Abrdn Private Equity Opp... Share Discussion Threads

[rambutan2] 23/4/2022 15:36

As nobody else has, I've started a new thread for the new ticker:

[riverman77] 14/4/2022 09:44

Now moved to the APEO ticker. A tragedy that they sold off the iconic Standard Life brand to Phoenix and now have to use the dreaded Abrdn brand.

[rambutan2] 14/3/2022 15:43

Noted:

Evraz Plc. and Polymetal International Plc. are currently scheduled to be deleted from the FTSE 100 Index and concurrently added to the FTSE 250 Index at the forthcoming March 2022 FTSE UK Series' Index review. Consequent to their deletions from all FTSE Russell indices, NB Private Equity Partners (B28ZZX8) and Standard Life Private Equity Trust (3047468) will now be promoted from the FTSE UK Small Cap index and added to the FTSE 250 Index in conjunction with the March 2022 index review, after ranking the FTSE UK Monitored List and selecting the highest ranked non-constituent based on Friday 11 March 2022 close prices.

[riverman77] 14/3/2022 14:50

Yes good spot, I missed it going as low as 420p - you really need to watch markets like a hawk as these bargains don't last long.

[novision] 14/3/2022 12:53

Yep 685p NAV implies share price of c514p at 25% discount in more normal times.

Great spot by Skyship at 420p

[riverman77] 14/3/2022 12:10

Very healthy increase in NAV in Feb. Share price been pretty weak recently and now just about the cheapest of the vanilla private equity trusts, even more so after todays uplift. Discount tends to randomly move between 25 and 10, so if you can buy now on over 30 discount it look a pretty safe bet for a re-rating before too long.

[skyship] 08/3/2022 08:52

SLPE (presumably soon to be APEO) has always traded at a narrower discount than its peers BPET, ICGT, HVPE, NBPE & PIN. Closer to the discount level of PEY.

Now however the share price is massively oversold and out on a limb at a c36.5% discount versus peers above of c32.5%.

I went to buy at 420p; and pushed the button on 409p!

Went back for more, but next up 420p. Still a 35.5% discount.

[spangle93] 27/1/2022 08:59

It's going to be harder to come up with an easy way of pronouncing the new name. Slappit was memorable.

[speedsgh] 27/1/2022 08:22

Proposed change of name to abrdn Private Equity Opportunities Trust. Snappy!?

From the Annual Financial Report...

Proposed Name Change

Following the Manager's sale of the Standard Life brand to Phoenix Group in May 2021, the Board is proposing that the Company changes its name to abrdn Private Equity Opportunities Trust plc. We believe that the proposed name change aligns the Company with the Manager's new brand and comes at an exciting time in the Company's development. The proposed name change is subject to a shareholder vote, which will take place at the Company's Annual General Meeting ("AGM") in March 2022.

[speedsgh] 27/1/2022 08:18

Estimated NAV at 31 December 2021 -

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value ("NAV") at 31 December 2021

~ Estimated NAV at 31 December 2021 was 655.5 pence per share (actual NAV at 30 September 2021 was 673.8 pence per share)

~ SLPET paid GBP39.8 million of drawdowns and received GBP16.5 million of distributions during the month of December

-- One new primary commitment and one secondary sale completed during the month of December
-- Utilisation of the syndicated revolving credit facility for the first time
-- Outstanding commitments of GBP518.0 million at 31 December 2021

SLPET's valuation policy for private equity funds and co-investments is based on the latest valuations reported by the managers of the funds and co-investments in which the Company has interests. In the case of SLPET's valuation at 31 December 2021, excluding new investments, 96.8% by value of the portfolio valuations were dated 30 September 2021. The value of the portfolio is therefore calculated as the 30 September 2021 valuation, adjusted for subsequent cashflows over the period to 31 December 2021.

Estimated NAV

At 31 December 2021, SLPET's estimated NAV was 655.5 pence per share (estimated net assets GBP1,007.8 million), representing a 2.7% per share decrease from the actual NAV at 30 September 2021 of 673.8 pence per share (actual net assets GBP1,036.0 million). The 18.3 pence decrease in NAV per share reflected losses arising primarily from a 2.4% depreciation in the euro versus sterling over October to December, in addition to the third interim dividend payment of 3.4 pence per share, which was paid on 29 October 2021. The cash cost of the third interim dividend was GBP5.2 million.

[continues]

[speedsgh] 27/1/2022 08:10

Annual Financial Report -

PERFORMANCE HIGHLIGHTS TO 30 SEPTEMBER 2021

· Record annual NAV growth, ahead of the FTSE All-Share index - The Company's NAV total return*+ ("NAV TR") was 37.9% (2020: 11.7%) versus 27.9% (2020: -16.6%) for the FTSE All-Share Index ("FTSE All Share TR"). This was the highest annual NAV TR in the Company's 20 year history. The share price total return ("TSR")*+ of 60.6% also outperformed the comparator index despite the strong performance in the public markets in 2021. The Company hasdelivered returns in excess of the wider UK market over all time frames.

· Over-commitment ratio is at the lower end of the long-term target range of 30% - 75% - Total outstanding commitments of £557.1m (2020: £471.4m). The value of outstanding commitments in excess of liquid resources and the undrawn loan facility as a percentage of portfolio NAV was 32.5% (2020: 30.9%1).

· Co-investment increasing as a proportion of the portfolio - Strong annual deployment and growth in the existing co-investment portfolio has resulted in co-investments equating to 11% of the portfolio at year end (2020: 5%). The co-invest portfolio stands at thirteen portfolio companies (2020: three portfolio companies).

· Strong balance sheet providing firepower for future investment - The Company had cash and cash equivalents of £29.7m at 30 September 2021 (2020: £33.1m). In addition, SLPET had an undrawn syndicated revolving credit facility of £200.0m (2020: £200.0m) .

· Rebound in investment activity following the global pandemic, focused on non-cyclical strategies - In total, £307.1m (2020: £140.0m) was committed during the year to eight primary fund commitments, two secondary transactions and ten co-investments . Most new investments have a Technology or Healthcare focus and so are expected to increase the Company's exposure to these sectors over time.

· Record year in terms of realisations, the highest annual total in the Company's history - The portfolio continued to generate strong realisations during the year, with distributions of £198.7m (2020: £140.7m). Distributions reflected a relatively quick return to private equity deal-making and exits once the initial impacts of the global pandemic were overcome.

[chc15] 24/1/2022 10:43

9% drop, tempted to add..

[bluemango] 24/1/2022 10:03

Somewhat reluctantly, decided to take the nice profit since entry in late 2019. Needed a better yield.

[riverman77] 15/12/2021 14:48

Could be worth checking out HVPE as this is still 80% based on June valuations and at an estimated 18% discount (taking into account recent weakness in sterling). Assuming a 5% uplift when it moves to Sep valuations, that would put it on 23% discount. Similar story at ICGT.

[bluemango] 15/12/2021 08:32

Well it's excellent for those already in.

Another record high on the share price The only issue (and it's a nice problem to have) is that the price is currently running ahead of the yield, although the dividend will likely increase from next quarter declaration due in March.

A factor which leans me towards sticking with it, is the fact that it's private equity and therefore offers good diversification from standard ITs such as MRCH, EDIN etc.

[skyship] 15/12/2021 08:29

Bram - no. Discount here 16.4%; whereas over at NBPE it is again up to 22.5% in spite of yesterday's numbers showing NBPE the top performing PE listed trust YTD. Went overweight there at the open yesterday...

[bramcych] 15/12/2021 08:04

Good 8.5% increase in NAV, are you back in Skyship? However share price already higher this morning...

[jaws6] 18/8/2021 11:39

doceo are also running a competition to win £5000 for registering on the site. All existing users are automatically entered.

and SLPE is there too

[skyship] 13/8/2021 06:44

Estimated NAV at 31 July 2021 was 559.3 pence per share (estimated NAV at 30 June 2021 was 566.6 pence per share).

Decrease due both to the dividend and a weakening Euro.

IMO the Euro aspect will continue to provide headwind here; so now out of these on the recent very nice bounce from an anomalously oversold position.

[spangle93] 10/4/2021 09:48

AGM review presentation is here



Figures are to Sept 2020, but there is also some commentary on the period since, e.g. NAV has risen 3% in the 5 months since but share price has risen 30% !

Only 2 of its top 100 - 1 restaurant, 1 leisure - has had significant lasting impact from CoVid. Most were temporary at most
Emergence of technology and health over the last 10 years from 14% to 39% now

[speedsgh] 25/3/2021 11:43

Private Equity: Where are the real bargains? -

#APAX #CHRY #MNTN #GROW #III #HGT #HVPE #AUGM #SYNC #LMS #ICGT #PEY #OCI

[deadly] 09/3/2021 16:38

Jump to 430 at the auction strangely Someone's keen. Sold a wodge.

[bluemango] 08/3/2021 15:19

Nice. 3% increase in Q1 dividend to 3.4p.

Would make 13.6p annual dividend for the four quarterly payments, yielding 3.2%.

[skyship] 27/2/2021 18:10

Hmm - a further 2% currency loss means the Feb'21 NAV could be marked down to c470; that would reduce the discount to just 12.8% - far lower than their peers. Yield at 410 = a mere 3.22%; so IMO these are a sell on pure valuation grounds.

[deadly] 25/2/2021 19:45

You only have to look at Trustnet and compare. Irrespective of what commentators say, the facts speak for themselves.