ICG (LSE:ICG) Could Be 28% Undervalued As Fee Growth Drives The Narrative

ICG (LSE:ICG) is scheduled to present at Sachs Associates’ 26th Annual Biotech in Europe Forum in Basel on 7 October 2026, with Allan P. Marchington, MD and Head of Life Sciences, representing the firm.

ICG’s £17.99 share price has seen mixed momentum, with a 7 day share price return of 1.98% but a 30 day share price return that declined 5.47%. The 3 year total shareholder return of 48.51% contrasts with a 1 year total shareholder return that fell 11.10%, suggesting longer term holders have fared better than recent buyers.

Scan beyond ICG and spot other potential under-the-radar opportunities by reviewing our hand picked 5 high quality undiscovered gems for ideas with strong fundamentals that may not yet be widely followed.

For ICG, a £17.99 share price after a recent slide and a strong three year record creates a simple tension: is most of the easy upside gone, or does the valuation still leave room on the table?

Most Popular Narrative: 28% Undervalued

Against ICG’s last close of £17.99, the most followed narrative points to a fair value of £25.11. This implies a sizeable valuation gap that investors are trying to explain through fee growth and cash generation rather than headline AUM alone.

ICG’s fee related earnings reached £350m in FY26 with a 47% FRE margin and higher fee rate strategies now providing more than 75% of management fees. This supports the view that further mix shift into these areas could lift margins and earnings power.

See why 14 investors see ICG as 28% undervalued.

Result: Fair Value of £25.11 (UNDERVALUED)

Still, the narrative around ICG can crack if fundraising stays muted and that $19b of undeployed AUM takes longer to start earning fees.

Find out about the key risks to this ICG narrative.

Next Steps

Mixed views on ICG so far. If you want to move quickly and rely on your own judgement, consider both perspectives by checking the 5 key rewards and 1 important warning sign.

Looking for more ICG sized opportunities?

Do not stop with ICG. Use powerful screeners to surface fresh ideas that fit your style, so good potential opportunities do not quietly pass you by.

• Target resilient compounders with clean finances by reviewing a list of solid balance sheet and fundamentals (9 results) that highlights businesses with robust fundamentals and less stretched balance sheets.
• Zero in on value driven ideas through the 7 high quality undervalued stocks and focus on companies where the market price sits below underlying fundamentals.
• Build a cash paying portfolio by using the 1 dividend fortresses to spot income opportunities with higher yields and potential staying power.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com