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IP Group (LSE: IPO)

Last close As at 02/07/2024

GBP0.43

▲ 1.30 (3.13%)

Market capitalisation

GBP438m

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 VC deal value increased by 19% y-o-y to €16.3bn in Q124 (although deal count was down c 46% y-o-y, based on PitchBook data as at end-March 2024), assisted by the €4.75bn megadeal of the cleantech business H2 Green Steel in January 2024. The Q124 figure is still 54% lower than the Q122 level, hence activity remains modest for the time being.

Latest Insights

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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

TMT | edison tv

IP Group – executive interview
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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 (18.0) (9.5) (19.8)
Relative (16.9) (12.6) (27.6)
52 week high/low 61.4p/42.6p

Financials

IP Group’s NAV fell by 13% in total return terms in FY23, affected by continued soft valuations across venture capital markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress and 87% (by value) had a cash runway to 2025 or beyond as at end-2023. 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

edison tv

TMT

IP Group – executive interview

Flash note

TMT

IP Group — Focus on high-conviction plays to drive returns

edison tv

IP Group – executive interview

Initiation

TMT

IP Group — International investor in impactful innovation

QuickView

TMT

IP Group — Public market falls largely priced in

QuickView

TMT

IP Group — Impact + innovation at a compelling discount

edison tv

TMT

IP Group – executive interview