Searching out new a high, hopefully this bodes well but perhaps not so company specific as Partners Group and CVC also having a good run. |
4th February
Intermediate Capital Group invests in KronosNet for growth acceleration
"Investing.com -- Intermediate Capital Group (LON:ICGIN) Plc has poured new equity into KronosNet, a third-party business service provider, Bloomberg reported on Tuesday, citing a source.
The report also added that the cash injection amounted to €75 million ($77.4 million).
This financial boost is intended to expedite KronosNet's growth investments.
The majority of KronosNet’s debt is set to mature in October 2029, including a €305 million term loan A and an €870 million term loan B, according to Bloomberg data.
Additionally, it has a €175 million revolving credit facility available until April 2029."
Kronosnet are based in Madrid. www.kronosnet.com |
What is Intermediate Capital Group's forecast for 2025? According to the research reports of 4 Wall Street equities research analysts, the average twelve-month stock price forecast for Intermediate Capital Group is GBX 2,767.25, with a high forecast of GBX 3,036 and a low forecast of GBX 2,600. |
Thank you pvb |
I'll put the ICG News link in the header, Mirandaj. |
Interesting news appears here from time to time:
Also: |
Nice results |
 ICG plc
22 January 2025
Q3 update for the nine months ended 31 December 2024
$22bn raised in the last twelve months
Highlights
• Strong fundraising of $7.2bn in the quarter resulting in $22bn raised in the last twelve months, more than twice as much as raised in calendar 2023 and supporting long-term growth in client capital and management fees
• Client commitments included $1.8bn to Strategic Equity and $1.8bn to Europe IX. Europe IX expected to be activated and fee-earning by March 2025
• AUM of $107bn (+5.1% q-o-q1); fee-earning AUM of $71bn (+2.8% q-o-q1); AUM not yet earning fees of $20bn
• Investment environment remains in line with recent quarters
• Balance sheet investment portfolio during the quarter generated positive NIR in all asset classes and net cash realisations
• AAA ESG rating awarded by MSCI for the fourth consecutive year, membership of the Dow Jones • Sustainability Index (Europe) for the second consecutive year
• Shareholder seminar on ICG Strategic Equity to be held online on 5 March 2025 at 5pm GMT. Register here
• Sonia Baxendale joined the Board as a Non-Executive Director in January 20252 |
4*
Intermediate Capital Group reported another very strong quarter of AUM growth in today’s Q3 update for the nine months ended 31 December 2024. The Group posted strong fundraising of $7.2bn in the quarter resulting in $22bn raised in the last twelve months, more than twice as much as raised in calendar 2023 and supporting long-term growth in client capital and management fees. AUM were up to $107bn +5.1% q-o-q ...from WealthOracle
wealthoracle.co.uk/detailed-result-full/ICG/1163 |
Positive Q3 update today and share price back above 2200p. |
Ordinary dividend payment tomorrow - 10th January |
Thx riverman, agree with you. Continuing growth in aum and the fund management business is the most important thing. The headline eps may be unhelpful this year but market seems to be taking it its stride so far. |
Net Investment Returns are the returns from the balance sheet investments and will be lumpy (eg due to lower realisations). They will have been marked down for this year as it's obviously a quiet year. Really don't see this as a big deal, the underlying fund management earnings are what count and these are growing strongly. |
Eps forecasts seem to have taken a nosedive on stockopedia down from 170p ish to 147.5p. Attribute this to fall in nir but co seemed to say this was just technical. Almost suggesting it should be ignored. Any broker updates, experts or other views out there? Not entirely sure what to make of it. |
Extract from results,Net Investment ReturnsFor the five years to 30 September 2024, Net Investment Returns (NIR) have been in line with our medium-term guidance, averaging 11.4%. For the six months to 30 September 2024, NIR were £47.8m (H1 FY24: £159.4m), equating to an annualised rate of 3% (H1 FY24: 11%). |
Ox,
What is "NIR" thank you |
Quite a few NIR questions in management presentation, they say it's just a technical issue but could persist into next 6months. Being ultra conservative with no increase in any defaults. Also likely to reverse at some point. Excuse for some profit taking I guess but management remained very bullish on raising more aum , US remains big untapped market, so the business is only getting bigger / more profitable. Anyone got any broker revisions. |
Intermediate Capital Group total assets under management rose to $106bn at the end of its first half, it reported on Wednesday, as fee-earning assets under management were up 4% from 31 March The FTSE 100 company said it achieved $10bn in fundraising, marking its second-highest six-month fundraising performance, including significant client capital raises for SDP V and NACP III, both approximately 50% larger than previous vintages.Management fees increased 23% year-on-year to £287m, while performance fees grew 9% to £32m.The fund management company's profit before tax rose 21% to £196m, resulting in a 55.3% profit margin, reflecting ICG's focus on operational efficiency.Group operating expenses remained stable compared to the prior half-year, up 8% year-on-year to £197m.Investment momentum continued to build, with private debt returning to net deployment in the second quarter.Group profit before tax was £198m, down from £242m in the first half of the 2024 financial year, and earnings per share decreased to 57.6p from 71.5p.Despite the profit drop, ICG maintained its interim dividend, increasing slightly to 26.3p per share in line with policy."During the last six months we have reinforced our leading positions in flagship strategies and have significantly progressed a number of scaling strategies," said chief executive and investment officer, Benoît Durteste."We are reporting near-record levels of fundraising, increasing transaction activity, higher client numbers, and growth across almost all key financial metrics."Senior Debt Partners completed the largest ever direct lending fundraise in Europe at $17bn1, reinforcing ICG's position of strength and incumbency to capitalise on that market."Durteste said the company's structured capital, secondaries and real assets strategies - which accounted for around 55% of its fee-earning assets under management - were originating attractive opportunities and experienced higher levels of investment activity than recent periods."We have just hosted our annual LP gatherings in Europe, the US and Asia."ICG's differentiated client offering resonates strongly, founded upon our distinctive waterfront of products with top quartile performance and DPI in a number of strategies, supported by our continued platform investments."Benoît Durteste said that while uncertainty persisted in a number of areas, the firm was seeing that managers such as ICG could generate attractive returns and raise significant amounts of client capital."This is accelerating the development of a relatively small group of globally relevant, scaled private market managers, and gives us confidence as we look to our next $100bn and beyond."At 1012 GMT, shares in Intermediate Capital Group were down 5% at 2,128p. |
I thought the results looked relatively strong given the markets, although the poor PBT/EPS comparison stood out as disappointing. Market reaction first thing looked overdone though. |
Yes probably is an opportunity. Bet interesting to listen to presentation and see where forecasts go though. |
Underlying profits in the fund management business strong - this is what counts. The profits from their balance sheet investments are always lumpy. We know realisations are currently subdued across the private equity industry, so not really a concern for me. I'm actually hoping it falls a bit more so I can top up. |
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