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Edison Investment Research Limited
London, UK, 6 December 2023
Edison issues update on Princess Private Equity Holding (PEY): Offering an attractive dividend yield Princess Private Equity Holding (PEY) posted a year-to-date NAV total return to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twelve-month revenue and EBITDA growth to end-September 2023 of 16% and 15%, respectively, and sustained healthy average EBITDA margin of 24%. PEY’s balance sheet remains firm with c €134m in undrawn credit facility and €3m in cash, further assisted by the Civica sale proceeds upon deal closure. Consequently, PEY will pay out two interim dividends of €0.73 in total in 2023, implying a yield of 6.9% at the current share price. We believe that PEY’s maturing portfolio could provide attractive exit opportunities once activity in the global M&A markets rebounds. PEY recently agreed to sell Civica at a price in line with fair value one year prior, suggesting that a potential lengthening of holding periods and higher interest rates may somewhat limit uplifts upon exits. However, it is worth noting that, over the five years to end-June 2023, PEY achieved a 50% average uplift to fair value one year previously for its 11 fully realised direct holdings where it invested more than €5m each. Moreover, exit proceeds may now be recycled into attractively priced new opportunities. to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. 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: Milosz Papst +44 (0)20 3077 5700 Learn more at and connect with Edison on: YouTube
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1790643 06-Dec-2023
