SVG Capital Share Discussion Threads

[chc15] 14/2/2011 13:45

yes good day, what the hell were Aviva thinking of??.

[cerrito] 14/2/2011 09:49

No doubt a very good set of results from both the assets and liabilities perspective and no surprise that the share price has gone up so much this morning.
Do not see myself buying this morning but certainly not selling and indeed somewhat irritated that I sold some a month back at 242.
That having been said the current share price does assume that there will be no setbacks; interesting to see that of the £372m portfolio increase in 2010, £144m came in the last quarter and too bad that we are not given any indication of year to date.
Also note that just under 20% of the 2010 valuation increase came from one company- Galaxy the Macau Casino and hotel operators though the good thing is that they have little in common with the European TV company Sieben who was the second largest contributor in the valuation increase..
Liability management good ie extension of loan facility to Jan 13; repayment of senior notes especially as the interest rate is 8.7% and general reduction in leverage.
Note 13 an interesting read and took note that funds with a balance sheet valuation of £100m themselves have leverage but frustratingly we are not told how much.
Of course at the end of the day much depends on the success of Permira who run 80% of the investment portfolio.

[bob2011food] 17/1/2011 12:12

avviva r off loading all there stock £70millions worth by the look of it

[doolittle] 14/10/2010 12:34

Momentum gathering here

[doolittle] 27/8/2010 07:45

Nice upbeat half yearly report-- upbeat about future prospects

Interim results for the six months ended
30 June 2010
Significant earnings and revenue growth across the investment portfolio drives
4.6% increase in NAV
� Strong earnings growth momentum across the portfolio; Permira Funds'
weighted average earnings growth of 23% with revenue growth of 11%, year on year
� 11.2% return on the investment portfolio in constant currencies; after the
negative impact of foreign exchange the return was 5.9%. This is in spite of a
decline in the multiples used to value the portfolio
� Sale of Cognis announced crystallising a gain of GBP18.5 million - an
uplift of 116% to the December 2009 value and a gross multiple of 2.9x cost;
expected to complete in the fourth quarter
� Increase in net assets per share of 4.6% to 233.2p (GBP740.1 million)
including the December 2009 unaudited valuation of SVG Advisers of GBP77.2m
� Shareholders' funds increased to GBP662.8 million (excluding the unaudited
valuation of SVG Advisers)
� Overall rise in net assets per share of 36.4% in the 12 months since June
2009 - which compares to an increase in the FTSE All-Share (Total Return) of
21.1% over the same period
� Change of FTSE subsector to Speciality Finance
SVG Advisers
� Beginning to see significant rebounds in the net asset values of a number
of the funds
� Continued investment in people and upgrading of the infrastructure of the
business
� First half operating income of GBP15.9 million; profit before tax of GBP4.7
million

Lynn Fordham, CEO of SVG Capital, commented: "We're encouraged by our
performance in the first half of the year. The performance of our investment
portfolio continues to improve, driven by strong earnings and revenue growth at
many of the underlying companies. As a result, our net asset value has made
further steady progress.

"In the short to medium term our priority remains to maintain our balance sheet
strength and further improve our liquidity, which will give the group greater
flexibility in its long term planning. This and the encouraging performance of
our investment portfolio will ensure the group is well positioned to benefit
from any further recovery in the global economy and financial markets."

[doolittle] 29/4/2010 08:08

Established steep rising channel

[doolittle] 26/3/2010 10:17

A reply to my chart query from Fingersxx

Thread no. 12235

[cerrito] 12/2/2010 21:02

Recent weakness not surprising given second thoughts that are going on about the IPO of New Look which at June 30 was the 10th largest underlying investment with a valuation of £20.4m up from £11.6m at |Dec 31 08. I guess not all that large in terms of a total investment portfolio of £646m but all adds to the shadows caused by the pulling of the Matalan and Travelport IPO's; neither name is in the Top 20 of exposures.
Note iii very weak today I assume for this reason

[doolittle] 18/1/2010 18:56

Teasingly,testing a break out

[dnfa1975] 11/12/2009 20:25

complete con jobby of an investement

[cerrito] 26/11/2009 16:40

From Richard Fletcher in yesterday's Telegraph
Restlessness over SVG investment
Shareholders in private equity investor SVG, the largest investor in Permira, are, I'm told, growing increasingly restless following the decision to invest a further €40m (£36m) in the P25 fund.
For SVG and its chairman Nicholas Ferguson the investment makes perfect sense: though not of course because SVG just happens to earn a fee for managing P25. It also, I guess, suits Permira: P25 invests in Permira funds.

A small number of shareholders are, however, less happy. Back in January when Ferguson asked cash-strapped investors for an odd £170m he insisted that he was not anticipating making "new fund commitments".

Eleven months – and one strategic review – later, that pledge appears to no longer stand.

[envirovision] 17/11/2009 13:40

Yes let the market do it for you imo, like wise in my sip though I figured I quite liked the scale of the portfolio and its investments.

[doolittle] 17/11/2009 13:35

Yes...i guess its nigh on impossible for us simple peeps to attempt to value a business like this.I will go with the flow ...small profit in my isa at the mo though!

[envirovision] 16/11/2009 21:37

Doolite, looks like the company concur in their update today

[bruce8] 24/9/2009 09:40

..at least I think it is a purchase and not a sale!

[bruce8] 24/9/2009 09:36

Permira Group Investments bought 12m SVI shares yesterday.

[doolittle] 11/9/2009 22:41

The Worst is over (says the FT)
Refers to SVG being well positioned to benefit from the upturn

[alanrex] 28/8/2009 16:37

im thinking i brought in too early now. still firmly believe anyone with a two year or even one year view could do very well in these. maybe should have brought in 6 months time, but i think the ipo exits could start next (q4) and thus a 50-100% return on these on the back of a market rally would not be unreasonable in the longer term..

all imo dyor

[pacman88] 28/8/2009 09:56

With secondary PE deals happening at about 50% disc to NAV in the current market by the likes of Coller, Lexington, St Pauls, etc., I can see this going back to 100p. Sold at 132p today and will for this to settle before making a call.