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IP Group (LSE: IPO)

Last close As at 15/04/2024

GBP0.47

▲ −0.40 (−0.84%)

Market capitalisation

GBP485m

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.

Management indicated a further softening of valuations of early-stage companies in Q423. PitchBook highlights that 2023 was the worst year in terms of European venture capital exit value since 2013 at €11.8bn (€40.4bn in 2022). We note, however, some initial signs of revival in the IPO markets, as well as in private M&A markets. The long-term outlook for the industry is supported by an emphasis on tech innovation from investors and governments alike, as illustrated in the UK by the Science and Technology Framework, the R&D tax regime and the Mansion House reforms.

Latest Insights

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Investment Companies | Update

IP Group — Several potential portfolio catalysts on the horizon

Investment Companies | edison tv

IP Group – executive interview

TMT | edison tv

IP Group showcase

Investment Companies | Flash note

IP Group — NAV expected to decline further in H223
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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 (1.7) (13.0) (22.7)
Relative (4.3) (16.8) (23.8)
52 week high/low 61.4p/43.5p

Overview

IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) 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. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based on funding rounds completed more than 12 months ago and 46% of its private portfolio was valued by a third-party specialist. IP Group’s holding-level liquidity was solid, with gross cash of £227m (or 19% of NAV) and 87% of its portfolio holdings (by value) had a cash runway to 2025 or beyond.

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

edison tv

Investment Companies

IP Group – executive interview

edison tv

TMT

IP Group showcase

Investment Companies

Update

IP Group — Several potential portfolio catalysts on the horizon

Flash note

Investment Companies

IP Group — NAV expected to decline further in H223

Update

Investment Companies

IP Group — Detailed look at the deeptech portfolio

edison tv

Investment Companies

IP Group – executive interview

Update

Investment Companies

IP Group — Remaining on track despite tough markets

Update

TMT

IP Group — Deep dive into the life sciences portfolio

Update

TMT

IP Group — Priority companies making progress in 2022

edison tv

TMT

IP Group – executive interview

Flash note

Financials

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

thematic

Investment Companies

Listed private equity – Performing a balancing act

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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