Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>ICGT recently hosted two webinars to answer questions submitted by Hardman & Co readers.</li><li>In Part 1, the manager discussed the trust’s approach to PE investing, and its positioning in uncertain times through its defensive growth strategy.</li><li>He also reviewed recent market challenges, the outlook for transaction activity/exit uplifts, AI opportunities and risks (including the impact on software).</li></ul>

ICGT recently hosted two webinars to answer questions submitted by Hardman & Co readers.In Part 1, the manager discussed the trust’s approach to PE investing, and its positioning in uncertain times through its defensive growth strategy.He also reviewed recent market challenges, the outlook for transaction activity/exit uplifts, AI opportunities and risks (including the impact on software).

ICG Enterprise Trust plc - Investor questions answered and 1HFY’27 results

<ul>
<li>Our October monthly article, written by analyst Nigel Hawkins, examines the outlook for the UK housebuilding sector, from the Government’s challenging target of building 1.5 million new homes to rising inflation and interest rates, which could weigh on mortgage demand.</li>
<li>The article also considers the sector’s financial strength, recent share price performance and the potential impact of new measures aimed at supporting first-time buyers.</li>
<li>Download to read the article and the October Monthly.</li>
</ul>


Our October monthly article, written by analyst Nigel Hawkins, examines the outlook for the UK housebuilding sector, from the Government’s challenging target of building 1.5 million new homes to rising inflation and interest rates, which could weigh on mortgage demand.
The article also considers the sector’s financial strength, recent share price performance and the potential impact of new measures aimed at supporting first-time buyers.
Download to read the article and the October Monthly.


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>ICGT offers a unique, diversified exposure to a portfolio of unquoted companies, managed by the globally recognized alternative asset manager, Intermediate Capital Group (ICG).</li>
  <li>The Trust's shares trade at a significant and persistent discount to its Net Asset Value (NAV), which represents a potentially attractive entry point for long-term investors, a view supported by external analysts.</li>
  <li>A strong track record of dividend growth, coupled with a defensive growth investment strategy focused on profitable, cash-generative businesses, provides a combination of income and potential for long-term capital appreciation.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  ICGT offers a unique, diversified exposure to a portfolio of unquoted companies, managed by the globally recognized alternative asset manager, Intermediate Capital Group (ICG).
  The Trust's shares trade at a significant and persistent discount to its Net Asset Value (NAV), which represents a potentially attractive entry point for long-term investors, a view supported by external analysts.
  A strong track record of dividend growth, coupled with a defensive growth investment strategy focused on profitable, cash-generative businesses, provides a combination of income and potential for long-term capital appreciation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: ICG Enterprise Trust plc (ICGT LN) - Aug 2026

<ul><li>As expected, ICGT’s results to end-January 2026 showed the benefit of its defensive growth strategy focusing on high-quality companies, which i) attracts through-cycle interest from buyers, ii) saw good operating company EBITDA and revenue growth, and iii) meant software exposure is modest in size and focused in areas that may benefit from AI adoption.</li><li>Multiple market dynamics are structurally favourable to further exits, and while there may be quarterly noise around global uncertainties, medium-term realisations look good.</li><li>The discount appears anomalous with its performance, a conservative NAV and the outlook.</li></ul>

As expected, ICGT’s results to end-January 2026 showed the benefit of its defensive growth strategy focusing on high-quality companies, which i) attracts through-cycle interest from buyers, ii) saw good operating company EBITDA and revenue growth, and iii) meant software exposure is modest in size and focused in areas that may benefit from AI adoption.Multiple market dynamics are structurally favourable to further exits, and while there may be quarterly noise around global uncertainties, medium-term realisations look good.The discount appears anomalous with its performance, a conservative NAV and the outlook.

ICG Enterprise Trust plc - FY’26 results: look to future realisations

<ul><li>Key messages from ICGT’s 2026 shareholder seminar were i) robust 2025 portfolio performance with double-digit EBITDA growth and strong realisation activity, ii) proactive management, inter alia, of the origination network, co-investments, secondary sales, buybacks and dividends, iii) a strong balance sheet with low debt and significant available liquidity, and iv) well positioned for future growth with good diversification.</li><li>The presentation also covered the benefit of having ICG as the manager.</li><li>ICGT gives investors a unique portfolio of private companies, which have delivered superior long-term growth compared with public markets.</li></ul>

Key messages from ICGT’s 2026 shareholder seminar were i) robust 2025 portfolio performance with double-digit EBITDA growth and strong realisation activity, ii) proactive management, inter alia, of the origination network, co-investments, secondary sales, buybacks and dividends, iii) a strong balance sheet with low debt and significant available liquidity, and iv) well positioned for future growth with good diversification.The presentation also covered the benefit of having ICG as the manager.ICGT gives investors a unique portfolio of private companies, which have delivered superior long-term growth compared with public markets.

ICG Enterprise Trust plc: Shareholder seminar 2026: resilience and growth

United Kingdom

ICG Graphite Enterprise Trust plc is an investment trust incorporated in the United Kingdom with a diversified portfolio of equity assets. The aim of the Fund is to provide shareholders with long-term capital growth through investment in unquoted companies, mainly through specialist funds but also directly.

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ICG Enterprise Trust plc (ICGT LN)

ICG Enterprise Trust plc - Investor questions answered and 1HFY’27 results

ICGT recently hosted two webinars to answer questions submitted by Hardman & Co readers. In Part 1, the manager discussed the trust’s approach...

Hardman & Co

Hardman & Co Monthly: October 2026b

The article also considers the sector’s financial strength, recent share price performance and the potential impact of new measures aimed at...

Hardman & Co

Primer: ICG Enterprise Trust plc (ICGT LN) - Aug 2026

ICGT offers a unique, diversified exposure to a portfolio of unquoted companies, managed by the globally recognized alternative asset manager,...

αSK Primers

ICG Enterprise Trust plc - FY’26 results: look to future realisations

As expected, ICGT’s results to end-January 2026 showed the benefit of its defensive growth strategy focusing on high-quality companies, which i)...

Hardman & Co

ICG Enterprise Trust plc: Shareholder seminar 2026: resilience and growth

Key messages from ICGT’s 2026 shareholder seminar were i) robust 2025 portfolio performance with double-digit EBITDA growth and strong realisation...

Hardman & Co

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)