reports
Edison issues report on Partners Group Private Equity (PEY/PEYS)
Edison Investment Research Limited Edison issues report on Partners Group Private Equity (PEY/PEYS) 11-Sep-2024 / 13:39 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 11 September 2024 Edison issues report on Partners Group Private Equity (PEY/PEYS) Edison issues report on Partners Group Private Equity (LSE: PEY) Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from the successful sale of SRS Distribution to Home Depot at a more than 30% upl...
- Pedro Fonseca
Partners Group Private Equity - Healthy realisations in H124
Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from the successful sale of SRS Distribution to Home Depot at a more than 30% uplift to the previous carrying value (contributing to Partners Group Private Equity’s 4.1% NAV total return in H124), which resulted in a healthy gross multiple on invested capital (MOIC) of over 5x since its investment in this business in 2018. There are a number of exit candidates i...
- Sarah Godfrey
Private Equity: Stick or twist? Avoiding the ‘pig in the python'
After a period of record fundraising and with more than $1tn of ‘dry powder' on the sidelines awaiting investment, private equity (PE) has had a more difficult time in the past two years as inflation and interest rates have increased. The IPO market has been subdued following strong years in 2020 and 2021, challenging the traditional PE model, which relies on a steady cycle of exits in order to fund existing commitments and make new investments. One leading US private equity investor has likened...
Edison issues review on Princess Private Equity Holding (PEY): Introdu...
Edison Investment Research Limited Edison issues review on Princess Private Equity Holding (PEY): Introducing a well-defined buyback policy 29-Apr-2024 / 10:50 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 29 April 2024 Edison issues review on Princess Private Equity Holding (PEY): Introducing a well-defined buyback policy Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across private equity (PE) markets. That said, if the pick-up in global M...
- Pedro Fonseca
Partners Group Private Equity - Introducing a well-defined buyback pol...
Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across private equity (PE) markets. That said, if the pick-up in global M&A volumes witnessed earlier in 2024 continues, it should support PEY’s exit activity. This in turn would translate into improved returns if PEY delivers sizeable uplifts to previous carrying values upon exits, as it has done historically. In this context, we note that PEY has a good pipelin...
Edison issues update on Princess Private Equity Holding (PEY): Offerin...
Edison Investment Research Limited Edison issues update on Princess Private Equity Holding (PEY): Offering an attractive dividend yield 06-Dec-2023 / 09:16 GMT/BST The issuer is solely responsible for the content of this announcement. 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-twe...
- Pedro Fonseca
Princess Private Equity Holding - Offering an attractive dividend yiel...
Princess Private Equity Holding (PEY) posted a year-to-date NAV total return (TR) 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 (LTM) 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 ...
Princess Private Equity Holding Limited: 1 director
A director at Princess Private Equity Holding Limited bought 30,000 shares at 10.700EUR and the significance rating of the trade was 83/100. 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 ...
Utilico Emerging Markets Trust: Emerging market growth opportunities a...
Edison Investment Research Limited Utilico Emerging Markets Trust: Emerging market growth opportunities at a discount 18-Sep-2023 / 07:00 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 18 September 2023 Utilico Emerging Markets Trust: Emerging market growth opportunities at a discount Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, together with deputy portfolio managers Jacqueline Broers and Jonathan Groocock, at specialist investor ICM. Jillings is frustrated by the trust’s wide discount, which he believes...
Murray International Trust (MYI): Business as usual at Murray Internat...
Edison Investment Research Limited Murray International Trust (MYI): Business as usual at Murray International 13-Sep-2023 / 07:00 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 13 September 2023 Murray International Trust (MYI): Business as usual at Murray International The board of Murray International Trust (MYI) has been planning for manager Bruce Stout’s end-June 2024 retirement for a long time. He and the trust’s other two co-managers, Martin Connaghan and Samantha Fitzpatrick, have worked together for many years and they ...
- Pedro Fonseca
Princess Private Equity Holding - Waiting for a rebound in global PE d...
Princess Private Equity Holding (PEY) posted a 3.5% NAV TR in H123, bringing its 12-month return to c 10%. Its portfolio maintains strong last 12-month (LTM) revenue and EBITDA momentum of 17% and 15%, respectively, at end-June 2023 and some of its holdings also benefited from peer multiple expansion (eg KinderCare). PEY’s holding-level balance sheet remains solid, with cash and the undrawn part of its credit line covering all of its outstanding investment commitments. PEY reiterated its dividen...
- Pedro Fonseca
Princess Private Equity Holding - Planning to resume dividend payments...
During its Q422 results release, Princess Private Equity (PEY) announced the discontinuation of its foreign exchange (FX) hedging strategy from 1 April 2023 and an upsizing of its credit facility from €110m to €140m in response to the holding-level liquidity constraints it faced in late 2022. We believe investors should welcome these measures, as they facilitate PEY’s balance sheet management while allowing it to stay close to fully invested (investment level at 101.3% at end-January 2023) and t...
- Pedro Fonseca
Princess Private Equity Holding - Portfolio resilient, holding-level l...
Princess Private Equity Holding’s (PEY’s) portfolio has fared quite well in 2022, with the +3.7% NAV total return (TR) in Q322 bringing the 9M22 TR decline to a moderate 4.0%. This was likely assisted by PEY’s sector mix and the temporary allocation of excess funds into senior loans in H221 (gradually redeemed throughout 2022). However, this was overshadowed by PEY’s decision to suspend its second interim dividend amid holding-level liquidity concerns due to high cash outflows for foreign exchan...
- Pedro Fonseca
Princess Private Equity Holding - Withstanding the broader market turm...
Princess Private Equity Holding (PEY) posted only a slight decline in NAV in total return (TR) terms so far this year, which may be an indication of its portfolio’s resiliency. This allowed PEY to outperform public markets over the medium term with a NAV TR of 73.2% over the past five years versus the MSCI World TR at 66.9% (although PEY’s returns were behind private equity, PE, peers). Still, its shares experienced a stronger de-rating, leading to PEY’s discount to NAV widening to 17% from c 5%...
- Pedro Fonseca
Princess Private Equity Holding - Seeking to deploy excess liquidity
Princess Private Equity Holding’s (PEY) NAV total return (TR) reached 19.4% in FY21 in euro terms, supported by exits (most notably from GlobalLogic) and unrealised revaluation gains across most of its top 10 portfolio holdings. Amid strong realisation activity (which outpaced its new private equity investments in FY21), PEY temporarily invested part of its dry powder in senior loans in H221 to mitigate cash drag. Having said that, PEY’s manager is confident in its investment pipeline, which cur...
- Pedro Fonseca
Princess Private Equity Holding - Redeploying funds after strong reali...
Princess Private Equity (PEY) reported a c 21% NAV TR from January to end-October 2021 driven by exits (most notably GlobalLogic in Q121) and revaluations of existing portfolio holdings. PEY’s realisations outpaced new private equity investments in the period, which has led to an increase in net current assets. That said, PEY has temporarily allocated part of them in senior loans to mitigate the risk of cash drag and announced several new direct private equity investments that are still in the c...
- Pedro Fonseca
Princess Private Equity Holding - Redeploying funds after strong reali...
Princess Private Equity (PEY) reported a c 21% NAV TR from January to end-October 2021 driven by exits (most notably GlobalLogic in Q121) and revaluations of existing portfolio holdings. PEY’s realisations outpaced new private equity investments in the period, which has led to an increase in net current assets. That said, PEY has temporarily allocated part of them in senior loans to mitigate the risk of cash drag and announced several new direct private equity investments that are still in the c...
- Pedro Fonseca
Princess Private Equity Holding - Solid Q121, attractive dividend and ...
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...
- Pedro Fonseca
Princess Private Equity Holding - Resilient portfolio continues to exp...
Princess Private Equity Holding (PEY) recorded a solid 10.0% NAV total return over the 12-month period ending on 30 October 2020, despite a 14.1% decline in March reflecting the initial impact of COVID-19. Its well-diversified portfolio, focused on relatively resilient sectors, required minor additional financing to mitigate liquidity risks. The rate of new investment picked up in Q320 and reached €63.5m ytd, close to the FY19 total of €69.3m. As there is currently no material portfolio funding ...
- Pedro Fonseca
Princess Private Equity Holding - Actively driving portfolio resilienc...
Princess Private Equity (PEY) delivered a robust NAV TR increase in FY19 of 21.1% on the back of good earnings momentum and progress with the ‘buy and build’ strategy for key portfolio holdings. The company remains fully invested, with most of its €50m credit facility drawn at end-January 2020. It plans to repay this on receipt of proceeds from the Action exit, which was agreed in FY19. Looking ahead, PEY remains committed to its strategy of creating resilience in portfolio companies aimed...
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