Hardman & Co Research on Apax Global Alpha (APAX):

1H’24 deal activity coming back strongly

The key messages from AGA’s were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from 12.2% in FY’23) ‒ widening margins reflect the value added by Apax, iii) buybacks utilising the distribution pool started at end-June, and iv) continued diversification and liquidity benefits from the debt portfolio. As noted in our July note, , the stock of exit-able businesses is rebuilding. The as-expected interim dividend (5.5p) generates an annual yield of 7.7%.

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