ICG's fair value estimate has been nudged up to £26.28 per share and its discount rate has ticked higher to 8.97%, capturing both improved confidence in the business and a slightly higher required return for investors. These adjustments reflect a more balanced narrative that weighs resilient fee income and better visibility on deployment against a cooler macro backdrop and tighter room for upside. Stay tuned to see how investors can track these evolving assumptions and keep ahead of the shifting story around ICG.

Stay updated as the Fair Value for ICG shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on ICG.

???? Bullish Takeaways

Morgan Stanley reaffirmed its Overweight rating on ICG, indicating confidence in the company’s execution and growth prospects despite a mixed macro backdrop.

The firm lifted its price target to £28.00 from £26.00, a notable upward revision that underscores its view that ICG’s fundamentals, including fee income and deployment visibility, justify a higher valuation.

By raising the target while keeping a positive stance, Morgan Stanley signals that it sees room for further upside, even as it acknowledges that some good news may already be reflected in the current share price.

???? Bearish Takeaways

The higher target from Morgan Stanley still embeds a disciplined view on risk and return, implying that near term upside could be more modest if market conditions soften or if deployment slows.

The continued focus on an elevated required return suggests that valuation remains a key watchpoint for analysts, who see potential for volatility if macro headwinds intensify.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

Amundi S.A. has agreed to acquire a 9.9% stake in ICG plc, becoming a strategic shareholder and securing the right to nominate a non executive director to ICG’s Board. This deepens long term alignment on growth strategy.

ICG’s Board has declared an increased interim dividend of 27.7p per share for the six months ended 30 September 2025, up from 26.3p in H1 FY25, with payment scheduled for 9 January 2026. The increase signals confidence in cash generation and capital returns.

Amundi and ICG have entered a 10 year strategic partnership that makes Amundi the exclusive global distributor in the wealth channel for ICG’s evergreen and selected other products. In turn, ICG becomes Amundi’s exclusive provider of those private markets strategies.

The partnership between Amundi and ICG includes joint development of new private markets products tailored for wealth investors. These are aimed at expanding access to ICG’s strategies for more than 200 million individual investors via Amundi’s global distribution network.

The fair value estimate has risen slightly from £26.12 to £26.28 per share, reflecting a modestly higher intrinsic valuation for ICG.

The discount rate has increased marginally from 8.92% to 8.97%, implying a slightly higher required return from investors.

Revenue growth assumptions have edged down slightly from 5.78% to 5.75% per year, indicating a modestly more cautious top line outlook.

Net profit margin expectations have risen slightly from 48.37% to 48.57%, pointing to a small improvement in anticipated profitability.

The future P/E multiple has increased marginally from 15.46x to 15.53x, suggesting a slightly richer valuation being applied to forward earnings.

Narratives turn raw numbers into a clear, living story. They connect what you believe about a company’s strategy and competitive position to explicit forecasts for revenue, earnings and margins, and finally to a fair value you can compare with today’s share price. On Simply Wall St’s Community page, millions of investors use Narratives as an easy, accessible way to decide when to buy or sell, with assumptions and valuations updating dynamically as new news, data and earnings arrive.

Head over to the Simply Wall St Community and follow the Narrative on ICG to stay on top of what really drives its value:

How diversification across private market strategies and record fundraising could support sustained growth in fee income and earnings.

Whether analysts’ assumptions for revenue growth, margins and a higher future P/E still justify a fair value above today’s share price.

How competitive pressures, slower deal activity or weaker realizations might challenge the long term upside case and change the risk reward.

Read the full Narrative on ICG here: ICG: Rising Price Outlook Will Support Long-Term Upside Potential.

Curious how numbers become stories that shape markets? Explore Community Narratives

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.

Companies discussed in this article include ICG.L.

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