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  • 16 Apr 24
IP Group - Several potential portfolio catalysts on the horizon

IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based

Companies: IP Group plc

Edison
  • 08 Apr 24
IP Group - executive interview 08/04/2024

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  • 07 Mar 24
IP Group showcase

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  • 31 Jan 24
IP Group - NAV expected to decline further in H223

IP Group has released its year-end update, indicating that its end-2023 NAV per share will be in the range of 111p to 117p. This would represent a NAV total return decline of c 7–12% versus end-June 2023 and 11–16% versus end-2022. Management highlighted that this was driven by a further softening of valuations of early-stage companies in Q423. That said, management indicated that many of IP Group’s leading portfolio companies continued to make strong progress and it expects some major inflectio

Companies: IP Group plc

Edison
  • 12 Jan 24
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

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Hardman & Co
  • 03 Oct 23
IP Group - Detailed look at the deeptech portfolio

IP Group has built a commendable portfolio of businesses developing breakthrough technologies, with an aggregate value of more than £200m at end-June 2023 (c 16% of IP Group’s total portfolio value), mostly across four key focus areas: applied AI, next-generation networks, human-machine interface and future compute. Importantly, around 90% of the deeptech portfolio (by fair value) has already started to generate revenue. Both of its two most valuable holdings, Featurespace (adaptive behavioural

Companies: IP Group plc

Edison
  • 16 Aug 23
IP Group - executive interview

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  • 02 Aug 23
IP Group - Remaining on track despite tough markets

IP Group’s private portfolio valuations remained broadly stable in H123, with its c 4.1% NAV decline in total return (TR) terms mostly due to a de rating of listed holdings (Oxford Nanopore, ONT, in particular) and FX headwinds, though subsequently largely offset by a rebound in quoted holdings to date. IP Group’s holding-level liquidity remains firm and 84% of its direct portfolio holdings have a cash runway of 12 months or more. IP Group shares continue to trade at a wide 53% discount to NAV.

Companies: IP Group plc

Edison
  • 10 May 23
IP Group - Deep dive into the life sciences portfolio

We consider IP Group a compelling healthcare play with 31% of its end-2022 portfolio invested in life sciences companies, or 47% including Oxford Nanopore Technologies (ONT). These investments provide exposure to drugs developed for a variety of indications, including different types of cancer, autoimmune diseases (eg rheumatoid arthritis), as well as respiratory and kidney diseases. Investors may benefit from the platform established by management over the past decade and nurtured over many yea

Companies: IP Group plc

Edison
  • 05 Apr 23
IP Group - Priority companies making progress in 2022

IP Group’s NAV per share came in at 132.9p at end-2022, only 2% below the end-June 2022 level. The NAV decline during 2022 was primarily due to the £428.5m loss from listed holdings (before foreign exchange (FX), mostly Oxford Nanopore Technologies, ONT), while private holdings posted gains before FX of c £101.4m (or 5.8% of opening NAV). Excluding ONT, IP Group posted a £25.2m profit in 2022. Most notably, its four major cleantech holdings posted a valuation uplift of c £120m in FY22. IP Group

Companies: IP Group plc

Edison
  • 17 Mar 23
IP Group - executive interview

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  • 08 Mar 23
IP Group - Focus on high-conviction plays to drive returns

IP Group’s NAV per share came in at 132.9p at end 2022, down 20% year-on-year in total return terms but only 2% below the end-June 2022 level. The NAV decline during 2022 was primarily due to the £428.5m loss from listed holdings (before FX changes, mostly Oxford Nanopore Technologies, ONT), while private holdings contributed gains before FX of c £101.4m (or 5.8% of opening NAV). Excluding ONT, IP Group posted a £25.2m profit in 2022. The company will focus on driving short- to medium-term retur

Companies: IP Group plc

Edison
  • 22 Dec 22
IP Group - executive interview

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  • 12 Sep 22
IP Group - International investor in impactful innovation

IP Group is well-financed and trading at a discount of c 50% to its H122 NAV/share (137p), which we believe represents a compelling opportunity for long-term and impact investors. If management can deliver on targeted average gross returns of 20% for FY22–26 through a renewed focus on its priority companies, we believe IP Group’s discount to NAV would narrow, further lifting average annual NAV/share over this timeframe. IP Group provides liquid exposure to a growing portfolio of high-growth scie

Companies: IP Group plc

Edison
  • 04 Aug 22
IP Group - Public market falls largely priced in

IP Group has released its H122 interim results, which are in line with guidance given at the end of May. They show an NAV per share of 136.7p, an 18% fall over the six months since FY21 year-end that reflects broader market declines. The reduced NAV was largely driven by falls in the quoted portfolio, principally Oxford Nanopore (87% of £395m decline), with the value of the private portfolio rising by £104m to partially offset the quoted decline. To reassure investors over its valuation approach

Companies: IP Group plc

Edison

IP Group plc

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19Apr24 07:00 RNS IP Group PLC - Transaction in Own Shares
18Apr24 07:00 RNS IP Group PLC - Transaction in Own Shares
16Apr24 17:48 RNS IP Group PLC - Transaction in Own Shares
16Apr24 07:00 RNS IP Group PLC - Transaction in Own Shares
15Apr24 07:00 RNS IP Group PLC - Transaction in Own Shares
12Apr24 07:00 RNS IP Group PLC - Transaction in Own Shares
10Apr24 17:56 RNS IP Group PLC - Transaction in Own Shares
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