IP Group helps to create, build and support IP-based companies internationally focused on companies that meaningfully contribute to regenerative (renewable), healthier (life sciences) and tech-enriched (deep tech) futures. The group has an international footprint, with investment platforms in the UK, Australia, New Zealand and the United States.
IP Group provides liquid exposure to a growing portfolio of high-growth science-based start-ups from its international ecosystem. The company invests primarily in life sciences, deep tech and renewables, and is increasingly focused on companies that will have an impact, delivering a regenerative, healthier and tech-enriched future.
David Baynes
CFO
Greg Smith
CEO
Sir Douglas Flint
Chairman
Forecast net debt (£m)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 14.6 | (2.6) | (35.3) |
Relative | 8.6 | (11.5) | (36.0) |
52 week high/low | 99.0p/52.9p |
IP Group is well-financed and trading at a discount of around 50% to its H122 NAV/share (137p), which we believe represents a compelling opportunity for long-term and impact investors. After a 15+ year gestation period, its model appears to have started to mature since FY19, with returns and realisations accelerating (FY19–21 NAV/share growth of 24%). If management can deliver on targeted average gross returns of 20% for H122–27 through a renewed focus on its priority companies, we believe IP Group’s discount to NAV would narrow, further lifting the average annual return to over 30% over this timeframe for shareholders investing at today’s share price levels.
Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2020A | 234.2 | 191.9 | 189.0 | 17.6 | 3.6 | 3.5 |
2021A | 508.9 | 460.2 | 457.2 | 41.9 | 1.5 | 1.5 |
2022E | N/A | N/A | N/A | N/A | N/A | N/A |
2023E | N/A | N/A | N/A | N/A | N/A | N/A |
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