Is ICG (LSE:ICG) Cheap After Its Rebound And Mixed Returns?

ICG (LSE:ICG) has drawn attention after recent share price swings, with the stock closing at £19.37. Investors are weighing that move against mixed short term returns and solid multi year total performance.

The recent 1 month share price return of 9.62% suggests buyers have been willing to re-rate ICG after a weaker period, even though the 90 day share price return declined 5.14% and the year to date share price return is down 5.79%. At the same time, the 3 year total shareholder return of 55.65% against a much more muted 5 year total shareholder return of 4.53% hints that momentum has cooled relative to the strongest phase. This puts the latest move around £19.37 in the context of a stock coming off earlier strength rather than starting a fresh trend.

Compare ICG's recent swings with other potential re rating stories by scanning a curated group of 15 high quality undervalued stocks that share solid fundamentals and room for sentiment shifts.

Bulls point to ICG’s recent rebound and solid multi year shareholder returns, while bears focus on the weaker year to date performance. The following valuation work shows which side current numbers lean toward.

Most Popular Narrative: 23% Undervalued

ICG's most followed narrative puts fair value at £25.11, above the recent £19.37 close. This frames the latest price swing as a discount rather than froth.

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 16 investors see ICG as 23% undervalued.

Result: Fair Value of £25.11 (UNDERVALUED)

Still, the narrative can break if private equity realizations stay muted and deployment of the $19b non fee earning AUM remains slow, or if competition squeezes ICG’s 47% FRE margin.

Find out about the key risks to this ICG narrative.

Next Steps

Mixed views on ICG so far. If you want to move past the headline story and judge the balance of risks and upsides for yourself, start with the 5 key rewards and 1 important warning sign.

Looking for more investment ideas beyond ICG?

If you stop with ICG, you only see one corner of the market. Use the screener to line up fresh ideas and test your existing views.

• Target resilient compounding potential by focusing on businesses with strong cash reserves and low leverage through a curated list of solid balance sheet and fundamentals (9 results).
• Hunt for quality at a discount by scanning a pre built set of companies flagged as 15 high quality undervalued stocks.
• Focus on under followed opportunities by filtering for smaller companies with solid fundamentals in a focused list of 5 high quality undiscovered gems.

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