m of proceeds received
-- Realisations at a 29% uplift2 to carrying value; 2.1x multiple of
cost
-- 49 full realisations in the nine months; GBP118.5m of proceeds
-- Realisations at a 30% uplift2 to carrying value; 2.3x multiple of
cost
Selective investment into a number of compelling high conviction
investment opportunities
-- High conviction investments (ICG directly controlled investments,
third-party co-investments and secondary investments) 44% of investment
portfolio
-- GBP38.3m of new investment in the quarter; GBP114.8m in the nine months
-- High conviction investments 38% of capital deployed in quarter;
53% in nine months
-- GBP11.8m secondary investment in Resolute Fund II (managed by The
Jordan Company) completed in the quarter
-- Focus remains on defensive growth, structural downside protection
and relative value
-- US exposure increased to 26% of the portfolio
-- GBP7.7m new primary commitment to US mid-market manager Five Arrows
Capital Partners in the quarter; GBP109.5m of commitments to seven funds
in the nine months
-- New relationship with Five Arrows, a European and US mid-market
private equity manager
Further realisations and strong investment pipeline of co-investments
and funds since quarter end
-- Further GBP43.1m of proceeds received since the quarter end3;
realisations continue at uplifts to carrying value
-- GBP34.8m of new investment, including $15m (GBP11.7m) co-investment in
IRI, a market leading provider of mission-critical data and predictive
analytics to consumer goods manufacturers, alongside New Mountain
-- $40m (GBP31.3m) committed to ICG Strategic Equity Fund III; also
committed $25.0m (GBP19.6m) alongside Strategic Equity team, backing the
spin-out of Standard Chartered's private equity team in Asia
-- GBP21.4m further fund commitments to two funds; Bowmark VI (GBP12.5m) and
EUR10m (GBP8.9m) commitment to Five Arrows Principal Investments III
Strong balance sheet
-- Closing net asset value of GBP724.6m; investment portfolio represents
94.1% of net asset value
-- Cash balance of GBP62.6m; uncalled commitments of GBP381.0m
- GBP167.3m total liquidity (including GBP104.7m undrawn bank facility)
Dividend
-- Third quarter dividend of 5p declared, taking dividends for the nine
months to 15p
-- Third quarter dividend will be paid on 1 March 2019
-- The ex-dividend date will be 7 February 2019 and the record date 8
February 2019
Board changes
Andrew Pomfret will not stand for re-election as a Director at the
Annual General Meeting of the Company to be held on 27 June 2019 and
will retire from the Board from that date, having served for over eight
years. Alastair Bruce will succeed Andrew Pomfret as Chairman of the
Audit Committee from 1 February 2019. These changes are part of the
Board's succession planning.
Consistent strong performance
The performance of the Company remains strong over the short, medium and
long term, with the NAV and share price outperforming the FTSE All-Share
Index over one, three, five and 10 years.
Performance
to 31 October
2018 3 months 9 months 1 year 3 years 5 years 10* years
------------- ---------- ----------- ----------- --------- --------- ----------
Net asset
value per
share +2.5% +10.8% +14.2% +59.3% +71.5% +136.1%
Share price -2.2% +3.2% +1.9% +44.9% +70.0% +180.2%
FTSE
All-Share
Index -7.2% -2.5% -1.5% +25.4% +30.5% +126.1%
* As the Company changed its year end in 2010, the
ten-year figures are for the 121 month period to 31
October 2018.
Emma Osborne, Head of Private Equity Fund Investments,
ICG, commented:
"The portfolio has continued to deliver strong returns
in the third quarter and remains highly cash generative.
Over the last few years, we have focused on companies
with strong defensive characteristics in sectors with
non-cyclical growth drivers and increased our weighting
to international markets. In an environment of rising
volatility and economic uncertainty, we believe our
focus on defensive growth and our flexible mandate
positions the portfolio well to weather uncertainty
and continue to generate value for shareholders."
Enquiries
Analyst / Investor enquiries: +44 (0) 20 3201 7700
Emma Osborne, Head of Private Equity Fund Investments,
ICG
Ian Stanlake, Finance and Investor Relations, ICG
Media:
Alicia Wyllie, Co-Head of Corporate Communications,
ICG: +44 (0) 20 3201 7994
Vikki Kosmalska, Associate Partner, Maitland: +44
(0) 20 7379 5151
Disclaimer
This report may contain forward looking statements.
These statements have been made by the Directors in
good faith based on the information available to them
up to the time of their approval of this report and
should be treated with caution due to the inherent
uncertainties, including both economic and business
risk factors, underlying such forward-looking information.
These written materials are not an offer of securities
for sale in the United States. Securities may not
be offered or sold in the United States absent registration
under the US Securities Act of 1933, as amended, or
an exemption therefrom. The issuer has not and does
not intend to register any securities under the US
Securities Act of 1933, as amended, and does not intend
to offer any securities to the public in the United
States. No money, securities or other consideration
from any person inside the United States is being
solicited and, if sent in response to the information
contained in these written materials, will not be
accepted. This report contains information which,
prior to this announcement, was inside information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise had
the largest investments by value at 31 October 2018. These investments
may be held directly or through funds, or in some cases in both ways.
The valuations are gross and are shown as a percentage of the total
investment Portfolio.
Year of Value as a %
Company Manager investment Country of Portfolio
------------------------------------------------------------ ------------- ----------- ------------ --------------
1 City & County Healthcare Group
Graphite
Provider of home care services Capital 2013 UK 3.5%
2 DomusVi+
Operator of retirement homes ICG 2017 France 3.2%
3 Minimax+
Supplier of fire protection systems and services ICG 2018 Germany 2.6%
4 Visma+
Provider of accounting software and accounting outsourcing 2014
services Cinven & ICG & 2017 Europe 2.5%
5 Roompot+
Operator and developer of holiday parks PAI Partners 2016 Netherlands 2.2%
6 Yudo+
Designer and manufacturer of hot runner systems ICG 2018 South Korea 2.2%
7 Ceridian+
Thomas H Lee
Provider of payroll and human capital software Partners 2007 USA 2.1%
8 Froneri+^
Manufacturer and distributor of ice cream products PAI Partners 2013 UK 2.0%
9 nGAGE
Graphite
Provider of recruitment services Capital 2014 UK 1.9%
10 System One+
Thomas H Lee
Provider of specialty workforce solutions Partners 2016 USA 1.8%
11 Education Personnel+^
Provider of temporary staff for the education sector ICG 2014 UK 1.8%
12 Gerflor^
Manufacturer of vinyl flooring ICG 2011 France 1.7%
13 Cambium^
Provider of educational solutions and services ICG 2016 USA 1.7%
14 Beck & Pollitzer
Provider of industrial machinery installation and Graphite
relocation Capital 2016 UK 1.7%
15 ICR Group
Provider of repair and maintenance services to the Graphite
energy industry Capital 2014 UK 1.5%
16 PetSmart+
Retailer of pet products and services BC Partners 2015 USA 1.5%
17 Skillsoft+
Provider of off the shelf e-learning content Charterhouse 2014 USA 1.3%
18 Frontier Medical+
Kester
Manufacturer of medical devices Capital 2013 UK 1.3%
19 Endeavor Schools+
Leeds Equity
Operator of schools Partners 2018 USA 1.2%
20 PSB Academy+
Provider of private tertiary education ICG 2018 Singapore 1.2%
21 YSC
Provider of leadership consulting and management assessment Graphite
services Capital 2017 UK 1.0%
22 New World Trading Company
Graphite
Operator of pub restaurants Capital 2016 UK 0.9%
23 U-POL^
Manufacturer and distributor of automotive refinishing Graphite
products Capital 2010 UK 0.9%
24 Cognito+
Graphite
Supplier of communications equipment, software & services Capital 2002 UK 0.8%
25 Abode Healthcare+
Tailwind
Provider of hospice and healthcare services Capital 2018 USA 0.8%
26 Compass Community
Provider of fostering services and children's residential Graphite
care Capital 2017 UK 0.8%
27 Random42
Graphite
Provider of medical animation and digital media services Capital 2017 UK 0.8%
28 Alerian^
Provider of data and investment products focused on
natural resources ICG 2018 USA 0.7%
29 David Lloyd Leisure+
Operator of premium health clubs TDR Capital 2013 UK 0.7%
30 LeafFilter
Provider of gutter protection solutions Gridiron 2016 USA 0.6%
------------------------------------------------------------ ------------- ---------------- --- --------
Total of the 30 largest underlying investments 46.9%
------------------------------------------------------------------------------------------------------ --------------
All or part of this investment is held directly as
a co-investment or other direct investment.
^ All or part of this investment was acquired as part
of a secondary purchase.
The 30 largest fund investments
The 30 largest funds by value at 31 October 2018 are:
Outstanding
Year of commitment
Fund commitment Country/ region Value GBPm GBPm
------------------ -------------- --------------- ---------------- -----------
1 Graphite Capital Partners VIII *
Mid-market buyouts 2013 UK 83.8 21.1
2 ICG Europe VI **
Mezzanine and
equity in
mid-market
buyouts 2015 Europe 22.9 3.3
BC European
3 Capital IX **
Large buyouts 2011 Europe/USA 19.6 0.6
4 CVC European Equity Partners VI
Large buyouts 2013 Europe/USA 15.2 2.3
5 ICG Strategic Secondaries Fund II
Secondary fund
restructurings 2016 Europe/USA 14.2 13.2
One Equity
6 Partners VI
Mid-market buyouts 2016 Europe/USA 14.0 0.5
7 PAI Europe VI
Mid-market and
large buyouts 2013 Europe 13.9 3.4
Thomas H Lee
8 Equity Fund VII
Mid-market and
large buyouts 2015 USA 12.8 4.3
Graphite Capital Partners VII * /
9 **
Mid-market buyouts 2007 UK 12.5 4.7
10 CVC European Equity Partners V **
Large buyouts 2008 Europe/USA 12.5 0.5
ICG Velocity Partners Co-Investor
11 **
Mid-market buyouts 2016 USA 11.8 0.9
12 Resolute II **
Mid-market buyouts 2018 USA 11.6 2.6
Activa Capital
13 Fund III
Mid-market buyouts 2013 France 11.4 3.9
Gridiron Capital
14 Fund III
Mid-market buyouts 2016 USA 11.1 3.6
15 IK VII
Mid-market buyouts 2013 Europe 10.5 0.4
Nordic Capital
16 Partners VIII
Mid-market and
large buyouts 2013 Europe 10.0 1.6
17 Permira V
Large buyouts 2013 Europe/USA 10.0 1.4
18 Fifth Cinven Fund
Large buyouts 2012 Europe 9.7 1.4
19 Advent Global Private Equity VIII
Large buyouts 2016 Europe/USA 9.7 4.7
ICG Asia Pacific
20 Fund III
Mezzanine 2016 Asia Pacific 8.8 4.8
Hollyport Secondary Opportunities
21 V
Tail-end secondary
portfolios 2015 Global 8.1 2.3
22 Deutsche Beteiligungs Fund VI
Mid-market buyouts 2012 Germany 7.9 1.0
23 TDR Capital III
Mid-market and
large buyouts 2013 Europe 7.3 3.1
Bowmark Capital
24 Partners IV
Mid-market buyouts 2007 UK 7.1 0
Egeria Private
25 Equity Fund IV
Mid-market buyouts 2012 Netherlands 7.1 1.0
ICG European Fund
26 2006 B **
Mezzanine and
equity in
mid-market
buyouts 2014 Europe 6.9 2.2
27 Silverfleet II
Mid-market buyouts 2014 Europe 6.9 5.8
28 Thomas H Lee Parallel Fund VI
Mid-market and
large buyouts 2007 USA 6.6 1.0
29 Sixth Cinven Fund
Large buyouts 2016 Europe 6.2 11.2
30 Charterhouse Capital Partners X
Large buyouts 2015 Europe 6.1 8.2
Total of the largest 30 fund
investments 396.2 115.0
Percentage of total investment
Portfolio 58.1%
---------------------------------- ------------------- -------- ----- -----------
* Includes the associated Top Up
funds.
** All or part of an interest acquired through a secondary
fund purchase.
Portfolio analysis
All balance sheet data is presented on a look-through basis to the
investment portfolio held by the Company, which is consistent with the
commentary in previous annual and interim reports
Investment category % of portfolio
------------------------------------ ----------------
High conviction portfolio
ICG 21.5 %
Third party co-investments 15.5%
Third party secondary investments 6.7%
Total High Conviction investments 43.7%
Third party funds' portfolio
Graphite Capital primary funds 14.4 %
Third party primary funds 41.9%
Total diversified fund investments 56.3%
------------------------------------ ----------------
Total 100.0%
------------------------------------ -----------
Portfolio by investment type % of value of underlying investments
---------------------------------- ----------- ----------------------------------------
Large buyouts 43.8%
Mid-market buyouts 48.4%
Small buyouts 4.6%
Other 3.2%
----------------------------------------------- ---------------------------- ---------
Total 100.0%
----------------------------------------------- ---------------------------- ---------
Portfolio by calendar year of investment % of value of underlying investments
----------------------------------------------- ----------------------------------------
2018 16.5%
2017 19.9%
2016 19.4%
2015 10.1%
2014 13.0%
2013 10.0%
2012 3.0%
2011 1.6%
2010 1.7%
2009 1.0%
2008 0.3%
2007 2.7%
2006 and before 0.8%
----------------------------------- ---------- ---------------------------- ---------
Total 100.0%
----------------------------------- ---------- ---------------------------- ---------
Portfolio by sector % of value of underlying investments
---------------------------- --------------------------------------
Healthcare and education 21.2%
Industrials 20.6%
Business services 15.2%
Consumer goods and services 15.4%
Leisure 9.0%
TMT 9.9%
Financials 5.4%
Other 3.3%
Total 100.0%
----------------------------- -------------------------- ---------
Portfolio by geographic distribution based on location
of Company headquarters % of value of underlying investments
UK 30.3%
North America 26.3%
Europe 38.8%
Rest of world 4.6%
---------------------------------------------------------- ---------------- ---------------------
Total 100.0%
---------------------------------------------------------- ---------------- ---------------------
Balance sheet information
The summary balance sheet at 31 October 2018 is set out below.
31 October 31 January
2018 2018
---------- ----------
GBPm % of net assets GBPm % of net assets
------------ ------------- ---------------- ------------- ----------------
Total
portfolio 681.8 94.1% 600.7 90.4%
Cash and
liquid
assets 62.6 8.6% 78.4 11.8%
Other net
current
liabilities (19.8) (2.7%) (14.8) (2.2)%
--------- ---------- --------- ----------
Net assets 724.6 100.0% 664.3 100.0%
Movement in the portfolio 9 months
GBPm 31 October 18
------------------------------------------------------ --- ---------------
Opening Portfolio* 600.7
Third-party funds portfolio drawdowns 53.6
High conviction investments -- ICG funds, secondary
investments and co-investments 61.2
-----------
Total new investment 114.8
Realisation Proceeds (118.5)
-----------
Net cash (inflow)/outflow (3.7)
Underlying Valuation Movement** 67.4
Currency movement 17.4
Closing Portfolio* 681.8
-----------
% underlying Portfolio growth (local currency) 11.2%
% currency movement 2.9%
-----------
% underlying Portfolio growth (Sterling) 14.1%
-----------
** 87% of the Portfolio is valued using 30 September
2018 (or later) valuations (31 Jan 18: 94%).
Movement in liquid assets
9 months
GBPm 31 October 18
---------------------------------------------------- ----------------
Additions(2) (115.2)
Cash proceeds generated by the portfolio (including
income) 118.5
-------------
Net cash generated by the investment portfolio 3.3
Non-investment cash flows (9.2)
Effect of changes in foreign exchange rates 1.2
-------------
Cash inflow before shareholder distributions (4.7)
-------------
Dividends paid to shareholders (11.1)
-------------
Net cash movement (15.8)
Opening cash and liquid assets 78.4
-------------
Closing cash and liquid assets 62.6
-------------
Additions cash figure for 9 months to 31 October includes GBP0.6m of
drawdowns paid which were accrued at the prior year-end
Uncalled commitment coverage
31 October
2018 31 January 2018
GBPm GBPm
----------------------------------- ------------ -----------------
Cash and liquid assets 62.6 78.4
Undrawn bank facility 104.8 104.0
----------------------------------- -------- ------------ ---
Total liquidity 167.4 182.4
Outstanding commitments 381.0 321.2
Less: Total liquidity (167.3) (182.4)
----------------------------------- -------- ------------
Over-commitment 213.7 138.8
Over-commitment as % of net assets 29.5% 20.9%
(1) 87% of the Portfolio is valued using 30 September 2018 (or later)
valuations.
(2) Uplift figure reflects private valuations only (i.e. excludes
publicly listed companies that were exited via sell downs of their
shares)
(3) As at 31 December 2018
(END) Dow Jones Newswires
January 23, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
1 Year Icg Enterprise Chart |
1 Month Icg Enterprise Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
