reports
- Mark Thomas
Apax Global Alpha (APAX): Jam yesterday, and tomorrow, but not today
AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc). By comparison, the five-year total NAV CAGR return was 8.3%. Problems in healthcare (no longer a core sector), and one portfolio company in particular, meant the strong average investee company EBITDA growth did not fuel NAV growth. However, the detail in the results bodes well, with i) investee companies deliveri...
Hardman & Co Research on Apax Global Alpha (APAX): Jam yesterday, and...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): Jam yesterday, and tomorrow, but not today 02-Apr-2025 / 11:39 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): Jam yesterday, and tomorrow, but not today AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc). By comparison, the five-year total NAV CAGR return was 8.3%. Problems in healthcare (...
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: April 2025
Feature article: 2024 pharma statistics An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024. The year was characterised by 9.2% underlying (ex-COVID-19) growth. Much of the growth was driven by recently launched ant...
Apax Global Alpha Limited: 1 director
A director at Apax Global Alpha Limited bought 15,000 shares at 134p and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: March 2025
In this month's feature article, we review the energy situation in the UK. On the domestic front, Ofgem has recently announced the new price cap figure of £1,849 for a typical household’s annual use of gas and electricity; this figure represents an increase of 6.4% over the January-March 2025 price cap. UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrong...
Hardman & Co Q&A on Apax Global Alpha: Exits surge as market demand re...
Hardman & Co Research Hardman & Co Q&A on Apax Global Alpha: Exits surge as market demand rebounds 17-Feb-2025 / 14:30 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on Apax Global Alpha (APAX) | Exits surge as market demand rebounds The tide is turning for Apax Global Alpha (LON:APAX). With deal activity accelerating and exits ramping up, Hardman & Co’s latest report, AGA Past Inflection Point, highlights why the stock of exitable businesses is growing just as market demand returns. Analyst Mark ...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: February 2025
Feature article: The October 2024 Budget - We got it wrong By Keith Hiscock, CEO at Hardman & Co In this month's feature article, we review the effects of the 2024 Budget and consider what might happen in the coming months. Our Hardman Monthly of October 2024 looked forward to the first Labour Budget for 14 years. The main theme was that, because the new Chancellor, Rachel Reeves, had ruled out increases in taxes on ‘working people’, investors would bear the brunt of any tax increases to fill ...
- Mark Thomas
Apax Global Alpha - AGA passed inflexion point with deal activity risi...
As noted in our reports, 'CM day: further proof of value added by Apax' and '1H’24: deal activity coming back strongly', the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels. In this note, we analyse the likely impact of the exit trend on i) NAV, with an expected greater correlation between EBITDA growth and NAV growth, ii) cashflow...
Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexi...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising 30-Jan-2025 / 15:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising As noted in our reports, and , the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- Pedro Fonseca
Apax Global Alpha - Transaction activity picked up in Q324
Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp positive contribution from earnings momentum across its private equity (PE) investments. The company experienced a pick-up in new investments, and also saw some positive trends on the realisation front. Following recent exits and accounting for the take-private transaction of Thoughtworks, AGA’s pro-forma exposure to listed holdings has been ...
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: November 2024
Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”. The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. While ...
Hardman & Co Q&A on Apax Global Alpha (APAX): 1H24 deal activity rebou...
Hardman & Co Research Hardman & Co Q&A on Apax Global Alpha (APAX): 1H24 deal activity rebounding 15-Oct-2024 / 10:05 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Closed-ended investments Q&A on Apax Global Alpha (APAX) | 1H24 deal activity rebounding Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, analyst at Hardman & Co joins DirectorsTalk Interviews. In this interview, key insights are provided on Apax Global Alpha’s performance during the first half of 2024. Mark discusses a notab...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: October 2024
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th...
- Mark Thomas
Apax Global Alpha (APAX) - 1H’24 deal activity coming back strongly
The key messages from AGA’s 1H’24 results were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from 12.2% in FY’23) ‒ widening margins reflect the value added by Apax, iii) buybacks utilising the distribution pool started at end-June, and iv) continued diversification and liquidity benefits from the debt portfolio. As noted in our July note, CM day:...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: September 2024
Feature article: The Tiktok generation are becoming “renegade” investors - How Gen Z’s investing habits differ from past generations As the landscape of investing evolves, a new generation is stepping onto the stage with fresh perspectives and unique approaches that are reshaping financial markets. At Hardman & Co, we’ve always been committed to understanding these shifts, and this month’s article delves into the rapidly changing ways in which Gen Z interacts with investment information and ma...
- Mark Thomas
- Martin Hall
- Nigel Hawkins
Hardman & Co Monthly: August 2024
Feature article: Solid IICs, cash-consolidating REIFs Since the beginning of 2024, the share prices of Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs) have generally remained lacklustre, failing to recover from the losses experienced in 2023. A significant factor contributing to this trend has been the sharp rise in interest rates since 2021, which has negatively impacted the sector due to the increased yields on “risk-free” 10-year gilts. The recent...
Q&A on Apax Global Alpha (APAX): CM day presentation – How Apax adds v...
Hardman & Co Research Q&A on Apax Global Alpha (APAX): CM day presentation – How Apax adds value 23-Jul-2024 / 10:52 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Investment Companies Q&A on Apax Global Alpha (APAX) | CM day presentation – How Apax adds value Apax Global Alpha (APAX) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. In this interview, Mark talks through the key highlights of Apax’s recent developments and offers a comprehensive overview of his l...
- Mark Thomas
Hardman & Co Research: Apax Global Alpha - CM day: further proof of va...
The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is above 23%) (€30m has been seeded into pool and buybacks started); ii) the value added by the four-sector “hidden gems” strategy of buying businesses with unrealised potential at discount to peers (average 24%), improving them (average 15% increase in EBITD...
Hardman & Co Research on Apax Global Alpha (APAX): CM day: further pr...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): CM day: further proof of value added by Apax 10-Jul-2024 / 10:42 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): CM day: further proof of value added by Apax The key messages from APAX’s well-received 2024 and were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is above 23%) (€30m has been seeded into pool and )...
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