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IP Group (LSE: IPO)

Last close As at 20/11/2024

GBP0.40

▲ −2.95 (−6.93%)

Market capitalisation

GBP392m

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 have been some green shoots of recovery in terms of European VC exits, and PitchBook noted that valuations seemed to be recovering in Q324. PitchBook estimates that excluding the Puig IPO and applying the 9M24 run rate to the rest of the year implies a 6.6% y-o-y increase in exit value in 2024. IP Group’s management expects further exits at or above carrying value through to end-2025.

Latest Insights

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TMT | Update

IP Group — Record exit underpinning the NAV

TMT | Flash note

IP Group — Management sees positive portfolio momentum

TMT | Flash note

IP Group — Novo Holdings invests in Oxford Nanopore

TMT | Flash note

IP Group — Sale of Garrison Technology to Everfox
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Sector

TMT

Equity Analyst

Milosz Papst

Milosz Papst

Head of Content, Investment Trusts

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 (16.6) (1.3) (23.7)
Relative (13.7) 1.2 (29.4)
52 week high/low 58.5p/36.0p

Financials

IP Group’s realisation activity picked up notably in the months leading up to the company’s interim results publication in September, encouraging the company to increase the current buyback programme by £10m to £30m. Subsequently, IP Group agreed to sell the AI-powered financial crime detection business Featurespace to Visa. The exit will result in £134m in realisation proceeds at a 70% uplift to end-2023 carrying value, part of which was recognised in the H124 results, translating in a broadly stable value of IP Group’s private holdings.

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 — Management sees positive portfolio momentum

Flash note

TMT

IP Group — Novo Holdings invests in Oxford Nanopore

TMT

Update

IP Group — Record exit underpinning the NAV

Flash note

TMT

IP Group — Sale of Garrison Technology to Everfox

audiovisual

TMT

IP Group in 60 seconds

Outlook

TMT

IP Group — Several potential portfolio catalysts on the horizon

edison tv

TMT

IP Group – executive interview

edison tv

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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
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Thematics

thematic

Healthcare

Healthcare-focused trusts: A sector on the mend

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