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Intermediate Capital: Credit Positive But Spreads Have Performed Well

FINANCIALS

Intermediate Capital (ICPLN: BBB pos/BBB) FY24 results (12M to Mar-24) are positive with profits beating expectations and a guidance upgrade. Credit stats appear better but the credit is already 60bp tighter YTD (€IG financials -50bp) so a credit positive day but lots already in expectations.


  • Key credit stats: NAV is c.4% above expectations (801p vs. 771p) and net debt is over 15% lower than expected (at GBP874m vs. 1,048m). Balance sheet gearing is down to 0.38x, consensus had 0.51x. So, generally more positive than expected.
  • Revenues are c.5% above consensus, pushing pre-tax profit 14% above expectations. Fundraising was also marginally better, as were fee-earning AuMs.
  • Forward guidance has been upgraded to USD55bn of capital raising over the coming four years – this was USD40bn over four years, so a solid upgrade but the group had been well ahead of its previous run-rate in any case.

Conf call is 0900 (London time) at https://web.lumiconnect.com/#/m/138020806

Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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