Princess Private Equity Holding - Solid Q121, attractive dividend and well-filled pipeline
Princess Private Equity (PEY) reported a strong c 10% NAV TR from January to end-April 2021 (10% in FY20), largely driven by its in-closing exit from GlobalLogic announced in March 2021, generating a 45% uplift from its end-February 2021 carrying value. This represents a very solid 5.3x multiple on invested capital, despite the short holding period since 2018. PEY’s attractive dividend yield of c 5% is ahead of most of its peers and the manager is confident in its ability to maintain the current dividend policy to distribute c 5% of the opening NAV. PEY has a comfortable liquidity position with a coverage ratio at c 49% at end-April 2021, further supported by proceeds from major exits agreed in 2021 but not yet closed.
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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