Hg Capital Share Discussion Threads

[joey52] 05/3/2024 22:56

Same here, held since 2016 when they were £14.50 through the share split 10 for 1 at £21.50 in 2019 and now an all time high. If only others had performed as well.

[steve c1] 05/3/2024 19:40

All time high here. My best performer over the past few years and I don't see any reason for that not to continue.

[rambutan2] 11/2/2024 22:05

Interesting chat with the chairman:



I'd think that the two larger software centric PE cos he refers to are:



and

(which is where the mentioned Alan Cline came from, hired to head up the N American push )

[skyship] 04/2/2024 16:19

??? Ticked up in December....but hasn't moved an iota over the past 5weeks.

[robsy2] 02/2/2024 08:51

This has been ticking up nicely of late.

[rambutan2] 24/1/2024 21:43

Prob because they were a minority holder.

[makinbuks] 24/1/2024 09:27

Fair enough, thanks for allaying my fears. Still strange then that they didn't trumpet those returns in the normal way

[rambutan2] 24/1/2024 03:38

And in June 22 they refinanced and took out cash.
As at end Sept 23 residual cost was £27.384m.

[tudes100] 24/1/2024 00:44

Argus was bought for 34.9m in 2020

[rambutan2] 23/1/2024 16:03

Hmmm, all of that is incorrect. HG have doubled their money in 4yrs, and then sold their position back. And Argus is doing just fine and ready for a new expansion phase. A classic HG investment.

[makinbuks] 22/1/2024 09:45

No mention of ROI indicating it was poor. Very unusual for the owner to buy back the PE stake. Clearly something wasn't working. None the less, a genuine exit at above NAV always welcome and reading between the lines probably a good outcome for something slightly problematic

[joey52] 25/12/2023 13:42

Saw this today

HG latest windfall from sale of Argus Media stake

hxxps://news.sky.com/story/hg-lands-latest-windfall-from-sale-of-argus-media-stake-13037318

[riverman77] 19/9/2023 15:49

Looking through results just now - all looks very impressive although the lofty multiples they use to value portfolio (26x EBITDA) does raise a few eyebrows.

[mortimer7] 19/9/2023 15:37

A single £670k buy this morning, and still no share price uplift.

[bathcoup] 18/9/2023 15:38

A 20% cut in H1 dividend doesn't help

[mortimer7] 18/9/2023 08:55

Results today: NAV per share 473.3p, +4.7%.
Thought the share price would be flying!

[dickiehh] 05/9/2023 13:44

I agree - anyone else surprised to see such a muted share price reaction to this news?

[robsy2] 05/9/2023 08:16

NAV now 475p after another disposal way over the carrying value.This looks good value.

[skyship] 22/8/2023 10:58

Not a lot. Sector out of favour yet these still trade on just a 21% discount v. 35%-40% elsewhere.

[dickiehhh] 21/8/2023 23:28

What's going on here?

[robsy2] 15/5/2023 07:24

Excellent update.

London, 15 May 2023: HgCapital Trust plc ('HGT'), today announces its Q1 results for the period ended 31 March 2023 .

Highlights over the period include:

! Strong portfolio trading continued to be the main driver of performance, contributing to a total return NAV increase of 4.0%, closing the period at 470.6p NAV per share and net assets of GBP2.2 billion

! Share price total return of -0.9% over the period, closing at 343.0p per share and a market capitalisation of GBP1.6 billion

! Revenue and EBITDA growth of 30% and 27% respectively across the top 20 investments (77% of the portfolio) over the last twelve months.

[topvest] 15/3/2023 09:47

Yes, great record here. I was a bit mystified by the portfolio EV to EBITDA multiple of 27x and net debt to EBITDA of 8x. Relx are on 18x, Experian on 18x and Sage 17x. Doesn't this just show that private valuations are significantly higher than public valuations. I don't understand this discrepancy, but it clearly justifies a discount. I still hold.

[rambutan2] 14/3/2023 03:33

Finals out. Certainly a highly valued portfolio, but plugged into a high performance investment platform.

[...]

[rambutan2] 14/11/2022 15:18

3rd quarter nav up 2.3% to 450p:

"During the period, the value of the unrealised investments increased by £90.6 million, before the provision for carried interest.

The majority of the increase, £231.4 million, is driven by profit growth in the underlying investments. A lowering in valuation multiples decreased the value of investments by £147.4 million. £47.4 million of favourable currency movements contributed positively to the value of the portfolio. An increase in net debt of £48.4 million led to a decrease in the unrealised return.

Acquisitions less realisations at carrying value were a net £172.7 million, increasing the value of the portfolio."