Intermediate Capital Share Discussion Threads

[simon gordon] 03/8/2009 10:31

GOLDMAN
Target Price (six months) = 260p

NUMIS
Target Price = 300p

[its the oxman] 03/8/2009 10:29

hopefully some of those shorts sellers will be feeling the pain - 215p now

[its the oxman] 28/7/2009 14:56

thanks - feels more like a sell note looking at the price though

[gre] 28/7/2009 10:15

The buy note was written by Erin Archer, analyst at Goldman Sachs. According to the Telegraph he wrote: "Having cleaned up its balance sheet and strengthened its capital position, we believe ICG is now well positioned to take share and grow, as private equity begins to refinance existing investments and starts looking for new opportunities."

One of the other papers reported his target price on Friday but I can't find the details at the moment.

[its the oxman] 27/7/2009 10:23

any detail on that note and target price please - thanks

[gre] 26/7/2009 14:56

Hi VK74,

Dealings in the new ordinary shares (following the rights issue) commenced on Tuesday - hence the apparent "drop" in the price. The new shares are being issued at a substantial discount to existing holders that is why it looked rather dramatic.

There has also been some good news this week - Goldman Sachs issued a buy note with an ambitious target price on Thursday. Hopefully all the hedge funds who are shorting the shares at the moment will get their fingers well and truly burnt on this one.

[vk74] 24/7/2009 14:07

hello, does anyone know what happened and it dropped 3-4 days ago, was it bad news?

[nobee] 23/7/2009 12:07

The share is relatively cheap but risky and highly geared. Until the latest crisis the company had an excellent record, especially for growing the dividend. It is potentially a great recovery stock which I reckon worth buying and holding for, say, two years. I hold it and have subscribed to the current rights offer. It will use the money to buy cheap debt, where sources of funding have otherwise dried up.

[kingsey] 22/7/2009 12:00

Can anyone please comment whether or not to buy at this prices of today for little pocket money

[nobee] 22/7/2009 11:10

Final date for payment for rights is 4/08/09. The shares started to trade adjusted for the rights yesterday, hence "artificial" fall. Today, the nil paid rights are trading at about 73p, and the ord shares about 194p (194-73=121, the subscription price.)
nobee

[gdasinv2] 21/7/2009 14:57

Whh 60% fall ? When is the last date for listing rights of issue? i.e 7 for 2. Any comments for prospectus of this company

[sandbank] 29/6/2009 10:18

SIMON: ICG - Well there's a co-incidence. I've just bought some of these.

[simon gordon] 23/6/2009 12:00

FT - 3/6/09:

ICG debt moves reassure investors
By Martin Arnold, Private Equity Correspondent

Intermediate Capital Group, the mezzanine debt specialist, reported its first loss for 20 years as it increased provisions for defaults in anticipation of more company failures and lower recovery levels for lenders.

But the group relieved investors by saying it had secured more breathing room on its debt by rescheduling the repayment of about a quarter of its £450m bank facility by two years until 2013.

Shares in ICG rose 99¾p, or 22 per cent, to close at 560p yesterday, their highest since January.

Tom Attwood, chief executive, said ICG had taken a prudent level of net provisions, which reached £273m, against only £46m the previous year.

Only £103m of the provisions were for loans that defaulted, the rest were in anticipation of defaults.

ICG's assets under management still rose 16 per cent to £8.5bn, thanks to currency gains and about €1bn (€863m) of fresh fundraising.

Its pre-tax loss widened to £66.7m, compared with a profit of £229.5m last time. The loss attributable to shareholders was £73.2m, making a loss per share of 84.8p, against a profit per share of 213.4p.

The board proposed a final dividend of 20½p per share. This made a total of 41p for the year, down 37 per cent on the prior year.

* FT Comment

Mezzanine groups, providing finance that ranks between bank debt and equity, had been expected to be one of the winners from the credit crisis as private equity groups turned to their more expensive financing in the absence of bank debt. However, the downturn hit the performance of many companies to which "mezz" groups lent money, making them more likely to default and leaving groups such as ICG out of pocket. While talks continue to reschedule ICG's £450m bank facility beyond its 2011 maturity, the fact that a quarter of this has already been pushed out by two years is good news. So are assurances that it still has plenty of headroom in its debt covenants. In a market where almost everyone who provided debt for private equity deals during the credit bubble has been blown away, ICG looks a likely survivor. If the mezzanine market recovers, it should emerge stronger than ever.

[knockers2] 04/6/2009 09:11

price target raised

[its the oxman] 02/6/2009 09:37

bought more 450p - and whoosh now over 500p - nice so far anyway

[its the oxman] 02/6/2009 08:37

results could have been a lot worse - div 41p and considered sustainable - and still attracting money - just have to wait for things to pick up over the next few years. long way back to 2000p though.

[fxdealer3] 19/4/2009 13:48

Anyone know the level of % shorts on ICP now ?


Could you explain how i find on advfn this information .

Thanks in advance .

FX

[nod] 17/4/2009 10:06

so what's the story here?

this caught my eye because it appears on the advfn leader board of the most consistent gainers

150% rise from the low point around 10 March - puts this in the exclusive club

very positive trading update on 7 April - gave the impression that they are in a good position to make acuisitions in these difficult times. However, they don't appear to have made a single investment in 2009 and few in 2008

[pelleeds1980] 23/3/2009 08:48

i see finspreads have asked for 30% margin on this now not 15% due to 'market conditions'

[pelleeds1980] 20/3/2009 09:09

Got this on a spreadbet at the minute looks good so far

[raxzi] 19/3/2009 14:56

Seem to remember Credit Suisse had an upgrade on them but that wouldn't have accounted for all of this week's large rise. The 2007 report showed a loan to Springer but it also had them in the list of repayments/prepayments made so the current position/amount outstanding isn't clear.

[pvb] 19/3/2009 12:17

And again today.

ICP holds Springer as well as Gala Coral, at least it did at last AR. Both written down by Candover.

[pvb] 16/3/2009 17:44

I've since seen that Candover had ~12% of its assets in Ferretti which has been written down to zero. ICG doesn't seem to have any holding.

Big rise indeed, nearly 25%. I wish I knew what was going on!

[raxzi] 16/3/2009 14:41

pvb
Not much help but they apparently made loan/investment of 49m in 2003 and have people on the board. Don't know what value it's carried at but perhaps it's part of the 13% exposure they said they were looking into earlier in the year. Big rise today.

[pvb] 16/3/2009 11:01

I see (FT) Candover is in deep trouble, one of its 'problems' being Gala Coral. This is also held by ICG. I don't know what proportion of Candover's portfolio it was.