Intermediate Capital Group plc

LSE:ICG Stock Report

Market Cap: UK£5.9b

Intermediate Capital Group Valuation

Is ICG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ICG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ICG (£20.42) is trading below our estimate of fair value (£28.02)

Significantly Below Fair Value: ICG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ICG?

Key metric: As ICG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ICG. This is calculated by dividing ICG's market cap by their current earnings.
What is ICG's PE Ratio?
PE Ratio14.9x
EarningsUK£399.30m
Market CapUK£5.93b

Price to Earnings Ratio vs Peers

How does ICG's PE Ratio compare to its peers?

The above table shows the PE ratio for ICG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12x
SDR Schroders
13.1x12.9%UK£4.9b
HL. Hargreaves Lansdown
17.6x1.6%UK£5.2b
PHLL Petershill Partners
9.5x38.3%UK£2.6b
ABDN abrdn
7.8x-20.9%UK£2.5b
ICG Intermediate Capital Group
14.9x11.7%UK£5.9b

Price-To-Earnings vs Peers: ICG is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the peer average (12x).

Price to Earnings Ratio vs Industry

How does ICG's PE Ratio compare vs other companies in the GB Capital Markets Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CBA CEIBA Investments
2.8xn/aUS$42.52m
PNIX Phoenix Digital Assets
1.1xn/aUS$32.25m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
APQ APQ Global
0.4xn/aUS$5.78m
ICG 14.9xIndustry Avg. 12.1xNo. of Companies15PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ICG is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the UK Capital Markets industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is ICG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ICG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.9x
Fair PE Ratio19.6x

Price-To-Earnings vs Fair Ratio: ICG is good value based on its Price-To-Earnings Ratio (14.9x) compared to the estimated Fair Price-To-Earnings Ratio (19.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ICG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£20.42
UK£25.59
+25.3%
7.7%UK£30.36UK£22.60n/a16
Nov ’25UK£21.30
UK£25.86
+21.4%
7.7%UK£30.36UK£22.60n/a16
Oct ’25UK£21.50
UK£25.82
+20.1%
7.8%UK£30.36UK£22.60n/a15
Sep ’25UK£21.26
UK£25.91
+21.9%
8.0%UK£30.36UK£22.20n/a15
Aug ’25UK£21.32
UK£25.94
+21.6%
8.2%UK£30.36UK£21.81n/a15
Jul ’25UK£21.72
UK£25.34
+16.7%
13.8%UK£30.36UK£16.00n/a16
Jun ’25UK£23.10
UK£24.31
+5.2%
15.5%UK£30.36UK£16.00n/a15
May ’25UK£20.80
UK£22.21
+6.8%
11.6%UK£26.00UK£16.00n/a16
Apr ’25UK£20.54
UK£21.02
+2.3%
10.3%UK£23.00UK£16.00n/a16
Mar ’25UK£19.48
UK£20.83
+6.9%
10.3%UK£23.00UK£16.00n/a16
Feb ’25UK£17.87
UK£20.53
+14.9%
10.1%UK£22.77UK£16.00n/a15
Jan ’25UK£16.81
UK£19.19
+14.2%
9.5%UK£21.50UK£15.10n/a14
Dec ’24UK£15.81
UK£19.04
+20.4%
9.0%UK£21.50UK£15.30n/a14
Nov ’24UK£13.09
UK£18.61
+42.2%
10.1%UK£21.50UK£14.50UK£21.3014
Oct ’24UK£13.83
UK£18.57
+34.3%
10.1%UK£21.50UK£14.70UK£21.5014
Sep ’24UK£13.53
UK£18.56
+37.2%
11.1%UK£21.64UK£14.70UK£21.2616
Aug ’24UK£13.52
UK£18.81
+39.1%
9.9%UK£21.64UK£16.00UK£21.3215
Jul ’24UK£13.78
UK£18.57
+34.8%
11.4%UK£21.64UK£14.70UK£21.7214
Jun ’24UK£13.90
UK£18.64
+34.1%
12.1%UK£21.80UK£14.70UK£23.1014
May ’24UK£13.02
UK£18.58
+42.8%
12.4%UK£21.80UK£14.51UK£20.8014
Apr ’24UK£12.17
UK£18.58
+52.7%
12.4%UK£21.80UK£14.51UK£20.5414
Mar ’24UK£14.05
UK£18.89
+34.5%
11.0%UK£21.80UK£15.50UK£19.4813
Feb ’24UK£14.01
UK£19.13
+36.6%
10.3%UK£21.80UK£15.50UK£17.8712
Jan ’24UK£11.48
UK£21.15
+84.2%
22.5%UK£29.29UK£14.20UK£16.8112
Dec ’23UK£12.68
UK£21.15
+66.8%
22.5%UK£29.29UK£14.20UK£15.8112
Nov ’23UK£11.00
UK£22.16
+101.4%
23.1%UK£29.29UK£13.20UK£13.0912

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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