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.

Thematic (Sector/Industry)

<ul>
<li>The fundraising journey of companies has changed dramatically in the past 25 years.</li>
<li>The beginning, typically, still involves family and friends and, perhaps, a friendly bank manager.</li>
<li>The end remains much the same, too</li>
</ul>


The fundraising journey of companies has changed dramatically in the past 25 years.
The beginning, typically, still involves family and friends and, perhaps, a friendly bank manager.
The end remains much the same, too


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>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.


<ul>
<li>Stormy times at present – a sunnier outlook?</li>
<li>Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).</li>
<li>Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.</li>
</ul>


Stormy times at present – a sunnier outlook?
Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).
Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.


<ul>
<li>This month’s feature article is the Hardman &amp; Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman &amp; Co.</li>
<li>The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li>
<li>Many of the 49 constituents of the index are high-risk, with micro-capitalisations and a long way from commercial success and profitability.</li>
</ul>


This month’s feature article is the Hardman &amp; Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman &amp; Co.
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.
Many of the 49 constituents of the index are high-risk, with micro-capitalisations and a long way from commercial success and profitability.


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)

Hardman & Co Monthly: August 2026

It is now exactly 10 years since Hardman & Co published The Gifford Report: Two questions every growth company management should ask themselves.

Hardman & Co

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

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

The Monthly: February 2026

Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory...

Hardman & Co

Hardman & Co Monthly: January 2026

This month’s feature article is the Hardman & Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman & Co.

Hardman & Co

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