Added to YB: 2025-06-03
Pitch date: 2025-06-03
TCAP.L [bullish]
TP ICAP Group PLC
Author Info
Clark Square Capital is a former equity analyst and now a full-time investor managing their own capital. Sign up for their newsletter
Company Info
TP ICAP Group PLC provides intermediary services, contextual insights, trade execution, pre-trade and settlement services, and data-led solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
Market Cap
GBP 2.4B
Pitch Price
N/A
Price Target
4.00
Dividend
5.14%
EV/EBITDA
N/A
P/E
12.99
EV/Sales
N/A
Sector
Capital Markets
Category
special_situation
European sum-of-the-parts unlock
TCAP.L: World's largest inter-dealer broker planning Q4 US IPO of crown-jewel Parameta data biz (40%+ EBITDA margin, 97% recurring, 70% OTC data share) to crystallize SoTP. RemainCo implied ~2x EBITDA. Broking booming on volatility/rates; est too low. ~15% shareholder yield. PT £4.00 (~60% upside) vs £2.20 downside. Risk: IPO delay, vol normalization.
Read full article (8 min)