3i Share Discussion Threads

[jonwig] 16/3/2020 09:11

Action is the single biggest holding, and III is pretty much debt free. So pointing the finger at Action is logical.

But ... why are UK supermarkets then so resilient? TSCO down about 15% from mid-Feb.

[chc15] 16/3/2020 08:43

Big worries here

[rambutan2] 12/3/2020 20:55

Worries over hit to Action I would imagine.

[chc15] 12/3/2020 16:06

Had to top up, 14% in a day, crazy stuff

[tricky red] 12/3/2020 01:16

I think I'll just let the markets ride out for a while and come back in once stable.

[chc15] 09/3/2020 09:20

Topped up again at 8.70, and will continue to add on each big drop.

[chc15] 09/3/2020 08:08

Good job u did!

[chc15] 06/3/2020 18:21

Well good luck 2u, I added, just think it's overdone. V long term holder!

[tricky red] 06/3/2020 15:28

Took them.

[tricky red] 06/3/2020 11:48

Just thinking whether to take my profits now

[chc15] 06/3/2020 10:31

Make that another 5% drop!

[chc15] 05/3/2020 15:23

Ouch, 5% drop on the day, worth a top up..

[truffle] 30/1/2020 20:43

Good progress yet again which is no doubt why Morgan Stanley have upgraded to a target price of 1300p. 3i Infrastructure appears to be doing very well too.
Remain a long term holder here.

[jonwig] 30/1/2020 07:45

Q3 trading update:



Very good (though strong GBP held it back), apart from Schlemmer going bust. German auto sector is dire.

[chc15] 24/12/2019 13:45

Sounds good, although numis are 3i's own brokers. Bill is a very cheary chap. Its been a good yr for 3i.

[jonwig] 23/12/2019 06:36

From Citywire:

Numis: 3i well placed after Aspen Pumps sale

3i Group (III) has sold Aspen Pumps to private equity peer Inflexion, which puts it on course for planned exits totalling £350 million to £500 million in 2019, says Numis.

Analyst Bill Barnard retained his ‘buy’ recommendation and target price of £13.35 on the stock, which fell 1.7% to £11.06 yesterday.

‘Including the proposed proceeds from Action and the announced agreement to exit [Singapore reinsurer] ACR, total cash exits could be as high as £846 million,’ he said.

‘Given that 2019/20 was originally seen as a relatively fallow year exit-wise, we feel 3i remains well-placed to fund what remains a very active investment agenda.’

[chc15] 16/12/2019 10:22

Good rise, I added just before ex div last week, all good despite pound strenthening.

[onjohn] 20/11/2019 16:09

New app scam

[jonwig] 18/11/2019 06:47

IC covers the H1 results briefly. Includes:

Broker Numis forecasts adjusted net asset value of 915p a share at the March 2020 year-end, rising to 1,020p the same time the following year.

3i has proven its ability to deliver returns even in an increasingly competitive market, and the Action transaction provides further opportunity for the group to participate in the retailer’s future growth. However, with signs of a slowdown in the group’s industrial investments and the shares trading at a premium to the net asset value, we don’t think now is the right time to buy. Hold.

Fair comment, I think. The webcast is certainly worth watching. (But not if you appreciate execs who are 'swingers'.)

[rambutan2] 15/11/2019 19:34

I watched the webcast today and yes, it seems higher valuations had been mooted, but both the CEO and the FD face up and explain why they think the valuation is fair, and why they upped 3i's stake a bit. Well worth a watch.



A few extra snippets not on the presentation, which I got from a call, are that the rollover and new investors are in a variety of co investments vehicles (of 5yrs life with up to 3 one year extensions) and so there will be no more fees coming from them. And as reported today, Partners has sold its (13%) stake to Hellman & Friedman at the same valuation. In total these co investors hold 30% of Action. 3i will hold just under 50% on its balance sheet and thus and importantly it will stay firmly in the driving seat with regard to strategy etc. The balance of shares are held mainly by Action management.

[jonwig] 14/11/2019 19:17

Thanks. From your para 2, it seems we PIs aren't in close touch with detailed analyst expectations which must have been expecting a bigger NAV uplift.

[rambutan2] 14/11/2019 19:06

Fickle:

The blue chip index slipped 33 points or 0.4% to 7,319 weighed down by a 5% drop in 3i Group (III), which slid 56p to £10.68 after releasing half-year results.

Although the private equity giant's 9.6% rise in net asset value for the six months to 30 September met expectations, there was some disappointment that the sale of a stake in Action, the rapidly growing Dutch discount retailer in which 3i holds 45%, had not triggered a bigger valuation increase.

The decline follows a strong run for 3i shares this year which have delivered a total return of 48%.

Liberum analyst Conor Finn was not concerned. ‘Management clearly retain a high degree of confidence in Action given its intention to reinvest proceeds from the refinancing and performance fees into the business. 3i believes Action can become a €10 billion turnover business (€4.2 billion in 2018). Significant growth opportunities exist for the discount retailer in France, Germany and Poland,’ he commented.

[bothdavis] 14/11/2019 10:16

Thanks for clearing that up, misread!

Makes share price drop a little more confusing...!