Declared Dividend • May 24
Final dividend increased to UK£0.59 Dividend of UK£0.59 is 4.6% higher than last year. Ex-date: 11th June 2026 Payment date: 31st July 2026 Dividend yield will be 4.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 22
Full year 2026 earnings released: EPS: UK£1.67 (vs UK£1.57 in FY 2025) Full year 2026 results: EPS: UK£1.67 (up from UK£1.57 in FY 2025). Revenue: UK£977.5m (up 6.1% from FY 2025). Net income: UK£478.4m (up 6.0% from FY 2025). Profit margin: 49% (in line with FY 2025). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • May 22
Icg plc Proposes Final Dividend for the Year 31 March 2026, Payable on 31 July 2026 ICG plc has proposed a final dividend of 59.3p per share for the year 31 March 2026 which, combined with the interim dividend of 27.7p per share, results in total dividends of 87p (FY25: 83p). Both Ordinary Shares and Ordinary Non-Voting Shares are entitled to this dividend. Ex-dividend date is 11 June 2026. Record date is 12 June 2026. Last date to elect for dividend reinvestment is 10 July 2026. Payment of ordinary dividend is 31 July 2026. This marks the 16th consecutive year of growth in the ordinary dividend per share, which over that time has grown at an annualised rate of 11%. Announcement • May 21
ICG plc to Report First Half, 2027 Results on Nov 11, 2026 ICG plc announced that they will report first half, 2027 results on Nov 11, 2026 Announcement • May 02
ICG plc Announces Step Down of Andrew Sykes from the Board, Effective end of March 2027 ICG plc announced that Andrew Sykes will stand down from the Board of ICG plc at the end of March 2027, having completed a nine-year tenure. Announcement • Apr 24
ICG plc (LSE:ICG), José Paulo Duarte, António Paulo Duarte and Gustavo Paulo Duarte signed a letter of intent to acquire Transportes Paulo Duarte, Lda. from Paulo Duarte Group. ICG plc (LSE:ICG), José Paulo Duarte, António Paulo Duarte and Gustavo Paulo Duarte signed a letter of intent to acquire Transportes Paulo Duarte, Lda. from Paulo Duarte Group on April 17, 2026.
The transaction is subject to subject to antitrust regulations. Announcement • Mar 11
ICG plc, Annual General Meeting, Jul 15, 2026 ICG plc, Annual General Meeting, Jul 15, 2026. Announcement • Mar 10
ICG plc Announces Board Changes The Board of ICG announced that Jonathon Bond has been appointed as an Independent Non-Executive Director of the Company. He will join the Board on 1 April 2026 and will also serve as a member of the Remuneration Committee. Further, as part of ongoing succession planning in respect of Board membership, Stephen Welton and Rosemary Leith will retire from the Board of the Company with effect from the Annual General Meeting to be held on 15 July 2026. Jonathon Bond was Chief Investment Officer at Grosvenor from 2021 to 2025, where he was responsible for the capital invested in Grosvenor’s commercial and investment activities and for its performance. Since late 2025, he has been Executive Chairman of Grosvenor's Financial Investment Committee. He has previously held several non-executive director positions, including as Senior Independent Director at Jupiter Fund Management plc and Non-Executive Director at Scottish Widows, Standard Life Private Equity Trust plc and Camellia plc. Jonathon spent over twenty-five years in the alternative investment industry in the UK, Europe and Asia. Jonathon was a founding Partner of Actis LLP, the growth market investor in sustainable infrastructure and private equity. Earlier in his career, he worked as a founding Director of HSBC Private Equity in India and held senior positions at Electra Private Equity Partners and Bain & Company. He was also Executive Chairman of Scandinavian family office Skagen Group from 2013 to 2019 . Retirement of Stephen Welton and Rosemary Leith. As part of the ongoing succession planning in respect of the Company’s Non-Executive Directors, Stephen Welton and Rosemary Leith will retire from the Board of the Company with effect from the Annual General Meeting to be held on 15 July 2026. Stephen will retire in his ninth year of service in order to comply with the Corporate Governance Code, while Rosemary will retire in her sixth year of service due to the time requirements of a range of other commitments. Sonia Baxendale, who joined the Board of the Company in January 2025, will become Chair of the Risk Committee in succession to Rosemary Leith. Announcement • Feb 20
ICG plc Announces Appointment of Vincent Mortier as Non-Executive Director and Member of the Nominations and Governance Committee ICG plc announced that Vincent Mortier has been appointed as a Non-Executive Director of the Company with effect from March 31, 2026. He will join the Board as the Amundi nominee director and will also serve as a member of the Nominations and Governance Committee. Vincent is a member of the Amundi Global Management and Executive Committees. He has been Group Chief Investment Officer of Amundi since 2022, before which he was the Group Deputy CIO from 2015. Prior to Amundi he worked at Societe Generale, holding several senior roles including Chief Financial Officer of the Global Banking and Investor Solutions division. Announcement • Jan 21
ICG plc to Report Fiscal Year 2026 Results on May 21, 2026 ICG plc announced that they will report fiscal year 2026 results on May 21, 2026 Announcement • Jan 07
ICG plc (LSE:ICG) entered into an agreement to acquire an unknown minority stake in Navarino Single Member S.A. from Viasat, Inc. (NasdaqGS:VSAT). ICG plc (LSE:ICG) entered into an agreement to acquire an unknown minority stake in Navarino Single Member S.A. from Viasat, Inc. (NasdaqGS:VSAT) on January 5, 2026. As part of the transaction, Navarino’s founders, Dimitris Tsikopoulus and Panos Tsikopoulos, will reinvest in the business, while existing investor Viasat will exit. ICG will collaborate closely with Dimitris Tsikopoulus and Panos Tsikopoulos, who will retain control of the company.
The transaction is subject to regulatory approvals. The transaction is expected to close by the end of March 2026.
Domius Capital Advisors LLP acted as financial advisor to Navarino Single Member S.A. Jordan Simpson and James McClymont of Milbank LLP acted as legal advisor to ICG plc (LSE:ICG). Announcement • Nov 26
S&P Global Inc. (NYSE:SPGI) completed the acquisition of With Intelligence Limited from Motive Capital Management, LLC, ICG plc (LSE:ICG), management of With Intelligence Limited. S&P Global Inc. (NYSE:SPGI) entered into an agreement to acquire With Intelligence Limited from Motive Capital Management, LLC, ICG plc (LSE:ICG), management of With Intelligence Limited for $1.8 billion on October 15, 2025. As a part of acquisition, With Intelligence is expected to be integrated into Market Intelligence segment.
With Intelligence is expected to generate ~$130 million in revenue and annual contract value growth in the high teens.
The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals. The transaction is expected to close in 2025, or early 2026. The acquisition is expected to be slightly dilutive to S&P Global's GAAP diluted EPS and accretive to adjusted diluted EPS in 2027.
Melissa Fogarty and Dominic Ross of Clifford Chance is acting as legal advisor to S&P Global. Citi is acting as lead financial advisor to S&P Global. Jefferies also served as a financial advisor to S&P Global. Kelly M. McMullon, Daniella Abel, Barry Newman, Mary Wilks, Liam Arthur and Richard Bull of Proskauer acting as legal advisors to With Intelligence. Alfie Rowland, Katie Braddell and Phil Hails-Smith of Joelson is acting as legal advisors to With Intelligence, and Centerview Partners is acting as financial advisor to With Intelligence. Richard Fetterman, Simon Cope-Thompson and Joe Barnett of Rothschild & Co acted as financial advisor to Charlie Kerr, the founder of With Intelligence.
S&P Global Inc. (NYSE:SPGI) completed the acquisition of With Intelligence Limited from Motive Capital Management, LLC, ICG plc (LSE:ICG), management of With Intelligence Limited on November 25, 2025. Announcement • Nov 19
ICG plc Declares Interim Dividend for the Six Months Ended 30 September 2025, Payable on 9 January 2026 ICG plc Board declared an interim dividend of 27.7 pence per share for the six months ended 30 September 2025(H1 FY25: 26.3 pence per share).Ex-dividend date is 4 December 2025 and Record date is 5 December 2025. The payment date is 9 January 2026. Announcement • Nov 04
ICG plc Appoints Robin Lawther to Committee's, Effective 1 November 2025 ICG plc announced that Further to the announcement on 26 February 2025, the Company confirm that Robin Lawther joined the Board on 1 November 2025. Robin will join the Nominations and Governance Committee and Remuneration Committee. Announcement • Oct 15
S&P Global Inc. (NYSE:SPGI) entered into an agreement to acquire With Intelligence Limited from Motive Capital Management, LLC, ICG plc (LSE:ICG), management of With Intelligence Limited for $1.8 billion. S&P Global Inc. (NYSE:SPGI) entered into an agreement to acquire With Intelligence Limited from Motive Capital Management, LLC, ICG plc (LSE:ICG), management of With Intelligence Limited for $1.8 billion on October 15, 2025. The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals. The transaction is expected to close in 2025, or early 2026. The acquisition is expected to be slightly dilutive to S&P Global's GAAP diluted EPS and accretive to adjusted diluted EPS in 2027.
Clifford Chance is acting as legal advisor to S&P Global. Citi is acting as lead financial advisor to S&P Global. Jefferies also served as a financial advisor to S&P Global. Proskauer and Joelson are acting as legal advisors to With Intelligence, and Centerview Partners is acting as financial advisor to With Intelligence. Announcement • Aug 04
ICG plc and the management of Excellera Advisory Group agreed to acquire an unknown minority stake in Excellera Advisory Group from Xenon Private Equity S.A. and management of Excellera Advisory Group ICG plc and the management of Excellera Advisory Group agreed to acquire an unknown minority stake in Excellera Advisory Group from Xenon Private Equity S.A. and management of Excellera Advisory Group on August 2, 2025. The transaction will see the formation of a Strategic Committee, an advisory board with strategic functions, which will support the Excellera Advisory Group in its development, positioning, and decisions on international consolidation. The committee will be chaired by Auro Palomba and will include Paolo Zanetto, Roberto Patriarca, Francesco Canessa and Davide Contu from ICG, in addition to other imminent appointments. The committee will be tasked with assisting management in the growth journey and defining global priorities.
Paolo Zanetto is confirmed as the Group CEO, in a board that also includes Francesco Canessa, Davide Contu, Claudia Pomposo and Federico Steiner. The Chairman will be appointed in the coming months.
Gatti Pavesi Bianchi Studio Legale Associato acted as legal advisor for Excellera Advisory Group. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Excellera Advisory Group. Eversheds Sutherland Associazione Professionale acted as legal advisor for Excellera Advisory Group. Cattaneo Dall'Olio Rho & Partners - Tax Legal acted as legal advisor for Excellera Advisory Group. Rothschild S.p.A. acted as financial advisor for Excellera Advisory Group. Deloitte Financial Advisory Services S.p.A. acted as financial advisor for Excellera Advisory Group. ALMA Corporate Partners acted as financial advisor for Excellera Advisory Group. Bain & Company Holdings Limited acted as financial advisor for ICG plc. Alvarez & Marsal Europe Limited acted as financial advisor for ICG plc. Fineurop Soditic S.p.A. acted as financial advisor for ICG plc. PedersoliGattai acted as legal advisor for ICG plc. Announcement • May 22
Intermediate Capital Group plc, Annual General Meeting, Jul 16, 2025 Intermediate Capital Group plc, Annual General Meeting, Jul 16, 2025. Announcement • May 21
Intermediate Capital Group plc to Report First Half, 2026 Results on Nov 13, 2025 Intermediate Capital Group plc announced that they will report first half, 2026 results on Nov 13, 2025 Announcement • Apr 01
Krefeld Invest and Intermediate Capital Group plc (LSE:ICG) completed the acquisition of Groupe Climater SAS from Sagard SAS and Cobepa S.A. Krefeld Invest and Intermediate Capital Group plc (LSE:ICG) signed a letter of intent to acquire Groupe Climater SAS from Sagard SAS and Cobepa S.A. on January 9, 2025. The transaction is subject to approval form European Commission competition authority. As of February 4, 2025, The transaction is The European Commission has approved. Xavier Houard, Florence Lachman of KPMG S.A. acted as accountant for Intermediate Capital Group plc and Krefeld Invest. Florence Olivier, Bénédicte Pérez of KPMG Meijburg & Co acted as legal advisor for Intermediate Capital Group plc and Krefeld Invest. Vincent Delmas, Boris Gueudin of KPMG Corporate Finance France acted as financial due diligence advisor for Intermediate Capital Group plc and Krefeld Invest.
Krefeld Invest and Intermediate Capital Group plc (LSE:ICG) completed the acquisition of Groupe Climater SAS from Sagard SAS and Cobepa S.A. in March 2025. Announcement • Mar 25
Ardian SAS reached an agreement to acquire Akuo Energy SAS from Intermediate Capital Group plc (LSE:ICG). Ardian SAS reached an agreement to acquire Akuo Energy SAS from Intermediate Capital Group plc (LSE:ICG) on March 24, 2025. The transaction remains subject to the legal information and consultation process towards the relevant employee representative bodies, and to the authorization of the relevant regulatory authorities. Announcement • Feb 26
Intermediate Capital Group plc Appoints Robin Lawther as Non-Executive Director, Effective 1 November 2025 The Board of Intermediate Capital Group plc announced that Robin Lawther has been appointed as a Non-Executive Director of the Company. She will join the Board on 1 November 2025. Robin holds a number of current roles, including as an Independent Non-Executive Director at Standard Chartered PLC, an Independent Non-Executive Director at Ashurst LLP, and a Global Advisory Board Member at Aon PLC. She spent over 20 years at JPMorgan Chase in a number of senior roles in Investment Banking in both North America and Europe and has significant executive and non-executive experience as well as entrepreneurial activity with earlier stage private investments. Announcement • Jan 23
Intermediate Capital Group plc to Report Fiscal Year 2025 Results on May 21, 2025 Intermediate Capital Group plc announced that they will report fiscal year 2025 results on May 21, 2025 Announcement • Dec 04
Intermediate Capital Group plc (LSE:ICG), LDC (Managers) Limited, founding Chairman Stuart Pender and management of Chianti Holdings Limited acquired Chianti Holdings Limited from LDC (Managers) Limited. Intermediate Capital Group plc (LSE:ICG), LDC (Managers) Limited, founding Chairman Stuart Pender and management of Chianti Holdings Limited acquired Chianti Holdings Limited from LDC (Managers) Limited on December 2, 2024. The transaction will support Lomond’s continued growth strategy of further consolidation through M&A in its existing markets and provide additional capital to drive expansion into new regions. Daiwa Corporate Advisory Limited acted as financial advisor to Intermediate Capital Group. Deloitte UK acted as accountant to Intermediate Capital Group. Proskauer Rose (Uk) LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Intermediate Capital Group. Clearwater Corporate Finance (Uk) Ltd acted as financial advisor to LDC (Managers) Limited and Chianti Holdings Limited. Womble Bond Dickinson (UK) LLP acted as legal advisor to LDC (Managers) Limited and Chianti Holdings Limited.
Intermediate Capital Group plc (LSE:ICG), LDC (Managers) Limited, founding Chairman Stuart Pender and management of Chianti Holdings Limited completed the acquisition of Chianti Holdings Limited from LDC (Managers) Limited on December 2, 2024. Announcement • Sep 16
Intermediate Capital Group plc Appoints Sonia Baxendale as A Non-Executive Director and Serve on the Risk and Audit Committees, Effective from 1 January 2025 Intermediate Capital Group plc appointed Sonia Baxendale as a Non-Executive Director of the Company. She will join the Board on 1 January 2025 and will also serve on the Risk and Audit Committees. Sonia holds a number of current roles, including serving as the President and CEO of the Global Risk Institute in Canada. She spent most of her executive career at CIBC and has extensive experience as an executive and non-executive in the financial services industry in North America and the UK. Selected other roles: President and CEO, Global Risk Institute (Not For Profit); Director, Definity Financial Corporation; Director, Laurentian Bank; Director, Butterfield Bank (Bermuda); Director, Foresters Financial (term ending June 2025). Selected former roles: Non executive director, RSA Insurance Group plc; President, CIBC Retail Market; Chair of the Board of SickKids Foundation; Member of the Board of Trustees for the Hospital for Sick Children. Announcement • Sep 11
ICG Announces Board Changes ICG announced the appointment of Alan Isenberg as Global Head of Marketing and Client Relations, based in New York. Alan joins ICG, and succeeds Andreas Mondovits, who joined the firm in 2012 and, after a structured period of handover, will become a Senior Advisor, based in Singapore. Alan will report to Benoît Durteste, CEO and CIO of ICG. Alan was previously the Global Head of the Client Partnership Group at Angelo Gordon, where he led that firm's worldwide client and product functions, including new business development, client coverage, product development, product management and client service. He also served as a member of Angelo Gordon's Partnership Advisory Board, the firm's executive management group prior to its acquisition by TPG in November 2023 (at which point the firm became known as TPG Angelo Gordon). Previously, Alan was the Global Head of Product Strategy and Marketing at Neuberger Berman. He began his investment management career at PIMCO, where he worked for eight years in client-facing roles and leadership roles in the US and Asia-Pacific, respectively. Announcement • Aug 02
Crédit Agricole Assurances S.A. signed an agreement to acquirean unknown minority stake in Océinde Communications SAS from ICG Infra I and Intermediate Capital Group plc (LSE:ICG). Crédit Agricole Assurances S.A. signed an agreement to acquire an unknown minority stake in Océinde Communications SAS from ICG Infra I and Intermediate Capital Group plc (LSE:ICG) on August 1, 2024.
The transaction is expected to be completed before the end of the year. Announcement • Jun 13
Intermediate Capital Group plc, the management of DGS S.p.A. and Vincenzo Fiengo and Salvatore Frosina, Co-Founders and Co-CEO of DGS agreed to acquire DGS S.p.A. from H.I.G. Capital, LLC. Intermediate Capital Group plc, the management of DGS S.p.A. and Vincenzo Fiengo and Salvatore Frosina, Co-Founders and Co-CEO of DGS agreed to acquire DGS S.p.A. from H.I.G. Capital, LLC on June 11, 2024. Announcement • Jun 05
Amy Schioldager to Step Down from the Board of the Intermediate Capital Group plc, Effective 16 July 2024 Effective from 16 July 2024, Amy Schioldager will step down from the board of the Intermediate Capital Group plc. Announcement • May 29
Intermediate Capital Group plc to Report First Half, 2025 Results on Nov 13, 2024 Intermediate Capital Group plc announced that they will report first half, 2025 results on Nov 13, 2024 Announcement • Mar 08
Intermediate Capital Group PLC Announces Retirement of Michael (Rusty) Nelligan from the Board, March 31, 2024 Intermediate Capital Group PLC announces that as part of long term succession planning, Michael (Rusty) Nelligan, Non-Executive Director of the Company, will retire from the Board with effect from 31 March 2024. Rusty has served on the Board since 2016. The Board wishes to express its gratitude to Rusty for his highly effective and wide-ranging contribution to the Board and its Committees as a Non-Executive Director and as Chair of the Audit Committee between September 2016 and June 2022. Announcement • Jan 26
Intermediate Capital Group plc to Report Fiscal Year 2024 Results on May 28, 2024 Intermediate Capital Group plc announced that they will report fiscal year 2024 results on May 28, 2024 Announcement • Jan 05
Accenture plc (NYSE:ACN) completed the acquisition of 6Point6 Cloud Gateway Limited from Intermediate Capital Group plc (LSE:ICP), Founders and Management of 6Point6 Cloud Gateway Limited. Accenture plc (NYSE:ACN) signed an agreement to acquire 6Point6 Cloud Gateway Limited from Intermediate Capital Group plc (LSE:ICP), Founders and Management of 6Point6 Cloud Gateway Limited on October 31, 2023. The completion of the acquisition is subject to customary closing conditions, including receipt of regulatory clearance. Richard Hunt, Carly Gulliver, Martin Griffiths and Mark Crane of Addleshaw Goddard acted as legal advisor to the Founders and Management of technology consultancy 6point6 on its sale to Accenture. Ian Keefe, Nigel Seay and Hannah Manning of Travers Smith LLP acted as legal advisor to ICG.Accenture plc (NYSE:ACN) completed the acquisition of 6Point6 Cloud Gateway Limited from Intermediate Capital Group plc (LSE:ICP), Founders and Management of 6Point6 Cloud Gateway Limited on January 3, 2024. Upcoming Dividend • Nov 30
Upcoming dividend of UK£0.26 per share at 5.0% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 08 January 2024. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (3.4%). Reported Earnings • Nov 18
First half 2024 earnings released: EPS: UK£0.77 (vs UK£0.12 in 1H 2023) First half 2024 results: EPS: UK£0.77 (up from UK£0.12 in 1H 2023). Revenue: UK£439.1m (up 135% from 1H 2023). Net income: UK£220.6m (up UK£185.3m from 1H 2023). Profit margin: 50% (up from 19% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Announcement • Nov 01
Accenture plc (NYSE:ACN) signed an agreement to acquire 6Point6 Cloud Gateway Limited. Accenture plc (NYSE:ACN) signed an agreement to acquire 6Point6 Cloud Gateway Limited on October 31, 2023. The completion of the acquisition is subject to customary closing conditions, including receipt of regulatory clearance. Announcement • Sep 09
Citi Reportedly Launches Cura Sale Process with Bids Due Next Month Investment bank Citi has finally fired the starting gun on the sale process for Australian day hospital provider Cura Day Hospitals Group Pty Ltd. (Cura Group), as documents hit the desks of prospective buyers this week. It is understood information memorandums are now in the market. The understanding is that about 15 to 20 parties have been offered the opportunity to closely scrutinise the business. About five are likely to be shortlisted, with final offers due in October or November. The sale was initially expected to launch in July but was slightly delayed, with bids now due in August. Cura is owned by Germany's Fresenius Medical Care AG & Co. KGaA (XTRA:FME). It is the largest day hospital owner in Australia, with 19 assets. Among the suitors expected to line up are Ramsay Health Care Limited (ASX:RHC), Intermediate Capital Group plc (LSE:ICP), and Crescent Capital Partners Management Pty Ltd. Buying Opportunity • Jul 20
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be UK£18.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Buying Opportunity • Jun 15
Now 24% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be UK£18.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Upcoming Dividend • Jun 08
Upcoming dividend of UK£0.52 per share at 5.3% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 04 August 2023. Payout ratio and cash payout ratio are on the higher end at 99% and 84% respectively. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.3%). Reported Earnings • May 27
Full year 2023 earnings released: EPS: UK£0.98 (vs UK£1.84 in FY 2022) Full year 2023 results: EPS: UK£0.98 (down from UK£1.84 in FY 2022). Revenue: UK£574.4m (down 39% from FY 2022). Net income: UK£223.8m (down 57% from FY 2022). Profit margin: 39% (down from 56% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jan 31
The Timken Company (NYSE:TKR) reached an agreement to acquire Nadella S.p.A. from Intermediate Capital Group plc (LSE:ICP). The Timken Company (NYSE:TKR) reached an agreement to acquire Nadella S.p.A. from Intermediate Capital Group plc (LSE:ICP) on January 30, 2023. The transaction will be funded with cash on hand and borrowings from committed credit facilities. Timken anticipates the acquisition will be accretive to adjusted earnings in 2023. Nadella posted revenue of approximately €100 million in 2022. The transaction is expected to close in the first quarter of 2023 and is subject to regulatory approvals. Announcement • Jan 25
Intermediate Capital Group plc Announces Board Changes The Board of Intermediate Capital Group plc announced that Kathryn Purves, Non-Executive Director of the Company, will retire from the Board with effect from 1 April 2023. Kathryn Purves has served on the Board since 2014. Rosemary Leith will succeed Kathryn Purves as Chair of the Company’s Risk Committee with effect from 1 April 2023. Buying Opportunity • Dec 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be UK£14.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Upcoming Dividend • Dec 01
Upcoming dividend of UK£0.25 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 09 January 2023. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.3%). Reported Earnings • Nov 18
First half 2023 earnings released: EPS: UK£0.12 (vs UK£0.84 in 1H 2022) First half 2023 results: EPS: UK£0.12 (down from UK£0.84 in 1H 2022). Revenue: UK£190.0m (down 58% from 1H 2022). Net income: UK£35.3m (down 85% from 1H 2022). Profit margin: 19% (down from 53% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 17
Intermediate Capital Group plc to Report Fiscal Year 2023 Results on May 25, 2023 Intermediate Capital Group plc announced that they will report fiscal year 2023 results on May 25, 2023 Upcoming Dividend • Jun 09
Upcoming dividend of UK£0.57 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of British dividend payers (4.8%). Higher than average of industry peers (3.3%). Reported Earnings • May 28
Full year 2022 earnings released: EPS: UK£1.87 (vs UK£1.60 in FY 2021) Full year 2022 results: EPS: UK£1.87 (up from UK£1.60 in FY 2021). Revenue: UK£931.6m (up 20% from FY 2021). Net income: UK£536.0m (up 17% from FY 2021). Profit margin: 57% (down from 59% in FY 2021). The decrease in margin was driven by higher expenses. Funds under management (FUM) Beginning of period: UK£42.7b End of period: UK£52.1b Net inflows/outflows: UK£11.2b inflow Over the next year, revenue is expected to shrink by 16% compared to a 8.4% decline forecast for the funds industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Matthew Lester was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Matthew Lester was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£14.35, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£26.00 per share. Upcoming Dividend • Dec 02
Upcoming dividend of UK£0.19 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 10 January 2022. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (2.8%). Reported Earnings • Nov 18
First half 2022 earnings released: EPS UK£0.84 (vs UK£0.67 in 1H 2021) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2022 results: Revenue: UK£450.5m (up 40% from 1H 2021). Net income: UK£240.5m (up 26% from 1H 2021). Profit margin: 53% (down from 59% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 31% per year. Reported Earnings • Jun 10
Full year 2021 earnings released: EPS UK£1.60 (vs UK£0.38 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£772.4m (up 115% from FY 2020). Net income: UK£457.1m (up 320% from FY 2020). Profit margin: 59% (up from 30% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 11
New 90-day high: UK£18.10 The company is up 18% from its price of UK£15.36 on 13 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£17.60 per share. Is New 90 Day High Low • Jan 07
New 90-day high: UK£17.93 The company is up 31% from its price of UK£13.64 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£17.99 per share. Upcoming Dividend • Dec 03
Upcoming Dividend of UK£0.17 Per Share Will be paid on the 8th of January to those who are registered shareholders by the 10th of December. The trailing yield of 3.1% is below the top quartile of British dividend payers (4.8%), but is in line with industry peers (3.0%). 
