Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — Q1 FY2024 Earnings Presentation
15 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Jun 28, 2023
Slide 1: Trading update for the period ended 30 April 2023
Trading update for the period ended 30 April 2023 28 JUNE 2023 For professional investors only. Not for onward distribution Note: All data as at 30 April 2023 unless specified
Slide 2: Our investment strategy
Our investment strategy Focused on risk-adjusted returns and defensive growth Buyouts Developed Mid-market and Top-tier markets larger deals managers Defensive More consistent returns Primarily in North More likely to be Track records of growth profile, with less risk America and Europe; resilient a
Slide 3: Portfolio Manager perspectives
Portfolio Manager perspectives • Portfolio up 0.5% on a local currency basis; strengthening of Sterling had a (1.1)% impact • Continued macro uncertainty underpinning caution in broader private equity market; selection and planting seeds for the future can drive long-term returns • Focused commitmen
Slide 4: Q1 in review
Q1 in review PORTFOLIO VALUE NAV PER SHARE CAPITAL RETURNS Dividend per Share £1,354m 1,876p share3 buybacks 0.5%1 (1.1)%2 8p £3.1m INVESTMENT ACTIVITY REALISATION ACTIVITY New Fund Commitments New Investments Realisation Proceeds Uplift to Carrying Value from 10 Full Exits £72m £25m £68m 20% 1 Port
Slide 5: Portfolio activity overview
Portfolio activity overview Primary Direct Secondary Total ICG-managed Portfolio Return on a Local Currency Basis 1.7% (1.4)% (0.5)% 0.5% 0.4% Portfolio Return in Sterling 0.8% (2.4)% (2.0)% (0.6)% (0.9)% New Investments £18m £5m £2m £25m £4m Proceeds £31m £31m £6m £68m £10m New Fund Commitments £51
Slide 6: Direct investment case study
Direct investment case study Endeavor Schools ~£8M Over 60 schools in 13 states across the US, opportunity to grow enrolment and open new locations TOTAL INVESTMENT (FY19) US private education market benefits from a number of resilient demographic and economic growth drivers Multiple structural orga
Slide 7: Portfolio composition today
Portfolio composition today ASSESSING OUR PORTFOLIO AGAINST OUR MEDIUM-TERM TARGETS Medium-term target Five-year average Q1 FY24 1. Target Portfolio composition 1 Investment category Primary ~50% 59% 56% Direct ~25% 27% 26% Secondary ~25% 14% 19% Geography2 North America ~50% 37% 42% Europe (inc. UK
Slide 8: Dividend and buyback update
Dividend and buyback update 1 2 PROGRESSIVE DIVIDEND POLICY MAINTAINED LONG-TERM SHARE BUYBACK PROGRAMME INTRODUCED At least 30p 32p 632k 27p shares repurchased 24p 23p 22p £7.1m capital returned to shareholders 41.0% 3 average discount to NAV 37 FY19 FY20 FY21 FY22 FY23 Q1 24 days in the market Div
Slide 9: Liquidity
Liquidity • Total available liquidity of £195m • Net debt of £15m (26 May: £13m) • Entered into a new €240m revolving credit facility (RCF) which was effective from 31 May 2023, replacing previous facility provided by Credit Suisse o Replaced previous €240m facility o Extended the maturity of the Co
Slide 10: Track record of delivering for shareholders
Track record of delivering for shareholders LTM RETURNS L3Y (ANNUALISED) L5Y (ANNUALISED) Portfolio Return1 +10.2% +23.6% +18.6% NAV per Share2 +8.3% +21.6% +16.2% 1 Portfolio Return on a Local Currency Basis 2 NAV per Share on a Total Return basis 3 5Y ann. is an abbreviation for 5 years annualised
Slide 11: Recap of key messages from our Investor Day, 13 June 2023
Recap of key messages from our Investor Day, 13 June 2023 Clear investment strategy Centred on defensive growth, targeting superior risk-adjusted returns over the long term Differentiated portfolio Actively constructed, exposure to profitable, cash-generative private companies in the US and Europe D
Slide 12: Q&A
iCG ENTERPRISE TRUST Q&A
Slide 13: Appendix
iCG ENTERPRISE TRUST Appendix
Slide 14: Performance figures
Performance figures Performance for 12 months ending: 30 April 2023 30 April 2022 30 April 2021 30 April 2020 30 April 2019 NAV per Share Total Return 8.3% 27.9% 29.8% 5.0% 12.4% Share Price Total Return (2.2)% 5.2% 51.4% (14.3)% 7.7% FTSE All-Share Index Total Return 6.0% 8.7% 25.9% (16.7)% 7.8% So
Slide 15: Legal notice
Legal notice What this document is for This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of ICG Enterprise Trust plc (“ICG Enterprise”). The information and any views contained in this document are provided for general information only. It is not intended t
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