New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Share price has been volatile over the past 3 months (8.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to UK£6.75, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 9x in the Shipping industry in Europe. Total returns to shareholders of 73% over the past three years. Announcement • Jul 25
Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman proposed to acquire 76.30% stake in Irish Continental Group plc (LSE:ICGC) in a management buyout transaction for approximately €900 million. Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman proposed to acquire 76.30% stake in Irish Continental Group plc (LSE:ICGC) in a management buyout transaction for approximately €900 million on July 24, 2026. As part of consideration €8 per share is being paid by the acquirers for cash consideration €906.24 million. The transaction will be financed through senior debt of €798 million provided by BNP Paribas SA and Banco Santander, S.A. and sub debt / mezzanine debt of €455 million. Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman hold in aggregate approximately 23.7% of ICG Shares as at the close of business on the Latest Practicable Date.
The transaction is subject to subject to court approval, approval by regulatory board / committee and approval of offer by target shareholders. The Board of Directors of Irish Continental Group plc formed a special committee for the transaction. The expected completion of the transaction is October 1, 2026 to December 31, 2026. The Independent ICG Board unanimously recommends that ICG Shareholders vote in favour of the Scheme.
Basil Geoghegan, Ronan Crotty and Henry Lebus of PJT Partners Limited acted as financial advisor and fairness opinion provider for Irish Continental Group plc. A&L Goodbody LLP acted as legal advisor for Irish Continental Group plc. Gerry O’Sullivan of Q4 Public Relations acted as Public Relations Adviser to Irish Continental Group plc. Finbarr Griffin, Stephen Kane, William Hall and Shane Connor of Goodbody Stockbrokers UC acted as financial advisor for Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman. Arthur Cox LLP is acting as legal adviser for Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as financing counsel to Eamonn Rothwell, David Ledwidge, Andrew Sheen and Declan Freeman. Latham & Watkins LLP is acting as legal adviser to the lending banks. Upcoming Dividend • May 07
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.9%). Announcement • Apr 08
Irish Continental Group plc, Annual General Meeting, May 07, 2026 Irish Continental Group plc, Annual General Meeting, May 07, 2026. Location: the gibson hotel, the point village, east wall road, d01 x2p2, dublin Ireland Reported Earnings • Apr 07
Full year 2025 earnings released: EPS: €0.47 (vs €0.36 in FY 2024) Full year 2025 results: EPS: €0.47 (up from €0.36 in FY 2024). Revenue: €666.7m (up 10% from FY 2024). Net income: €74.9m (up 25% from FY 2024). Profit margin: 11% (up from 9.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 08
Final dividend of €0.11 announced Shareholders will receive a dividend of €0.11. Ex-date: 14th May 2026 Payment date: 5th June 2026 Dividend yield will be 2.7%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 44% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: €0.47 (vs €0.36 in FY 2024) Full year 2025 results: EPS: €0.47 (up from €0.36 in FY 2024). Revenue: €666.7m (up 10% from FY 2024). Net income: €74.9m (up 25% from FY 2024). Profit margin: 11% (up from 9.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Announcement • Mar 06
Irish Continental Group plc Proposes Final Cash Dividend for the Year 2025, Payable on 05 June 2026 The Directors of Irish Continental Group plc are proposing a final dividend in respect of 2025 of 10.95 cent per share subject to shareholder approval at the AGM on 07 May 2026, which will be paid on 05 June 2026 to shareholders on the register at close of business on 15 May 2026. Recent Insider Transactions • Nov 28
Group CFO & Executive Director recently sold UK£198k worth of stock On the 21st of November, David Ledwidge sold around 40k shares on-market at roughly UK£5.01 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by UK£226k. New Risk • Nov 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£40k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (UK£40k sold). Announcement • Nov 16
Irish Continental Group plc Management Changes, Effective November 14, 2025 Irish Continental Group plc announced the retirement of Thomas Corcoran as Company Secretary with effect from November 14, 2025. Thomas joined Irish Continental Group plc in 1989 and has served in a variety of financial roles and as Company Secretary since 2001. The Board of Irish Continental Group plc also announces the appointment of Mr. Brian Holland as Company Secretary effective from November 14, 2025. Brian’s previous position in the Group was Finance Director of Irish Continental Group plc’s Ferries Division having joined Irish Continental Group plc in 2019 from industry. Brian qualified as a Chartered Accountant with international professional services firm PWC. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Eimear Moloney was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 31
First half dividend of €0.054 announced Shareholders will receive a dividend of €0.054. Ex-date: 11th September 2025 Payment date: 3rd October 2025 Dividend yield will be 2.8%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 28
First half 2025 earnings released: EPS: €0.12 (vs €0.083 in 1H 2024) First half 2025 results: EPS: €0.12 (up from €0.083 in 1H 2024). Revenue: €309.9m (up 8.5% from 1H 2024). Net income: €19.3m (up 41% from 1H 2024). Profit margin: 6.2% (up from 4.8% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe 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 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 28
Irish Continental Group plc Declares an Interim Dividend, Payable on 3 October 2025 Irish Continental Group plc have declared an interim dividend of 5.37 cent per share (2024: 5.11 cent) payable on 3 October 2025 to shareholders on the register on 12 September 2025. The estimated amount payable will be €8.7 million. New Risk • May 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to UK£3.80, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 9x in the Shipping industry in Europe. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • May 09
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (7.8%). Reported Earnings • Apr 09
Full year 2024 earnings released: EPS: €0.36 (vs €0.36 in FY 2023) Full year 2024 results: EPS: €0.36. Revenue: €603.8m (up 5.6% from FY 2023). Net income: €59.9m (down 2.8% from FY 2023). Profit margin: 9.9% (in line with FY 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to remain flat. Declared Dividend • Mar 06
Dividend of €0.10 announced Shareholders will receive a dividend of €0.10. Ex-date: 15th May 2025 Payment date: 6th June 2025 Dividend yield will be 3.4%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 04
Third quarter 2024 earnings released: EPS: €0.14 (vs €0.14 in 3Q 2023) Third quarter 2024 results: EPS: €0.14 (down from €0.14 in 3Q 2023). Revenue: €159.2m (up 3.3% from 3Q 2023). Net income: €23.1m (down 5.1% from 3Q 2023). Profit margin: 14% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 04
Irish Continental Group plc, Annual General Meeting, May 08, 2025 Irish Continental Group plc, Annual General Meeting, May 08, 2025. Announcement • Mar 03
Irish Continental Group plc Proposes A Final Dividend for the Year 2024 The Board of Irish Continental Group plc is proposing a final dividend of 10.43 cent per ordinary share for the Year 2024, amounting to €17.2 million out of the distributable reserves of the Company. Buy Or Sell Opportunity • Feb 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to UK£4.28. The fair value is estimated to be UK£5.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to UK£4.23. The fair value is estimated to be UK£5.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Sep 02
First half 2024 earnings released: EPS: €0.083 (vs €0.075 in 1H 2023) First half 2024 results: EPS: €0.083 (up from €0.075 in 1H 2023). Revenue: €285.5m (up 8.1% from 1H 2023). Net income: €13.7m (up 6.2% from 1H 2023). Profit margin: 4.8% (down from 4.9% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 01
Final dividend of €0.051 announced Shareholders will receive a dividend of €0.051. Ex-date: 12th September 2024 Payment date: 4th October 2024 Dividend yield will be 3.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 29
Irish Continental Group plc Declares Interim Dividend, Payable on 4 October 2024 Irish Continental Group plc has declared an interim dividend of 5.11 cent per share (2023: 4.87 cent) payable on 4 October 2024 to shareholders on the register on 13 September 2024. The estimated amount payable will be €8.4 million. Buy Or Sell Opportunity • Jul 01
Now 24% undervalued Over the last 90 days, the stock has risen 19% to UK£4.84. The fair value is estimated to be UK£6.38, 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. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 28
Now 24% undervalued Over the last 90 days, the stock has risen 13% to UK£4.84. The fair value is estimated to be UK£6.37, 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. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 14
Now 23% undervalued Over the last 90 days, the stock has risen 21% to UK£4.90. The fair value is estimated to be UK£6.39, 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. Meanwhile, the company has become profitable. Upcoming Dividend • May 09
Upcoming dividend of €0.099 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (6.0%). Recent Insider Transactions Derivative • Mar 15
Insider exercised options and sold UK£119k worth of stock On the 7th of March, Thomas Corcoran exercised 58.54k options at around UK£0.056, then sold 31k of the shares acquired at an average of UK£3.93 per share and kept the remainder. Since March 2023, Thomas' direct individual holding has decreased from 393.32k shares to 368.32k. Company insiders have collectively sold UK£277k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: €0.36 (vs €0.34 in FY 2022) Full year 2023 results: EPS: €0.36 (up from €0.34 in FY 2022). Revenue: €572.0m (down 2.2% from FY 2022). Net income: €61.6m (up 3.0% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 10
Final dividend of €0.099 announced Shareholders will receive a dividend of €0.099. Ex-date: 16th May 2024 Payment date: 7th June 2024 Dividend yield will be 3.6%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 08
Irish Continental Group plc Proposes Final Dividend The Board of Irish Continental Group plc is proposing a final dividend of 9.93 cent per ordinary share amounting to €16.4 million out of the distributable reserves of the company. Upcoming Dividend • Sep 07
Upcoming dividend of €0.049 per share at 4.1% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 06 October 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (17%). Reported Earnings • Sep 03
First half 2023 earnings released: EPS: €0.075 (vs €0.08 in 1H 2022) First half 2023 results: EPS: €0.075 (down from €0.08 in 1H 2022). Revenue: €264.0m (flat on 1H 2022). Net income: €12.9m (down 11% from 1H 2022). Profit margin: 4.9% (down from 5.5% in 1H 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 6.4% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 12
Upcoming dividend of €0.095 per share at 4.1% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (18%). Recent Insider Transactions Derivative • Mar 22
Group CFO & Executive Director exercised options and sold UK£105k worth of stock On the 20th of March, David Ledwidge exercised 82.35k options at around UK£0.057, then sold 27k of the shares acquired at an average of UK£3.93 per share and kept the remainder. Since December 2022, David has owned 85.42k shares directly. Company insiders have collectively sold UK£401k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €0.34 (vs €0.026 loss in FY 2021) Full year 2022 results: EPS: €0.34 (up from €0.026 loss in FY 2021). Revenue: €584.9m (up 75% from FY 2021). Net income: €59.8m (up €64.7m from FY 2021). Profit margin: 10% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£4.39, the stock trades at a trailing P/E ratio of 37.7x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 20% over the past three years. Recent Insider Transactions • Dec 20
Group CFO & Executive Director recently sold UK£98k worth of stock On the 14th of December, David Ledwidge sold around 27k shares on-market at roughly UK£3.59 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by UK£34k. Upcoming Dividend • Sep 08
Upcoming dividend of €0.046 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 07 October 2022. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (12%). Reported Earnings • Aug 25
First half 2022 earnings released: EPS: €0 (vs €0.068 loss in 1H 2021) First half 2022 results: EPS: €0 (up from €0.068 loss in 1H 2021). Revenue: €263.1m (up 86% from 1H 2021). Net income: €14.5m (up €27.2m from 1H 2021). Profit margin: 5.5% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 14% while the Shipping industry in the United Kingdom is not expected to grow. Upcoming Dividend • Jun 02
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 07 July 2022. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (4.9%). Lower than average of industry peers (8.9%). Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.026 loss per share (up from €0.10 loss in FY 2020). Revenue: €334.5m (up 21% from FY 2020). Net loss: €4.90m (loss narrowed 74% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 32%, compared to a 18% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Feb 06
Group CFO & Executive Director recently bought UK£63k worth of stock On the 4th of February, David Ledwidge bought around 17k shares on-market at roughly UK£3.68 per share. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months.