ICG Enterprise Trust PLC (ICGT) Fair Value & Analysis

Financial Services · GB · Market cap 859M GBX

A solid business, but screening 53% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (£9.89). The favourable scenario is already priced in.
• The model range is unusually wide (£3.34 to £9.89). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range £7.97 – £14.85 · fair‑value band £3.34 – £9.89 · the £14.00 price screens above the £6.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

ICG Enterprise Trust PLC (ICGT) currently trades at £14.00, while our model-based Fair Value estimate is £6.59, implying the stock looks roughly 52.9% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, ICG Enterprise Trust PLC generated revenue of £16.1M at a net margin of -52.2%. Revenue declined 78.7% year over year. It earns a return on equity of -0.7%. Net debt stands at £32.7M. Fundamentals as of Jul 17, 2026

Our scenario range runs from £3.34 (bear case) to £9.89 (bull case); at £14.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -53%, ICGT screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (£17.78) versus Asset-Based (£14.01). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

ICG Enterprise Trust PLC, formerly Graphite Enterprise Trust, specializes in direct and fund of funds investments. The fund does not make venture capital investments in startups or early-stage funds. The fund does not actively invest in publicly quoted companies, but gains listed investment exposure when IPOs are used as a route to exit an investment.

Full company description

ICG Enterprise Trust PLC, formerly Graphite Enterprise Trust, specializes in direct and fund of funds investments. The fund does not make venture capital investments in startups or early-stage funds. The fund does not actively invest in publicly quoted companies, but gains listed investment exposure when IPOs are used as a route to exit an investment. In direct co-investments, the fund makes private equity investments in growth capital, middle market and buyouts of mature companies. For fund of fund investments, the fund seeks to invest in primary funds, secondary fund purchases, private equity buyout funds, growth capital funds, and mezzanine funds. The fund prefers to invest in healthcare, education, industrials, business services, consumer goods and services, leisure, materials, utilities, energy, technology, infrastructure services, media, telecommunication, financials, and other sectors. It also invests in unquoted companies and primary funds in all industry sectors based in Europe including United Kingdom and Western Europe. The fund makes investments in buyouts of North America and Europe. The fund invests in buyouts exclusively in developed markets globally. For fund of funds investments, it focuses on Europe and the United States. It prefers to invest between $100 million and $200 million in firms with enterprise value between £25 million ($34.13 million) and £200 million ($273.09 million). The fund primarily invests in profitable cash generative unquoted companies, primarily in Europe and the US. It was previously managed by Graphite Capital, and known as Graphite Enterprise Trust until February 2016, when Intermediate Capital Group took over management of the trust. Since then, it has been known as ICG Enterprise Trust. It also co-invests alongside the funds it has invested and makes secondary purchases of existing funds. It also invests in new sectors funds like public finance initiative funds and funds of new managers.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ICG Enterprise Trust PLC reported revenue of £16.1M in FY2026 versus £246M in FY2022, a compound −49.4%/yr. Reported net income was −£8.4M in FY2026.

ICGT screens 53% overvalued. Compare with Fondul Proprietatea SA →

Peer Group

Asset Management · 973 stocks

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.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.