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FINANCIALS: Intermediate Capital (ICPLN BBB Pos/ BBB Pos) - H1 results

FINANCIALS
Credit BulletsCEEMEABulletUKGlobalRegion

Probably not quite good enough for positive outlooks to turn into upgrades yet, but momentum remains positive.

  • PBT £198m, down £44m on last years first half earnings, which were admittedly very strong bolstered by some one offs.
  • Management fee & performance fee income are up 23% and 9% vs H1 23 respectively, more in line with AUM growth. Asset pipeline also strong.
  • Expenses were flat compared to H2 '24.

Valuation - Trades about 40bps wide of similarly rated financials.

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Probably not quite good enough for positive outlooks to turn into upgrades yet, but momentum remains positive.

  • PBT £198m, down £44m on last years first half earnings, which were admittedly very strong bolstered by some one offs.
  • Management fee & performance fee income are up 23% and 9% vs H1 23 respectively, more in line with AUM growth. Asset pipeline also strong.
  • Expenses were flat compared to H2 '24.

Valuation - Trades about 40bps wide of similarly rated financials.

Keep reading...Show less