We think the market expected that, to quote Michael Caine, ICGT would “only blow the bleeding doors off” in FY’21 with a known good uplift to NAV in 4Q from listed holdings. In the event, they blew the roof off with a 4Q 11.8% NAV total return (22.5% in the year against 15.9% five-year average). Portfolio returns (local currency) were 24.9% with the “High Conviction” (HC) portfolio generating 48.0% and third-party funds 22.4%. Underlying investee company revenue growth was 15%, reflecting ICGT’s defensive growth strategy. Realisations have continued (at 31% average uplift to carrying value) and FY’22 has started well (£97m proceeds).
20 May 2021
FY’21 results: blew the roof off, not just the doors
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FY’21 results: blew the roof off, not just the doors
ICG Enterprise Trust PLC GBP (ICGT:LON) | 1,210 72.6 0.5% | Mkt Cap: 806.9m
- Published:
20 May 2021 -
Author:
Mark Thomas -
Pages:
17
We think the market expected that, to quote Michael Caine, ICGT would “only blow the bleeding doors off” in FY’21 with a known good uplift to NAV in 4Q from listed holdings. In the event, they blew the roof off with a 4Q 11.8% NAV total return (22.5% in the year against 15.9% five-year average). Portfolio returns (local currency) were 24.9% with the “High Conviction” (HC) portfolio generating 48.0% and third-party funds 22.4%. Underlying investee company revenue growth was 15%, reflecting ICGT’s defensive growth strategy. Realisations have continued (at 31% average uplift to carrying value) and FY’22 has started well (£97m proceeds).