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Hardman & Co Research
Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising
As noted in our reports, and , the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels. In this note, we analyse the likely impact of the exit trend on i) NAV, with an expected greater correlation between EBITDA growth and NAV growth, ii) cashflows, iii) sentiment, and iv) the discount to NAV. In our view, the growing investment, with the operational improvements that Apax then delivers, are key drivers to long-term outperformance.
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2078335 30-Jan-2025
