London, UK, 3 February 2025

Edison issues report on HgT (HGT)

Edison issues report on HgT (LSE: HGT).

HgT reported a robust 10.1% preliminary NAV total return (TR) in FY24 (of which 4.4% in Q424), which the company highlighted was primarily driven by the strong trading performance of the underlying portfolio (in line with HgT’s long-term track record). The last-twelve-month revenue and EBITDA growth across its top 20 holdings (making up 76% of its portfolio) to end-November 2024 stood at 19% and 22%, respectively. We note that HgT’s NAV TR reflects some fx headwinds from the strengthening of sterling against the euro by close to 5% in 2024. The trust’s share price TR was even stronger than the NAV TR at 25.7%, resulting in the shares trading at a slight premium to NAV at end-2024. HgT’s portfolio valuations continue to be validated by uplifts to prior carrying values upon full and partial realisations, which in 2024 stood at an average of 15%. We also note that HgT’s manager delivered a considerable volume of liquidity events in 2024, which translated into £505m of gross proceeds from exits and refinancings to HgT (around 22% of the trust’s opening NAV), some of which were reinvested in the same companies.

to read the full report.

All reports published by Edison are available to download free of charge from its website

Edison is authorised and regulated by the .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Connect with Edison on:

LinkedIn 

X  

YouTube