Investment research on quoted companies and funds

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>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