||STERLING PART SHS NPV
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Aberdeen Prv Share Discussion Threads
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|That may be the NAV now, halfway through January. Likely to be nearer 150p at the end December declaration, unless we've had some portfolio gains.|
|HL have the est NAV at 152.35p & MorningStar est 153.08p.|
|Looks like the start of the next leg up:
free stock charts from uk.advfn.com|
|A predictably disappointing NAV return for November, though at -2.6% more than I would have expected. US$ declined just 2.2% in the month.
Still, at 111p the discount of 25.4% and the 3.6% yield makes APEF standout value in a still strengthening sector. I'll be posting the sector comparisons on the PE thread later today...|
|Added a few this AM as Sp slightly lower. On offer for 112.3p, so the discount up to 26.5%. This is a relevant extract from the Interim statement of 9th Dec’16:
As at 30 September 2016 the share price discount to NAV stood at 29.0%. Since the period end the NAV has increased to 152.8p per Share (based upon 31 October 2016 figures and the discount has narrowed to 27.4%, based on the Share price as at that date.
Discounts (to NAV) have prevailed for most listed private equity funds in the years following the onset of the global financial crisis in 2007. In my recent Full Year review I made the point that NAV growth for the sector had been strong and this sector had avoided many of the cyclical industries which otherwise might have given some justification for continuing discounts. This argument remains as valid now as it did then, particularly as our rolling five year NAV total returns continue to improve (currently 9.4% per annum).
In the period following the Half Year end, there has been high-profile corporate activity in the sector , which combined with the marked weakness in Sterling vs. the US Dollar has seen NAVs rise (for Sterling priced, US asset biased Companies) and also share prices rally.
It remains to be seen whether a general sector re-rating can be achieved, but your Board believes that the extent of this Company's current discount is unjustified. We believe that the value in the sector is becoming more widely recognised and we will continue to engage with the Manager on reducing the discount level.
|Thanks for reply Skyship.
Although sitting on a large cash ratio, i'm holding off buying all but the most obvious bargains at the mo.
I have an aversion to buying when the markets have risen. I'm most comfortable buying after a market panic when the tide has gone out for all stocks.
I am therefore hoping for a Trump victory come November 9 :)|
|Hi spob - no, no particular target, though interesting to note that at the current NAV the discount falls to just over 20% at 115p. Still, I expect that NAV to improve further if the $ holds its strength.
I have a problem with portfolio concentration. Difficult to find other things to buy outside the PE sector, so slightly regret taking profits in HVPE & ICGT recently...I would like to get the latter back!|
|Do you have a target price in mind Skyship ?
If the discount narrowed to under 20% (not far away now) would you be looking to pull out ?|
|An interesting and detailed research article in the 22nd Oct. Economist magazine – a Briefing on Private Equity which reveals the importance and size of the PE sector. In 1980 there were just 24 PE firms; there are now 6628, of which 620 were founded in 2015!
One of the many statistics is the uninvested dry powder figure looking for a home - $1.3trn – ungeared. Small wonder that the option of buying up the few listed players is now on the table; though after PEQ & SVI the opportunities are extremely limited. Altamir (40% discount) might be a good play; but personally I wouldn’t now want to buy a Euro-listed trust at the current exchange rate…
Based upon practical MCap stats (not too small) & accessibility (precludes HVPE & NBPE which are effectively controlled by their Managers), the possible candidates to follow PEQ & SVI might be:
ICGT…….658……R30;.798……;…..17.5% (NAV at July)
HGT……1430… ….1580………….9.5% (NAV at Sept.)
JPEL…… .110….……143…R30;……23.1% (NAV at Aug.)
PEY……..830……R30;…999……….16.9% (NAV at Aug.)
PIN…….1640……R30;1956……;….16.2% (NAV at Aug.)
SEP……230;276……;…..339……….18.6% (NAV at Sept.)
I traded out of ICGT @ 660p just recently, so mentally not willing to buy back in there just yet. So Best Bet IMO has to be JPEL. A difficult one for me as I already have a very profitable 10% allocation! Still, very tempted to buy more… An excellent buy for those not already in there.
Best Buy elsewhere – ie beyond the above plays and beyond the rather specialist 30%+ discount plays (LMS, MVI & OCL) – has to be APEF. At 107p they are on a 25.0% discount to an August NAV of 142.74p. They have a young portfolio. They also provide a yield of 3.74%.|
|Yes - really great news. A dividend of a MINIMUM 4p, so a yield now at 104p of 3.9% and a discount of c28%.
At the Annual General Meeting held today, 13 September, the Board of Aberdeen Private Equity Fund Limited announced the following:
-- Going forward, in the absence of unforeseen circumstances, the Company expects to pay minimum total dividends of 4p per share per annum (2016 - 2.2p), commencing with 2 dividends of 2p per share relating to the financial year to 31 March 2017
-- An annual continuation resolution to be put to each AGM, commencing with the AGM in 2017
-- A substantially reduced, and simplified, management fee*
The Board also noted that the good NAV performance referred to in the Report and Accounts, had continued since the year end, with a further rise of 7.5% in NAV per share to 29 July 2016 (143.32p per share). The Board continues to remain optimistic on the investment portfolio's ability to deliver long term investment performance, and believes that, when combined with the increased focus on co-investments, the changes announced above should enhance the appeal of the Company to all Shareholders, both current and prospective.|
|Looks like they have had to increase the dividend to prevent some level of rebellion re the continuation vote. Also agreed to reduce fees, balance is still in favour of the investment manager but perhaps time to invest in view of the substantial discount.|
|Sure, plenty of PE cash looking for a home. APEF using the pretty standard and usless verbage for Continuation. They should be doing a lot more to provide and release shareholder value; something along the lines of a 3.5% of NAV annual distribution as a minimum - as NBPE introduced 3yrs ago.|
|I meant the Private Equity Industry ( secondary buyouts)|
|"Plenty of money in PEQ looking to buy" !
Don't quite understand that last bit. PEQ, as I'm sure you know, is the object of a takeover to put it out of its misery...|
|Voting against continuation but likely to fail as fees more important to managers. Absolute nonsense that voting for would reduce sale prices. Business's are worth what they fetch. Plenty of money in PEQ looking to buy.|
|I voted against Continuation.|
|Good to know in advance I guess. But would be helpful if they said something like "..But by 2019 the company may be in a position to make returns to shareholders".|
|The Continuation Vote is on the 13th September. The article below was taken from the latest report (results 31st March 2016) and seems to suggest that the board have the backing of the larger shareholders to continue the trust.
In 2011 the Company’s Articles of Incorporation were
amended to introduce a three-yearly continuation vote with
the first vote being in 2013. This was passed on 25
September 2013, with support from 99.9% of the voting
shareholders with 74.7% of all shareholders having voted. At
the Annual General Meeting convened for 13 September
2016 Resolution 7 proposes that the Company continue as
an Investment Company in accordance with Article 126.
In view of the investment returns now being delivered
following the renewal of the investment programme in 2010,
the premia to book value being achieved by our investee
funds on exits from underlying portfolio companies, and the
resulting distributions being received from our portfolio, your
Board believes that it is in the shareholders’ interests that the
Company continue. Having taken soundings from our larger
shareholders, the Board believes that the majority of
shareholders would not support a discontinuation at this
time because this would lead to a portfolio run off, a process
which is likely to be protracted and where values ultimately
realised may be adversely affected as a result of the
Company being known to be a forced seller of its assets.
Accordingly, your Board recommends that shareholders vote
in favour of the Company’s continuation. A further
continuation vote will be held at the Company’s AGM in
|The Dollar rising against the Pound has had a big effect on the NAV.
I'm now using Morning Star as Hargreaves Lansdown is a bit of a mess at the moment.
Today they show APEF's NAV at 144.84p which = a discount of -40.28%.|
|30thMar - Non Exec Dir David Copperwaite bought 22.7k @ 87.9p, taking his holding up to 40k.|
|34.7% NAV discount @ 87.5p:
24 March 2016
Net Asset Value, February 2016
As at the close of business on 29 February 2016, the Net Asset Value of Aberdeen Private Equity Fund Limited was as follows:-
Share class Net Asset Net Asset Performance
29(th) February 29(th) January
------------- ------------------ ----------------- ------------
GBP Shares 134.06 pence 131.78 pence 1.73%
------------- ------------------ ----------------- ------------|
|Thnx for that|
|Hi SKYSHIP, Today the estimated NAV is 132.64p which = a discount of -34.60%.|