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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>The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.</li><li>Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment.</li><li>New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit.</li></ul>

The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment.New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit.

ICG Enterprise Trust plc (ICGT): Mid-teens EBITDA growth and long-term returns

<ul><li>Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future.</li><li> So, are we now facing a real risk of the UK economy stagnating due to lack of funding?</li><li>If that is the case, who is going to take the initiative and avert such a crisis?</li></ul>

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future. So, are we now facing a real risk of the UK economy stagnating due to lack of funding?If that is the case, who is going to take the initiative and avert such a crisis?

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

<ul><li>The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.</li><li>Margins have widened by ca.4% (average revenue growth 11%), which should help allay some concerns over the impact of the challenging environment.</li><li>New investment is accelerating, and realisation activity continued with an average 19% uplift to carrying values on exit.</li></ul>

The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.Margins have widened by ca.4% (average revenue growth 11%), which should help allay some concerns over the impact of the challenging environment.New investment is accelerating, and realisation activity continued with an average 19% uplift to carrying values on exit.

ICG Enterprise Trust plc (ICGT): Investing in resilience, delivering growth

<ul><li>In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note 'FY’24: portfolio companies performing strongly').</li><li>We have in previous notes highlighted how ICGT’s defensive growth strategy in practice differentiates itself from peers (see Appendix 1) and the capital allocation policy is also a differentiator.</li><li>ICGT’s approach rewards investors with immediate income through a progressive dividend, long-term compounding capital growth through new PE investments, ongoing NAV accretion through a long-term buyback programme and further NAV accretion with an opportunistic buyback programme when the discount is high.</li></ul>

In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note 'FY’24: portfolio companies performing strongly').We have in previous notes highlighted how ICGT’s defensive growth strategy in practice differentiates itself from peers (see Appendix 1) and the capital allocation policy is also a differentiator.ICGT’s approach rewards investors with immediate income through a progressive dividend, long-term compounding capital growth through new PE investments, ongoing NAV accretion through a long-term buyback programme and further NAV accretion with an opportunistic buyback programme when the discount is high.

ICG Enterprise Trust plc (ICGT): Unique approach to capital allocation

Thematic (Sector/Industry)

<ul>
<li>Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.</li>
<li>Today, the transformation of the global food system represents one such structural force.</li>
<li>As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.</li>
</ul>


Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.
Today, the transformation of the global food system represents one such structural force.
As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.


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 (ICGT): Mid-teens EBITDA growth and long-term returns

The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15%...

Hardman & Co

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their...

Hardman & Co

ICG Enterprise Trust plc (ICGT): Investing in resilience, delivering growth

The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM...

Hardman & Co

ICG Enterprise Trust plc (ICGT): Unique approach to capital allocation

In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024...

Hardman & Co

Hardman & Co Monthly: November 2025

Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for...

Hardman & Co

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