ICG (LSE:ICG) has drawn fresh attention after recent trading left the shares around £18.08. Performance has been mixed across timeframes, with the past month, three months and year each telling a different story.
Recent trading in ICG has been choppy, with the 30-day share price return down 2.64% and the 90-day share price return down 5.24%, even though the three year total shareholder return of 57.32% and five year total shareholder return of 2.07% reflect a very different long run experience.
Compare ICG's recent swings with a hand-picked 5 high quality undiscovered gems that may be flying under the radar despite solid fundamentals.
ICG trades at a clear discount to both analyst targets and some fair value estimates after this recent wobble. Is that caution a warning sign, or a pricing opportunity investors are misreading?
Most Popular Narrative: 28% Undervalued
On the numbers used in the most followed narrative, ICG's fair value of £25.11 sits well above the recent £18.08 share price. This puts the spotlight on what has to go right in the underlying business for that gap to make sense.
The main thing that has to go right is that ICG converts its fundraising momentum, new Amundi wealth products and balance sheet co investments into sustained growth in fee earning AUM and cash generation despite a softer FY27 fundraising year.
ICG's £2.6bn balance sheet, with around 90% in co investments and seeding of new strategies and an average 10% to 11% annual return over five years, together with a 10% net cash flow yield and nearly £500m of net cash generation in FY26, provides capital that can support new funds while also feeding future cash earnings.
See why 15 investors see ICG as 28% undervalued .
Result: Fair Value of £25.11 (UNDERVALUED)
Still, two pressure points hang over the ICG story: slower private equity exits that could delay fee income, and intense competition that might squeeze deal economics.
Find out about the key risks to this ICG narrative .
Next Steps
Mixed feelings after reading about ICG's upside and risks is normal. Move quickly, test the numbers yourself and weigh the 5 key rewards and 1 important warning sign .
Looking for more investment ideas beyond ICG?
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ICG.L .
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