Recent Research

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  FIRST LOOK NOTES

  16 May 2025

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 1.61

  Target Price

  AED 2.55

  Upside (%)

  +58.39%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 3Q25 - First Look Note

  Investcorp Capital Plc’s net profit fell 13.3% YOY to USD 13 Mn in 3Q25. As of 3Q25, the carrying value of the Company's capital deployment exposure in Corporate Investments stood at USD 591 Mn, representing 47% of the total capital deployment exposures.

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  FIRST LOOK NOTES

  26 Feb 2025

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 1.87

  Target Price

  AED 2.71

  Upside (%)

  +44.92%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q25 - First Look Note

  Investcorp Capital Plc’s net profit fell 23.8% YOY to USD 16 Mn in 2Q25. As of 2Q25, the carrying value of the Company's capital deployment exposure in Corporate Investments stood at USD 569 Mn, representing 58% of the total capital deployment exposures. CFS activities grew significantly, with deployment increasing from USD 90 Mn in 1Q25 to USD 405 Mn in 1H25.

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• 

  FIRST LOOK NOTES

  27 Nov 2024

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 2.00

  Target Price

  AED 2.71

  Upside (%)

  +35.50%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 3Q24 - First Look Note

  Investcorp Capital Plc’s net profit fell 7.7% YOY to USD 12 Mn in 1Q25. The Company deployed USD 104 Mn across asset classes, with a realization of USD 183 Mn in 1Q25. The Capital Financing Services deployed USD 90 Mn across asset classes achieving realizing USD 151 Mn. The Capital Deployment deployed USD 14 Mn in 1Q25 and earned proceeds worth USD 32 Mn.

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  FIRST LOOK NOTES

  26 Sep 2024

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 1.97

  Target Price

  AED 2.71

  Upside (%)

  +37.56%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 4Q24 - First Look Note

  Investcorp Capital Plc’s net profit rose 55.6% YOY to USD 56 Mn in 4Q24. The Capital Financing Services segment witnessed significant growth, deploying USD 883 Mn across asset classes achieving a 9% return on investment in 2024, surpassing its target of 8%. The Capital Deployment segment achieved a 13% return on investment in 2024, deploying more than USD 263 Mn across various assets.

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  FIRST LOOK NOTES

  23 May 2024

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 2.05

  Target Price

  AED 2.71

  Upside (%)

  +32.20%

  Lower fair value gains and a sharp rise in interest rates impacted profitability

  Investcorp invested a total of USD 821 Mn across its Capital Deployment and Capital Financing Services segments and realized USD 641 Mn in 9M24. The Capital Deployment segment generated a healthy return of 7% on average asset exposure, whereas the Capital Financing Services segment generated 9% returns in 9M24.

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  INITIAL COVERAGE (EQUITIES)

  12 Jan 2024

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 1.98

  Target Price

  AED 2.71

  Upside (%)

  +36.87%

  UAE Equity Research - Investcorp Capital PLC (ICAP) - Initiation Coverage

  We initiate coverage on Investcorp Capital PLC (“IVCC” or “the Company”) with a target price of AED 2.71 per share. IVCC, an alternative investment management company to be listed on the ADX, operates through Capital Deployment and Capital Financing Services segments with asset exposure of USD 1,276 Mn as of June 2023

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