Intermediate Capital Group PLC (ICGIN.L, ICG LN) 业绩强劲超预期，展望不变

Investment Rating - The report assigns an "Overweight" rating to Intermediate Capital Group PLC (ICG) with a price target of 2,250p, compared to the closing price of 2,054p on May 20, 2025 [5]. Core Insights - The financial results for FY25 showed a strong performance, with FMC revenues approximately 5-6% better than consensus estimates, driven by management fees and catch-up fees of £62 million, exceeding the expected £45 million [2]. - The outlook for the company remains unchanged, with guidance of at least $55 billion in aggregate fund-raising over the next four years, having completed over 40% in FY25 [3]. - The valuation of ICG is considered attractive, trading at approximately 11.7x P/E for calendar year 2026, which is a significant discount compared to global peers at around 20x [4]. Financial Performance - The report highlights a strong performance in third-party business, with management fees approximately 3% ahead of expectations and performance fees at £86 million, significantly above estimates [2]. - Cost discipline was noted, with cost growth of about 10% year-over-year, compared to consensus estimates of 14-15%, leading to an operating margin expansion with FMC margin at around 60% [2]. - Fee-earning assets under management (AuM) reached $75 billion, in line with expectations, with strong fund-raising of $24 billion, surpassing consensus estimates of $20 billion [8]. Market Position - The report indicates that ICG's balance sheet returns are broadly in line, with a recovery in the second half compared to the first half, although slightly below the guidance of low double-digit growth [8]. - The company is expected to experience a positive share price reaction due to solid P&L performance and a reassuring outlook despite macroeconomic uncertainties [8].