On 18 November we were delighted to host our final Investor Forum for the year with three unique company presentations from ICG Enterprise Trust (ICGT.L), DWF Group (DWF.L) and Fulham Shore (FUL.L) followed by our guest speaker, Nigel Hawkins, on the renewable energy investment fund sector.
We look forward to sharing the continued progress of each presenting company in the months to come.
Missed this Forum? Not to worry – download the presentations below and catch up with recordings of each session. If you would like to watch the full event, please head over to our YouTube channel here.
DWF Group is a full legal services firm that went public in 2019. It is the only law firm currently listed on the London Stock Exchange Main Market. The company is focused on seizing expansion opportunities within the UK and abroad, using M&A transactions to complement its organic growth. The company’s business is organised into four divisions: Commercial, Insurance, International and Connected Services. DWF’s full year results revealed revenue growth of 14% and operating profit growth of 21%.
Management engaged with the audience through the Q&A, explaining in detail its corporate culture, staff retentions, the benefits of being listed on the main market versus AIM, and the key metrics differentiating DWF from its competitors.
Fulham Shore is a group of distinct growth restaurant businesses operating in the UK, each driven by skilled and incentivised restaurant entrepreneurs. It owns and operates Franco Manca and The Real Greek, strategically aiming to increase the value of each business. The company seeks to continually improve the brand offering and expand the number of sites within each brand. Profits are reinvested into the business, opening new restaurants and incentivising staff through profit-sharing schemes.
Fulham Shore rounded the company presentations off with an upbeat view of what the consumer/restaurant industry has to offer investors in a post COVID-19 world. After taking investors through its robust internal culture and policies, which have helped transition the company through the very difficult sector trading period, management outlined its significant UK expansion plans for Franco Manca and The Real Greek as well as its international franchising ambitions. The company addressed questions from the audience on its risk mitigating structures in the event of another lockdown, staff training programmes, new food brands and market demand for its restaurants.
ICG Enterprise Trust gives investors a liquid, managed option to replicate what professional pension fund managers and long-term investors do. It accesses above-market compounding returns, and diversifies risk. ICGT has strong corporate governance, good disclosure and a simple structure. Its defensive growth strategy has consistently delivered superior returns across cycles. In our view, the discount to NAV of 16% offers additional value to compounding NAV growth.
The PE firm began the forum, shedding light on its ‘active ownership’ strategy and resilient portfolio growth. Management emphasised how the design and structure of its outperforming portfolio gives retail and smaller institutional investors, as well as professional investors, unique access to a vastly diversified PE market. ICG Enterprise Trust has achieved a consistent returns track record of double-digit growth, and maintained at least 15% growth in recent years. The company has excelled throughout the COVID-19 period with 25% growth for the portfolio, demonstrating its robust investment model. During the presentation, management answered questions on its defensive growth strategies, investment process and funding.
And, finally, ending the afternoon, Hardman & Co renewables specialist, Nigel Hawkins, shared his insights on the sector. Nigel tackled questions on index-linked income flow from renewable funds and the hydrogen sector in the context of electric vehicles.
The investor pack from the Forum, featuring speaker bios and all the research notes in one place, is available here. Please sign up here if you would like to join our mailing list for Hardman Talks events and future Forums.