Edison Investment Research - UNBOUND GROUP PLC (UBG) Electra Private Equity - The realisation strategy – step by step

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Edison Investment Research

Pedro Fonseca

Electra Private Equity - The realisation strategy – step by step

On 15 April, Electra Private Equity (ELTA) announced the disposal of Sentinel – one of the company’s three remaining operating businesses – for £22.2m (58.1p per share), £11.3m higher than the asset’s carrying value on the balance sheet as at 30 September 2021. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned c £2bn to shareholders. Since our 16 December 2020 initiation note, the shares have appreciated from a 22% discount to NAV to currently trading at a 4.1% premium.

16/04/2021 3 EN

Underlying

UNBOUND GROUP PLC

Electra Private Equity is a private equity investment trust company. As of Sep 30 2017, Co. had total investment portfolio of £358.0 million.

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GB0003085445 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Electra Private Equity - The realisation strategy – step by step

Unbound Group - Platform launch on time

Unbound Group - Strong momentum in Q123

Unbound Group - A reassuring debut

Actinogen Medical - Funding in place to complete XanaMIA Phase IIb

Games Workshop Group - Sigmar the fourth

Datatec - Encouraging H1 across all divisions

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