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Hardman & Co

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.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

ICG Enterprise Trust plc / Equity Bottom-Up

<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