|F&C Private Equity Trust
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
F&C Private Equity Share Discussion Threads
Showing 126 to 149 of 150 messages
|Cerrito, I'm fairly sure that SEP III now holds little apart from Skyscanner. The valuation at 30 June was £14.934m. It doesn't sound as though the sale is at a big write up to its last valuation. FPEO invested in SEP III from the start, so would have put only a small six fig sum into Skyscanner. And that has already been returned many times over...
From 3rd quarter 2013:
The largest single uplift was £5.4 million, from venture capital fund SEP III, following the sale of a small part of its stake in flight search-engine business Skyscanner to US venture capitalist Sequoia. If, in due course, the remainder of the company is sold at a similar or higher level it will prove to be a spectacular success.|
|Frustrating that we have no real idea how much FPEO has invested indirectly in this situation and the 30.9.16 valuation of the holding|
|Biggest stake sold:
|Cerrito - I was thinking of adding that further extract from my spreadsheet - will definitely do so now...|
|Got in after the end of September dip, not just after, but close enough to be smiling - blind luck I must admit.
The quarterly report is pleasing to read.|
|My main comment is that over half of NAV increase is due to FX changes and if the Euro continues to weaken from the 0.865 at 30.9.16 we may have a FX loss in Q4…too bad that in the interims they gave no info on FX Exposure.
Thanks Skyship for your analysis on the peers…if you were to have the time to add a dividend yield column that would be great but I appreciate you may not have time.
I am tempted to sell but each time I sell it has been a mistake...starting from a sale at 155p|
|I've posted the snapshot of prices, NAVs, discounts over on the PE thread:
|I see FPEO as closer to III than eg MVI, OCL, LMS etc. iii's premium around 18% atm, which would give a target for FPEO of.. £3.83. Slightly tongue-in-cheek - as you know, I've been selling some FPEO on the way up!
But for the quality, and compared to iii, par wouldn't be unreasonable. Though I'm sure that applies to one or two other PE trusts too.|
|Sorry - figures are from the listed peers as on the PE thread. I exclude the majors.|
|What about iii? ;)|
|Somebody being paid by the word it would seem!
In my earlier post I've adjusted the peer's discount up from 20% to the actual 22.5%. The only other peer with such a low discount is HGT.|
|Indeed; quite liked this comment:
"Our investment partners, who are found in every corner of the Continent and further afield, spend much of their energy in the search for such attractive opportunities, usually building deep local networks with company owners, advisers and investors. They also develop or acquire the specific skills and knowledge to implement value creative change in the companies in which they invest. In every case our investments are arranged such that the interests of our investment partners, those of company management and of our shareholders are directly and closely aligned. The combination of deliberative, informed selection followed by highly-motivated, involved, value-creative change is what distinguishes private equity from other forms of investment management and provides the basis of strong long term returns. From here we expect further growth in shareholder value in the remainder of the year. "|
|Qtly figures to end Sept are out - see Header.
NAV growth of 3.4% of which 1.8% is from currency. NAV = 324.75p; so the discount is at 9.5% - well below peers' average of c22.5%.|
|Farage said it: "Trump is Mr Brexit". This was unpredictable.
I did predict something to my relatives: I was certain that it was going to be a blow-out, a very decisive victory for either of them. The volatility of the electorate was extreme.
I had missed Brexit, going to bed thinking that nothing would happen and got surprised in the morning. I saw myself as a realist eurosceptic (hate EU, but would never have thought!). I missed History.
Last night, woke-up around 3.00 a.m. and checked... stayed awake to ensure I lived through History. :)|
|Gold should prove a good place to be - a lot of uncertainty ahead. Markets some way off pricing it yet IMO.
Should point out that I didn't predict a Trump victory - just didn't want to be caught out if the unexpected happened.|
I have some gold, so was expecting the price to shoot up. It did spike during the night, but is back to what it was last week because the $ tanked against £. Zero sum game on my gold. :(
So, it is June 24th all over again then. Well, not exactly true, I am currently only losing half as much this time. Property IT up a bit actually.|
|Well done StA - it's all in your moniker of course!|
|Once a trader, always a trader.|
|Must admit I sold a few more today - going a little more into cash ahead of tomorrow's election result.|
|Specto - Agreed, would be very happy to see all my PE holdings trading at a premium. My views on FPEO are purely based on the outlier principle - nothing more scientific than that!|
|Thanks @rambutan2, interesting.
@Sky - can't disagree since I offloaded a few below current price, but if there's a next PE IT to trade at a premium, I'd fancy it to be FPEO. Dividend commitment (never less than the prior year), performance, under-promising & over-delivering, management, quality of holdings - iii's on something like a 20% premium.
Hopefully the others can head towards iii & FPEO, rather than the other way round ;)|
|Just a reminder that the SEP III holding is in reality a holding in UK unicorn skyscanner. FPEO have never made a big deal about it, and because they still publish fairly opaque accounts i'm not sure how widely known this is.
|Interesting to note that the next Qtly Update will be in c3weeks time.
At 294p the shares are now trading at a very slim 6.4% discount to the Jun'16 NAV of 314.08p. Even after an unlikely rise of 10% the NAV discount would still be just 14.9% - this compares with the average discount of peers at 22.5%
Unless FPEO is to be the next takeover candidate, surely the current price may be vulnerable to disappointment. Surely time to take profits...and congratulations to those that rode this thus far.|