Is ICG (LSE:ICG) Undervalued After Its Latest Half Year Earnings?
ICG (LSE:ICG) has just posted half year earnings to September 30, 2026. This gives investors fresh numbers on how its private markets platform is performing and how current conditions are feeding through to profit.
ICG’s latest figures land against a mixed share price backdrop, with the stock at £18.55 after a 1-month share price return of about 5.6% but a year-to-date share price decline of roughly 9.8%. That short-term uptick sits beside a 1-year total shareholder return of about 1.5% and a 3-year total shareholder return close to 39.5%, indicating that longer term holders have still seen meaningful value creation even as momentum has cooled in recent months.
Scan how ICG compares with other listed asset managers by reviewing a hand-picked set of globally focused alternative asset platforms in the 15 high quality undervalued stocks.
ICG now trades close to £18.55 while consensus targets and some fair value estimates sit materially higher. Is the discount reflecting real earnings risk, or a market that is being overly cautious about the platform’s prospects?
Most Popular Narrative: 26% Undervalued
Against a last close of £18.55, the analyst consensus Narrative on Simply Wall St anchors ICG’s fair value at about £25.11 using an 8.9% discount rate. That difference frames the current price as a material markdown and puts the focus squarely on whether fee related earnings and cash generation justify a higher valuation.
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, which supports the view that further mix shift into these areas could lift margins and earnings power.
See why 17 investors see ICG as 26% undervalued.
Result: Fair Value of £25.11 (UNDERVALUED)
Still, the story around ICG can change quickly if private equity exits stay muted and delay that $19b of undeployed AUM, or if competition crimps future fee margins.
Find out about the key risks to this ICG narrative.
Next Steps
If that mix of caution and optimism around ICG feels familiar, now is the moment to check the full picture for yourself and stress test your own thesis. Start by weighing up the 3 key rewards and 1 important warning sign.
Looking for more investment ideas beyond ICG?
If ICG has sharpened your thinking, now is the moment to widen the lens and pressure test your watchlist with fresh, data driven ideas.
- Target resilient income by reviewing stocks that qualify as 4 dividend fortresses and see which yields might complement ICG in a diversified portfolio.
- Hunt for potential mispricing with the 6 high quality undiscovered gems and spot businesses the market may not be fully paying attention to yet.
- Prioritise capital protection by scanning companies in the 5 resilient stocks with low risk scores and compare their profiles with the risk you already hold.
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