Petershill Partners Share Discussion Threads

[riskvsreward] 23/4/2024 19:06

Very (pleasantly) surprised by the market reaction to this morning's RNS as both the dividend and tender offer have been highlighted before, and if anything the tender offer is very underwhelming in both the premium and the size (I have expected higher ones on both accounts).

[marksp2011] 23/4/2024 17:12

Who knows?
I only have 5K left so I will focus on other more worrisome holdings/sectors

I am migrating to global trackers of different flavours

If I buy 10 stocks, 3 go up 3 go down and 4 sit there. Overall, I am barely beating a global tracker and putting in time and effort. I have had some big wins but they were risky so the holdings weren't big. Kier at 62p was a good buy but I only had 10k.

With a decent sized SIPP, it is hard to move the needle without taking big risks which isn't bright with your pension

[topvest] 23/4/2024 16:55

The alternative asset managers are fine in my view.
The red flag is the soon to be c80% controlling shareholding stake. I wonder whether those investors are holding it as £2 or £3.45 in their GS portfolio's. I bet it's the latter given its an illiquid asset!
Anyway, minority shareholders will never see book value being returned until there is a realisation event for the majority holders. Will it be delisted before that happens or not?
In the meantime, its probably a reasonably good investment at the right price.

[casholaa] 23/4/2024 14:45

A profit is a profit.

[marksp2011] 23/4/2024 14:36

A relatively well known commentator in the IT space said to me "Not sure I would be buying anything they were selling".

Goldmans are offering to buy 345p of assets for 214p

Thanks guys. I notice neither the managers or the long term GS funds will be partaking of that offer.

I bought at 220 and 180 and 162 and have let half go.

The lesson for me is............... I didn't understand it, I still don't understand it and I should never have bought it. I have made a profit but it is a fluke.

[topvest] 23/4/2024 14:13

Agreed 8p more, but its partly priced in I suspect and will -8p as soon as xd. Could run up a bit further I suppose, but I can't see holders getting much more than 15% in the tender. The gain was adequate so I cashed in. Possibly should have waited a few more days, but US markets are downtrending as well.

[casholaa] 23/4/2024 14:08

Difficult one, they are going ex-div on 9th May.

[topvest] 23/4/2024 14:00

I've exited for a c20% return in 8 months. Might repeat once the tenders and buy-backs are out of the way.

[riskvsreward] 23/4/2024 11:07

15% premium (already halved since this morning) on a max of 3.4 % of shares to be tendered is not really anything to be excited about.

[makinbuks] 23/4/2024 10:54

Good to see them being proactive to close the gap to NAV. I have no problem with them doing the best for their clients as small shareholders will benefit too

[casholaa] 23/4/2024 09:48

They are really good at pitching the offer. The share price hasn't been in this territory since around Oct 2022.

[topvest] 23/4/2024 09:23

Yes, but a c39% discount to their valuation. Hardly good value. This vehicle is really run to max. out the majority shareholders (i.e. Goldman Sachs clients). Really we should get a buy-out opportunity at a 2% discount to net asset value.

[thaiger] 23/4/2024 09:18

Tender offer of 214p! Premium to current share price

[topvest] 23/4/2024 09:18

214p on c15% of your shares + another 8p dividend then with the tender offer and dividend. IPO was at 350p which is close to the current book value - Goldman Sachs will be looking after their majority stakeholders. This won't remain listed for more than a few more years in my view. Resaonable returns to be made though in between the buy-backs and tender offers.

[riskvsreward] 10/4/2024 07:15

What is that nonsense of buying back 100 shares and then releasing an RNS everyday. Doesn't it cost the company/shareholder more than the 100 shares' worth to just release an RNS?

[casholaa] 26/3/2024 14:02

The other board is showing 156.01% operating margin on the fundamentals page.

[casholaa] 26/3/2024 13:59

§ Balance Sheet and capital return remain strong.

§ Free cash flow (FCF)1 conversion increased to 99% (2022: 76%) supporting growth and the progressive dividend policy.

§ Investments at fair value were $5.3bn, an increase of 6% vs. the prior year end (2022: $5.0bn).

§ Cash and investments in money market funds totalling $305m as at 31 December 2023 (31 December 2022: $581m).

§ Book value per share1 of 431 cents (2022: 416 cents).

§ Purchased 13.2m Ordinary Shares for $26m through 31 December 2023 as part of the $50m buyback programme announced in March 2023 and 15.8m Ordinary Shares for $32m through 24 March 2024.

[casholaa] 26/3/2024 13:56

"(Alliance News) - Petershill Partners PLC on Tuesday said it swung to a profit in 2023 due to a gain from investments, despite income toppling.

Petershill is a London-based investment group focussed on private equity and other private capital strategies. The company is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.

Petershill said it swung to a pretax profit of USD397.1 million in 2023 from a pretax loss of USD505.1 million the year before.

This was due to a gain from investments at fair value of USD227.0 million, compared to a loss of USD806.7 million the previous year.

Total income fell by 19% to USD319.4 million from USD393.6 million a year ago.

Petershill proposed a final dividend of 10.1 US cents. This brought its total dividend to 15.0 US cents, up 3.4% from 14.5 cents the year before.

Also, Petershill said it was mulling launching a share buyback programme worth up to USD100 million, serving a notice to terminate the current programme.

"Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders," the company said.

Looking ahead, Petershill said it expects acquisitions in 2024 to be in-line with its medium-term range of USD100 million to USD300 million per annum.

It also targets a 85% to 90% adjusted earnings before interest and tax margin."

[casholaa] 26/3/2024 13:54

Wakey wakey

[cc2014] 22/1/2024 09:35

I give up with this one Specto. It's not in my nature to not pursue things until I fully understand them but I am left with two thoughts.

1. The share buy-back is significant and once it ends unless they do a new one there is nothing to support the share price and we've seen what happens on GCP, SEIT etc once they run out of buy-back ammunition

2. I looked at the amount of money in fees flowing and it seemed very excessive to me. I can't remember the full detail. I probably wrote about it on the thread if I could be inclined to go back but it was kind of a red flag for me.

I suspect in time the share price may well go up as discounts to NAV close everywhere but I've of the view I can buy something else I do understand in exactly the same boat and get the same share price rise there.

[casholaa] 22/1/2024 09:16

I hold purely on the basis of owneship here. The "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money" is why I hold and look forward to divi's funneled my way.

[donald pond] 22/1/2024 07:58

No, its just far too opaque for its own good.

[spectoacc] 22/1/2024 07:55

Any views on Friday's report? Still buying back shares. I still don't know how to value them.

[spectoacc] 27/9/2023 08:12

UBS CUTS PETERSHILL PARTNERS TO 'NEUTRAL' (BUY) - PRICE TARGET 160 (245) PENCE


Broker price targets follow the price rather than the other way round, but might be interesting to read the argument behind it.

[riskvsreward] 08/9/2023 18:19

If you invest in a company, then buyback is a good thing. Otherwise you should not invest in it.