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IP Group (LSE: IPO)

Last close As at 17/09/2024

GBP0.48

▲ 0.70 (1.48%)

Market capitalisation

GBP480m

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.

There are some tentative signs of a revival in the broader IPO and private M&A markets. European venture capital deal value increased by 9% y-o-y to €15.8bn in Q224 (although deal count was down c 33% y-o-y), according to PitchBook. The Q224 figure is still 47% lower than the Q222 level, hence activity remains modest for the time being.

Latest Insights

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TMT | Flash note

IP Group — Novo Holdings invests in Oxford Nanopore

TMT | Flash note

IP Group — Sale of Garrison Technology to Everfox

TMT | audiovisual

IP Group in 60 seconds

TMT | Outlook

IP Group — Several potential portfolio catalysts on the horizon
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Sector

TMT

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Dan Ridsdale

Head of Technology

Key Management

  • David Baynes

    CFO

  • Greg Smith

    CEO

  • Sir Douglas Flint

    Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 19.9 6.1 (18.5)
Relative 20 3.6 (24.8)
52 week high/low 60.5p/36.0p

Financials

IP Group highlighted in early August that cash proceeds from exits confirmed or completed now total over £43m (already more that for the entire 2023). Moreover, the company noted that Intelligent Ultrasound Group (in which IP Group holds a 20.8% stake) plans to make a ‘material return of capital’ following the announced sale of its Clinical AI business to GE HealthCare for an enterprise value of £40.5m. As a result, IP Group decided to increase its current buyback programme by £10m to £30m. IP Group’s maturing portfolio offers a number of potential NAV triggers.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A (302.0) (340.8) (340.6) (32.6) N/A N/A
2023A (154.6) (177.3) (173.7) (16.6) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Flash note

TMT

IP Group — Sale of Garrison Technology to Everfox

audiovisual

TMT

IP Group in 60 seconds

TMT

Flash note

IP Group — Novo Holdings invests in Oxford Nanopore

Outlook

TMT

IP Group — Several potential portfolio catalysts on the horizon

edison tv

TMT

IP Group – executive interview

edison tv

TMT

IP Group showcase

Flash note

TMT

IP Group — NAV expected to decline further in H223

Update

TMT

IP Group — Detailed look at the deeptech portfolio

edison tv

TMT

IP Group – executive interview

Update

TMT

IP Group — Remaining on track despite tough markets

Update

TMT

IP Group — Deep dive into the life sciences portfolio
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Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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