IP Group (LSE: IPO)

Currency in GBP

Last close As at 28/11/2023


1.10 (2.14%)

Market capitalisation


IP Group helps to create, build and support IP-based companies internationally. It focuses on companies that meaningfully contribute to regenerative (renewable), healthier (life sciences) and tech-enriched (deep tech) futures. The group has investment platforms in Australia, New Zealand, the United States, China and the UK.

Activity in the European venture capital (VC) sector remains subdued, with Q223 deal volumes down to €12.3bn from €30.5bn in Q222 (VC exit volumes fell to €0.9bn vs €15.0bn in Q222), according to PitchBook. Nevertheless, IP Group’s portfolio companies were able to raise £300m in H123 (vs £350m in H122), with 72% and 14% of the 14 new funding rounds being up rounds and flat rounds, respectively (broadly in line with the 72% and 10% for European venture capital rounds in Q123 according to PitchBook, respectively).

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Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • David Baynes


  • Greg Smith


  • Sir Douglas Flint


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 20.6 (9.6) (23.5)
Relative 16.8 (11.1) (22.6)
52 week high/low 67.5p/43.5p


IP Group’s private portfolio valuations remained broadly stable in H123, with its c 4.1% NAV decline in total return terms mostly due to a de-rating of listed holdings (Oxford Nanopore in particular) and FX headwinds, though subsequently largely offset by a rebound in quoted holdings to date. IP Group’s holding-level liquidity remains firm and 84% of its direct portfolio holdings have a cash runway of 12 months or more. IP Group shares continue to trade at a wide 60% discount to NAV.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 508.9 460.2 457.2 41.9 1.3 N/A
2022A (302.0) (340.8) (340.6) (32.8) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A




MediaWatch – November 2023: Still waiting…



MediaWatch – July 2023

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