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ICG plc (ICGUF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of ICG plc $29.25, price $22.80, upside +28.3%, quality 46 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? No
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Financial Services · US · Home United Kingdom · ISIN GB00BYT1DJ19

IP ICG plc logo Broad data Oct 3, 2026

ICG plc

ICGUF · US

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value $29.25 · Undervalued (+28.3%)
!Quality 46/100
!Mixed Growth (revenue 5y +31.0 %/yr)
✓Highly profitable · 48.9% net margin (TTM)
!Low debt · negative free cash flow
!3.8% dividend yield · Watch coverage
✓Wide moat 72/100
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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

$28.03 $5.07 Fair Value $29.25 Jul 2015 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 3, 2026.

How to read this chart

60‑month range $5.07 – $28.03 · fair‑value band $21.94 – $36.56 · the $22.80 price screens below the $29.25 fair value. As of Oct 3, 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

ICG plc (ICGUF) currently trades at $22.80, while our model-based Fair Value estimate is $29.25, implying the stock looks roughly 22.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $61.47 per share, and 4 of the 9 models we run sit above the $22.80 price.

Bear case: the Asset-Based group reads lowest at $8.53, and 5 of the 9 models stay below the price. Evidence for this calculation is high.

Scenario range: $21.94 (bear) to $36.56 (bull), the price of $22.80 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 46/100 (below-average quality), in the Financial Services sector.

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

ICG plc reported revenue of £836M in FY2026 versus £765M in FY2022, a compound +2.3%/yr. Reported net income was £480M in FY2026, compounding −2.3%/yr from FY2022.

Key figures

Market cap $8.8B · P/E ratio 10.1 · P/S ratio 5.81 · EPS (TTM) $2.20 · Dividend yield 3.8% · 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 48 out of 100 (medium confidence).

What moves the price

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 28%, ICGUF screens cheaper than that median.

Fair Value models

Bear $21.94 Fair Value $29.25 Bull $36.56
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 ($0.6778 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 $14.14 $17.99 $27.29 75
Owner Earnings $33.02 $61.47 $111.76 73
Gordon GGM $10.03 $19.99 $30.27 67
All 9 models by family
DCF Models
Owner Earnings $33.02 $61.47 $111.76 73
Earnings-Based
Graham-Dodd $15.34 $81.28 $112.55 63
Lynch FV $22.39 $31.98 $41.57 61
Dividend Discount
Gordon GGM $10.03 $19.99 $30.27 67
DDM Multi-Stage $10.03 $17.27 $21.10 67
Multiples
P/E Multiple $21.99 $29.32 $36.65 63
P/B Multiple $13.37 $17.82 $22.28 55
Asset-Based
NCAV (Graham) $6.37 $8.53 $12.73 54
Economic Profit
Residual Income $14.14 $17.99 $27.29 75

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Quality Score breakdown

Overall quality 46/100

Of which business quality 42 · Market factors (momentum, volatility) 64

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 64
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 15
Calm price path (market factor)
Momentum 75
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 28
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.
+9.0%
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.
−0.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.6%
Dividend (yield on the price)3.8%
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.−4.6% vs 6.5%, 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 · 659 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Bottom 25%
Fair Value upside +14.0% · Below 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) 47.2% · Above median
Growth and dividend
Revenue growth −21.8% · Bottom 25%
Dividend yield (TTM) 3.8% · Below median
Balance sheet
Debt / equity 0.45× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than median
P/B 2.77× · Priciest 25%
P/S (TTM) 7.66× · Priciest 25%
EV/EBITDA 11.3× · Pricier than median

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

Similar stocks

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

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $112.09 $52.29 −53%
KKR & Co KKR $93.18 $29.26 −69%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $116.06 $197.23 +70%
State Street Corporation STT $177.78 $139.37 −22%
Ameriprise Financial, Inc AMP $494.82 $595.40 +20%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $161.16 $317.27 +97%
Exor N.V EXO €68.10 €136.20 +100%

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Cite: Fair Value Calculator (2026). "ICG plc Fair Value". https://www.fairvalue-calculator.com/stock/ICGUF

Frequently asked questions

Is ICG plc (ICGUF) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $29.25 versus a price of $22.80, about +28% upside (undervalued).
What is the fair value of ICGUF?
Our model-based fair value for ICG plc is $29.25 (as of Oct 3, 2026), built from audited fundamentals. The current price: $22.80.
What is the quality score of ICGUF?
ICG plc has a Quality Score of 46/100. 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 ICG plc (ICGUF)?
Our model-based price target is the fair value of $29.25 (as of Oct 3, 2026) from 9 valuation models. Cautious scenario $21.94, optimistic scenario $36.56. It is a calculation from audited fundamentals, not an analyst target.
What is the ICG plc stock forecast for 2026?
Our models put fair value at $29.25, about +28% upside versus a price of $22.80 (undervalued). Cautious scenario $21.94, optimistic scenario $36.56. The calculation is refreshed regularly with new filings.
What is the revenue of ICG plc (ICGUF)?
ICG plc reported trailing-twelve-month revenue of about £978M (latest available figure, as of Oct 3, 2026).
Does ICG plc pay a dividend?
ICG plc currently shows a dividend yield of about 3.82% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of ICG plc (ICGUF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICG plc it is $29.25 per share (as of Oct 3, 2026), against a price of $22.80. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is ICG plc stock overvalued or undervalued in 2026?
As of Oct 3, 2026, ICGUF trades below its calculated fair value: price $22.80, fair value $29.25, a gap of about +28% (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 ICGUF?
No. The price is what the market pays today ($22.80); the fair value is what the company's own numbers justify ($29.25). For ICG plc the two are $6.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is ICG plc worth?
The market values ICG plc at about $8.8B (market capitalisation, as of Oct 3, 2026). Per share that is $22.80; our models calculate a fair value of $29.25 per share.
What do the bullish and bearish scenarios say about ICGUF?
Our models span a range for ICG plc: cautious scenario $21.94, base $29.25, optimistic $36.56 per share (as of Oct 3, 2026, price $22.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICGUF?
ICG plc trades at a price-to-earnings ratio of 10.1 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $29.25 is built from several models across several years. Other multiples: P/B 2.8, P/S 7.7, EV/EBITDA 11.3.
How solid is the balance sheet of ICG plc (ICGUF)?
Balance-sheet figures for ICG plc (as of Oct 3, 2026): return on equity 18.4%, debt of 0.45 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
Which stocks are comparable to ICG 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 ICG plc stock attractive at the current price?
The data as of Oct 3, 2026: price $22.80, calculated fair value $29.25 (+28%), Quality Score 46/100, 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 ICGUF calculated?
We run ICG 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 $29.25, 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 14.5 % above its aggregate fair value. ICG plc currently trades 22 % 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 ICG plc (ICGUF)?
The closing price on Oct 2, 2026 was $22.80. Our model-based fair value is $29.25, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICG plc right now?
Solid quality (46/100) 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 ICG plc (ICGUF) come from?
Earnings per share at ICG plc grew +9.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +9.2 %, EBIT margin +0.8 %, tax rate −1.0 %, residual (interest, one-offs) +0.8 %. 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 ICG plc

How large is the market capitalisation of ICG plc (ICGUF)?
The market capitalisation of ICG plc is $8.8B. 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 ICG plc (ICGUF)?
The price-to-sales ratio of ICG plc is 5.81 (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 ICG plc (ICGUF)?
Earnings per share at ICG plc are $2.20 (price ÷ EPS = P/E 10.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ICG plc (ICGUF)?
The dividend yield of ICG plc is 3.8% (payout 39.5%). 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 ICG plc (ICGUF)?
The net margin of ICG 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 ICG plc (ICGUF)?
The return on equity (ROE) of ICG 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 ICG plc (ICGUF)?
On an EBIT basis the return on assets of ICG 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 ICG plc (ICGUF)?
The operating margin of ICG plc is 47.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ICG plc (ICGUF)?
Revenue at ICG plc is growing −21.8% versus a year earlier (3y avg +0.3%). 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 ICG plc (ICGUF)?
Earnings per share at ICG 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 ICG plc (ICGUF) generate?
The free cash flow of ICG plc is −£27.3M (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 ICG plc (ICGUF) carry?
The net debt of ICG plc is £5.2B (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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