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>Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging.</li>
<li>The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue.</li>
<li>This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy.</li>
</ul>


Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging.
The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue.
This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy.


Equity Bottom-Up

ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth.</li><li>Despite challenging markets, margins have widened, which should help allay some concerns over the impact of the higher-rate environment.</li><li>Target returns are “broadly unchanged”.</li></ul>

The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth.Despite challenging markets, margins have widened, which should help allay some concerns over the impact of the higher-rate environment.Target returns are “broadly unchanged”.

ICG Enterprise Trust - FY’24: portfolio companies performing strongly

<ul>
<li>Feature article: Is silver the cheapest asset on the planet?</li>
<li>Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses.</li>
<li>It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer.</li>
</ul>


Feature article: Is silver the cheapest asset on the planet?
Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses.
It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer.


<ul>
<li>Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets.</li>
<li>The measurement of liquid asset availability to a market or company is a way of gauging a market’s health.</li>
<li>This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space.</li>
</ul>


Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets.
The measurement of liquid asset availability to a market or company is a way of gauging a market’s health.
This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space.


<ul>
<li>Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology.</li>
<li>Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport.</li>
<li>The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth.</li>
</ul>


Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology.
Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport.
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber 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)

The Hardman & Co Monthly: June 2024

Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very...

Hardman & Co

ICG Enterprise Trust - FY’24: portfolio companies performing strongly

The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA...

Hardman & Co

The Hardman & Co Monthly: May 2024

Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of...

Hardman & Co

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of...

Hardman & Co

The Hardman & Co Monthly: March 2024

Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based...

Hardman & Co

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