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Berenberg raises target price on ICG
(Sharecast News) - Analysts at Berenberg raised their target price on private equity fim ICG from 2,600p to 2,800p on Friday, stating there were "no signs of a bubble here, just opportunity". Berenberg noted that while there was "a lot of negative noise in the press" about the private capital market at present, it believes that ICG has been taking market share in the right corners of "this vast and attractive market".
The German bank also said ICG has been "unfairly caught up in the negative read across" from the US, a market in which the firm has been cautious about deploying capital.
"In valuing ICG, we use a sum-of-the-parts methodology. We use a multiples-based approach in valuing FRE and PRE and a NAV multiple to value the balance sheet. On our estimates, the current share price implies a CY26 FRE multiple of just 2x, which is just too low," said Berenberg, which reiterated its 'buy' rating on the stock.
"We believe that a three-year EPS CAGR of 7% to FY28 is attractive in its own right; however, given that ICG is approaching a net cash position, it also has the option to return significant cash to shareholders."
Reporting by Iain Gilbert at Sharecast.com
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