Princess Private Equity Holding - Strong flow of attractive deals in FY18
Princess Private Equity Holding (PEY) recorded a particularly high level of investment activity in FY18 (to 31 December), following on from a record year of realisations in FY17. The fund focuses on profitable companies with: a consistent track record of EBITDA growth (an average of 11.5% for 2018 across the whole portfolio); meaningful growth potential, supported by strong competitive positions in growing end markets; and clear scope for manager Partners Group’s industry value creation (IVC) team to add value through operational and governance improvements. PEY’s NAV total return for FY18 was 6.8%, a c 10pp outperformance of global listed equity markets, and although the share price total return for the year was negative as a result of the sharp sell-off in public markets in Q418, it has rebounded by more than 10% year to date (to 1 March). PEY has a high distribution policy and currently offers a dividend yield of 6.0%.
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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