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.
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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 | (18.0) | (9.5) | (19.8) |
Relative | (16.9) | (12.6) | (27.6) |
52 week high/low | 61.4p/42.6p |
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 |