RECI Real Estate Credit Investments Limited

Hardman & Co Research on ICG Enterprise Trust plc: Portfolio:

14% EBITDA growth + widening margins

The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 9.4%), which should help allay some concerns over the impact of the higher-rate environment. New investment is accelerating, and realisation activity continued with an average 26% uplift to carrying values on exit. A degree of short-term volatility is to be expected, and the five- and 10-year total annualised NAV per share return (12.5% and 13.2%, respectively) are a good reflection of what investors are getting from ICGT’s defensive growth strategy. ICGT has a balanced capital return policy.

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