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Intermediate Capital Group PLC (ICG) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Intermediate Capital Group PLC £22.19, price £18.48, upside +20.1%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · GB · ISIN GB00BYT1DJ19

IC Broad data Sep 27, 2026

Intermediate Capital Group PLC

ICG · LSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value £22.19 · Undervalued (+20.1%)
!Quality 54/100
!Mixed Growth (revenue 5y +31.0 %/yr)
✓Highly profitable · 48.9% net margin (TTM)
!Low debt · negative free cash flow
!4.6% dividend yield · Watch coverage
✓Ranks above peers (8/13)
✓Wide moat 74/100
!Insider activity 40/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£22.72 £7.94 Fair Value £22.19 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range £7.94 – £22.72 · fair‑value band £16.64 – £27.74 · the £18.48 price screens below the £22.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

ICG plc is a private equity firm specializing in direct and fund of fund investments. Within direct it specializes in private debt, venture debt, credit and equity investments.

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ICG plc is a private equity firm specializing in direct and fund of fund investments. Within direct it specializes in private debt, venture debt, credit and equity investments. It invests in middle market, mature, growth capital, reinvestment, industry consolidations, bridge financing, restructuring of a shareholder base, acquisitions, public to private transactions with or without private equity backing, leveraged and acquisition finance, leveraged credit, partnership equity, management buyouts and management buyins, secondary (direct) and secondary (indirect) investments, traditional, development capital, public quoted company finance, off-balance-sheet finance, refinancing and recapitalizations, and pre-IPO financing. The firm does not invest in property companies, early-stage funds or start-ups. Within fund of fund, it specializes in secondary investments. It also invests in the debt, fixed income and alternate asset markets. The firm's alternative capital solutions invest in mid-market companies, in Europe, the United States and Asia Pacific. It invests in corporate businesses through private debt, senior, junior and sub-ordinate debt, mezzanine, structured loans and equity in Europe, Asia Pacific and North America. The firm prefers to invest in all sectors with a focus on insurance, energy, materials, environmental and facilities services, human resources and employment services, leisure products, consumer staples, healthcare, infrastructure services, media and entertainment, utilities, equity real estate investment trusts, education and childcare. The firm seeks to invest in life sciences in Western Europe and the United States. The firm invests in a diversified portfolio of senior secured loans to established companies in Australia and New Zealand. The firm focuses on European senior direct lending, investing in a diversified portfolio of mid-market and upper mid-market corporate borrowers in Western and Northern Europe. The firm is focused on limited partnership liquidity solutions in North America and E

Stock analysis

Intermediate Capital Group PLC (ICG) currently trades at £18.48, while our model-based Fair Value estimate is £22.19, implying the stock looks roughly 16.7% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of £52.38 per share, and 4 of the 9 models we run sit above the £18.48 price.

Bear case: the Asset-Based group reads lowest at £6.46, and 5 of the 9 models stay below the price. Evidence for this calculation is high.

Scenario range: £16.64 (bear) to £27.74 (bull), the price of £18.48 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Intermediate Capital Group PLC reported revenue of £834M in FY2026 versus £990M in FY2022, a compound −4.2%/yr. Reported net income was £478M in FY2026, compounding −2.4%/yr from FY2022.

Key figures

Market cap 5.4B GBX · P/E ratio 11.6 · P/S ratio 6.66 · EPS (TTM) £1.64 · Dividend yield 4.6% · Net margin 57.4% · Return on equity 18.4% · Return on assets (EBIT) 5.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 20%, ICG screens cheaper than that median.

Fair Value models

Bear £16.64 Fair Value £22.19 Bull £27.74
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (£0.3969 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income £10.74 £13.69 £21.02 72
Owner Earnings £27.85 £52.38 £97.39 70
DDM Multi-Stage £7.59 £13.08 £15.97 65
All 9 models by family
DCF Models
Owner Earnings £27.85 £52.38 £97.39 70
Earnings-Based
Graham-Dodd £11.61 £66.83 £92.96 61
Lynch FV £18.84 £26.92 £35.00 59
Dividend Discount
Gordon GGM £7.59 £15.13 £22.91 64
DDM Multi-Stage £7.59 £13.08 £15.97 65
Multiples
P/E Multiple £16.64 £22.19 £27.74 63
P/B Multiple £10.12 £13.49 £16.87 55
Asset-Based
NCAV (Graham) £4.82 £6.46 £9.64 54
Economic Profit
Residual Income £10.74 £13.69 £21.02 72

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Quality Score breakdown

Overall quality 54/100

Of which business quality 50 · Market factors (momentum, volatility) 48

Profitability 45
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 83
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.0%
Start year 2020 (pandemic). Over 10 years: +11.5% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+5.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.8%
Dividend (yield on the price)4.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.8% vs 9.5%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.75% → 75%
Start year 2021 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 660 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 56 · Below median
Fair Value upside +20.1% · Above median
Profitability
Return on equity (TTM) 18.4% · Top 25%
Return on assets 5.0% · Above median
Net margin (TTM) 48.9% · Above median
Operating margin (TTM) 46.4% · Above median
Growth and dividend
Revenue growth −21.8% · Bottom 25%
Dividend yield (TTM) 4.6% · Above median
Balance sheet
Debt / equity 0.26× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 11.6× · Cheaper than median
P/B 2.00× · Priciest 25%
P/S (TTM) 5.52× · Pricier than median
EV/EBITDA 7.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)60 · sector 58
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)74 · sector 22
HEALTH (low debt)87 · sector 95
DIVIDEND (yield)91 · sector 83

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Asset Management stocks, each showing price versus our Fair Value estimate.

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KKR & Co KKR $96.67 $29.26 −70%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $121.69 $197.23 +62%
State Street Corporation STT $181.34 $139.37 −23%
Ameriprise Financial, Inc AMP $493.00 $595.40 +21%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $159.87 $317.27 +98%
Exor N.V EXO €70.55 €139.37 +98%

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Intermediate Capital Group PLC · Fair Value
£22.19 +17%Fair Value
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Cite: Fair Value Calculator (2026). "Intermediate Capital Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/ICG

Frequently asked questions

Is Intermediate Capital Group PLC (ICG) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of £22.19 versus a price of £18.48, about +20% upside (undervalued).
What is the fair value of ICG?
Our model-based fair value for Intermediate Capital Group PLC is £22.19 (as of Sep 27, 2026), built from audited fundamentals. The current price: £18.48.
What is the quality score of ICG?
Intermediate Capital Group PLC has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Intermediate Capital Group PLC (ICG)?
Our model-based price target is the fair value of £22.19 (as of Sep 27, 2026) from 9 valuation models. Cautious scenario £16.64, optimistic scenario £27.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Intermediate Capital Group PLC stock forecast for 2026?
Our models put fair value at £22.19, about +20% upside versus a price of £18.48 (undervalued). Cautious scenario £16.64, optimistic scenario £27.74. The calculation is refreshed regularly with new filings.
What is the revenue of Intermediate Capital Group PLC (ICG)?
Intermediate Capital Group PLC reported trailing-twelve-month revenue of about £978M (latest available figure, as of Sep 27, 2026).
Does Intermediate Capital Group PLC pay a dividend?
Intermediate Capital Group PLC currently shows a dividend yield of about 4.57% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Intermediate Capital Group PLC (ICG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Intermediate Capital Group PLC it is £22.19 per share (as of Sep 27, 2026), against a price of £18.48. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Intermediate Capital Group PLC stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ICG trades below its calculated fair value: price £18.48, fair value £22.19, a gap of about +20% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICG?
No. The price is what the market pays today (£18.48); the fair value is what the company's own numbers justify (£22.19). For Intermediate Capital Group PLC the two are £3.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Intermediate Capital Group PLC worth?
The market values Intermediate Capital Group PLC at about 5.4B GBX (market capitalisation, as of Sep 27, 2026). Per share that is £18.48; our models calculate a fair value of £22.19 per share.
What do the bullish and bearish scenarios say about ICG?
Our models span a range for Intermediate Capital Group PLC: cautious scenario £16.64, base £22.19, optimistic £27.74 per share (as of Sep 27, 2026, price £18.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICG?
Intermediate Capital Group PLC trades at a price-to-earnings ratio of 11.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £22.19 is built from several models across several years. Other multiples: P/B 2.0, P/S 5.5, EV/EBITDA 7.2.
How solid is the balance sheet of Intermediate Capital Group PLC (ICG)?
Balance-sheet figures for Intermediate Capital Group PLC (as of Sep 27, 2026): return on equity 18.4%, debt of 0.26 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is ICG from its 52-week high?
Intermediate Capital Group PLC trades at £18.48, about 16% below its 52-week high of £21.93 and 31% above the low of £14.15 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of £22.19 is for.
Which stocks are comparable to Intermediate Capital Group PLC?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Intermediate Capital Group PLC stock attractive at the current price?
The data as of Sep 27, 2026: price £18.48, calculated fair value £22.19 (+20%), Quality Score 54/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICG calculated?
We run Intermediate Capital Group PLC through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £22.19, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. Intermediate Capital Group PLC currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Intermediate Capital Group PLC (ICG)?
The closing price on Sep 28, 2026 was £18.48. Our model-based fair value is £22.19, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Intermediate Capital Group PLC right now?
Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Intermediate Capital Group PLC (ICG) come from?
Earnings per share at Intermediate Capital Group PLC grew +11.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +10.6 %, EBIT margin +1.0 %, tax rate −1.0 %, residual (interest, one-offs) +0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Intermediate Capital Group PLC

How large is the market capitalisation of Intermediate Capital Group PLC (ICG)?
The market capitalisation of Intermediate Capital Group PLC is 5.4B GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Intermediate Capital Group PLC (ICG)?
The price-to-sales ratio of Intermediate Capital Group PLC is 6.66 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Intermediate Capital Group PLC (ICG)?
Earnings per share at Intermediate Capital Group PLC are £1.64 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Intermediate Capital Group PLC (ICG)?
The dividend yield of Intermediate Capital Group PLC is 4.6% (payout 51.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Intermediate Capital Group PLC (ICG)?
The net margin of Intermediate Capital Group PLC is 57.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Intermediate Capital Group PLC (ICG)?
The return on equity (ROE) of Intermediate Capital Group PLC is 18.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Intermediate Capital Group PLC (ICG)?
On an EBIT basis the return on assets of Intermediate Capital Group PLC is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Intermediate Capital Group PLC (ICG)?
The operating margin of Intermediate Capital Group PLC is 46.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Intermediate Capital Group PLC (ICG)?
Revenue at Intermediate Capital Group PLC is growing −21.8% versus a year earlier (3y avg +11.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Intermediate Capital Group PLC (ICG)?
Earnings per share at Intermediate Capital Group PLC are growing −38.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Intermediate Capital Group PLC (ICG) generate?
The free cash flow of Intermediate Capital Group PLC is −27.2M GBX (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Intermediate Capital Group PLC (ICG) carry?
The net debt of Intermediate Capital Group PLC is 5.1B GBX (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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