ICP - Intermediate Capital

I'm just taking another look at the situation on ICP.

 Intermediate Capital Group plc is an independent mezzanine provider with investment portfolios in Europe, Asia Pacific and the United States. It structures and provides mezzanine finance, leveraged credit and minority equity.

On a PBV basis, it looks undervalued: it is currently trading on a PBV of 0.7, whereas over the last decade it was 1.8. So, there's considerable upside looking at it from a PBV viewpoint. Looking at a PER basis suggests maybe a more modest rise: currently trading at a PER of 7.7, against its historic norms of 12.7.

The largest director deals over the last year look to amount to about £1m and a bit - the bulk of which was by Attwood at 324p. Current share price is 245p. Attwood owns about £3.2m in shares, and Evain about £1.9m. Not bad.


Their trading statement on 06-Oct-2011 highlighted the following:

the imbalance between supply
and demand for credit which will remain a feature of the European credit markets
for the foreseeable future.  This imbalance is placing considerable stress on
credit markets and therefore presents considerable opportunities for specialist
lenders to generate high returns by acquiring debt at attractive discounts in a
distressed market, providing recovery finance to existing buyouts and offering
reliable financing solutions for new transactions.

 On 30-Nov-2011 it launched a 7% retail bond.

Things are pretty much the same as the last time I looked at them, and things seem to be going according to plan. Looking good.