- Intermediate Capital Group
- 19 December 2024 14:43:51
Source: Sharecast
"ICG, like most European alternative asset managers, has been largely overlooked by a market appearing to only see US peers as the beneficiaries of a potentially highly constructive capital markets scenario in the next 12-24 months," it said.
The bank said it sees scope for at least a partial catch-up as that notion is gradually disabused.
It noted that ICG has leading global franchises across private debt, corporate PE and GP-led secondaries.
The bank, which has a ‘buy’ rating on the stock, said recent large scale alts M&A is a reminder of the scarcity value of these platforms.
Jefferies said: "We expect the anticipated more constructive capital markets environment in 2025/26 to provide a timely reminder that ICG is exposed to broadly the same tailwinds as its US peers, resulting in the stock offering the potential for a compelling catch-up trade."