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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Apax Global Alpha Limited | APAX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.80 | -0.66% | 121.20 | 12:57:27 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 122.20 | 121.20 | 122.20 | 122.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 15/3/2025 11:57 by boystown I guess you have the usual opacity of PE investments on the one hand vs. the steep discount (38.5%) and big yield (8.73%) on the other? But I would like to hear from any knowledgeable posters who've looked at APAX in any kind of detail - as I'm sorely tempted, as mainly an income investor, to get a few more. |
Posted at 07/3/2025 20:56 by craigso There are secondary markets for PE fund interests and commitments you know...The GP can also roll existing funds into new ones and provide liquidity to LP investors seeking an exit. I'm not saying that either is particularly likely, but a 30-40% discount provides lots of headroom for imaginative solutions if Apax is embarrassed by the sustained discount. |
Posted at 10/2/2025 16:31 by skinnypope I’ve just spent a bit of time working through this one. As others say, it’s not easy to unpick this stock as reading the financials and various presentations I often felt like I was reading marketing material. However I would say that this is fairly typical of the Private Equity industry…In short, this stock is a gateway into the Apax private equity funds that are not open to private investors. Moreover, the PE investments are predominately in three funds: APAX IX: 2016 vintage, now “harvesting APAX X: 2020 vintage, now “mature” stage, i.e. funds fully invested APAX XI: 2023 vintage, now “investingR The holdings AGA disclose are held (mostly) in these funds, with quarterly revaluation of all the companies performed “bottom up” via the usual methods. Given that these funds are generally held by large wholesale investors, I would opine that the valuation process is “fairly” robust, however something that should be taken with a grain of salt, seeing as one of the holdings [Vyaire] filed for Chapter 11 this year, and the valuation went from €27m [YE 2023] to zero [HY 2024]. While 83% of AGA is in PE, 17% is in “Debt Instruments” which I have seen mis-characterised as quasi-liquid bonds, but in fact are syndicated loans which are much less liquid despite what you might read. The advantages of this part of the portfolio is that they pay regular coupons to AGA, versus the more unpredictable PE distributions, which helps support the size and frequency of the dividend. The disadvantage is that often AGA has exposure to the same names in the PE and Debt portfolios. [Vyaire for instance, where another ~€10m was lost in Debt in H1, over and above the €27m loss in the PE book] So, that all said, looking ahead I think this one looks in OK shape. With APAX IX winding down, then it’s X and XI that will drive the valuation going forward. The just released NAV for YE showed X taking a drawdown, not a huge surprise given ongoing mixed market conditions which Apax attribute to their retail and healthcare investments. EBITDA multiples have come down the past few years, however are showing signs of stabilisation. AGA has cash at its highest level (£103m) for a few years, anticipating XI calling for capital soon, which I think is the key. AGA has its highest allocation to XI [~€673m, versus ~€418m to X]; in other words, the dry powder AGA has generated from high multiple EBITDA exits and debt sales from the “harvesting The dividend cover from operating cashflow I see around x1.5 on average the past four years, the RCF is usually undrawn [although occasionally drawn and repaid promptly to cover short terms liquidity needs], and the buyback is small positive. |
Posted at 22/10/2024 09:37 by makinbuks craigso, I think that is misguided. PE investors look for companies that can significantly grow revenue and EBITA. To allow that to happen they gear the investee companies. Cash flow generated services the debt and funds the growth, dividends restrict the growth opportunity. After a period of growth the PE investor sells the asset for a capital gain. If a PE IT is paying a dividend it is doing so to smooth the distribution of the capital gains. Whether this is good practice or not is a debate.Apax is different, unique in fact, in that alongside the PE it has the debt and equity derivatives portfolio which is there to provide liquidity and income. That gives it a natural yield which other PE IT's don't have but lets not kid ourselves that there is an 8% natural yield |
Posted at 26/6/2024 15:59 by speedsgh I have to agree with you, @ItO. Prioritising the buybacks at a time when the discount remains so stubbornly wide seems sensible to me. And the level of the new absolute dividend (11p) is sufficiently attractive to keep income investors (or growth investors looking for an attractive income alongside) interested & invested here imo. There is nothing to stop them from reverting to the previous dividend policy once the situation has reversed and the discount narrowed to more normal levels, although I accpet that they may just decide to retain the absolute dividend with the possibility of supplementing it with special dividends rather than going back to a dividend as a specific percentage of NAV. They are prely adapting to a changing/changed situation and realigning priorities AFAICS. The only criticism I might make is that they might have done this sooner. AIMHO |
Posted at 02/6/2023 09:00 by speedsgh Funds advised by Apax invest in Swing Education - Apax Global Alpha, the closed-ended investment company providing access to the Apax Private Equity Funds, today announced that it expects to invest approximately €1.7m in Swing Education on a look-through basis1. On 1 June 2023, the Apax Global Impact Fund ("AGI"), in which AGA is a limited partner, announced an investment in Swing Education, a pioneering online marketplace that connects schools and substitute teachers, as part of a $38m Series C funding round. AGA's investment is calculated based on the look through position of AGI's overall investment in Swing Education and is translated based on the exchange rate at close2. Swing Education is an online marketplace that connects substitute teachers with schools. Founded in 2015 by former K-12 educators and administrators, Swing makes it easier for schools to find reliable, qualified substitute teachers when they need them most. With over 300,000 absence days filled to date, Swing is dedicated to improving the experience of schools finding substitute teachers, of candidates entering the substitute teaching field, and of students continuing to learn disruption-free. AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of predominantly debt investments ('Derived Investments'). In March 2022, AGA made a commitment of $60m to AGI. |
Posted at 10/11/2022 12:01 by makinbuks Also they held this for 5 years and there is always pressure in the 5 - 7 year period to sell and return cash to investors in that fund, hence the rollover deals we see regularly |
Posted at 14/2/2022 08:04 by speedsgh Apax X invests in Alcumus and Ole Smoky - The Apax X Fund ("Apax X"), in which AGA is a limited partner, has announced that it has signed a definitive agreement to acquire Alcumus, a global leader in technology-led risk management and compliance solutions. Apax X has also signed a definitive agreement to acquire a controlling stake in Ole Smoky Distillery ("Ole Smoky"), one of the fastest growing spirits companies in the US. Both transactions are expected to close in Q1 2021, subject to customary closing conditions. On a look through basis, AGA is expected to invest approximately €20m in Alcumus and approximately €10m in Ole Smoky, depending on final closing arrangements. Note that these figures relate to AGA's look through position of Apax X's overall investments in Alcumus and Ole Smoky and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on today's exchange rates where applicable1. Alcumus provides Environment, Health and Safety (EHS) as well as Environmental, Social and Governance (ESG) risk management and compliance software and services. The EHS and ESG services sectors, which the Apax Funds know well having tracked them for several years, are seeing significant growth driven by an increasingly complex regulatory environment and rising EHS and ESG expectations and requirements - tailwinds Alcumus is expected to benefit from. Apax X will leverage the Apax Funds' experience across services and software to partner with the existing management team in capitalising on long-term secular growth and consolidation in the market. Ole Smoky is a leading distiller of premium American whiskeys that are renowned for their high quality, innovative and award-winning flavors. The investment follows on from previous acquisitions in the consumer-packaged goods sector where the Apax internet/consumer team focuses on opportunities to acquire well-positioned premium brands. In line with this strategy, Apax X identified Ole Smoky as a compelling investment opportunity in the high-growth spirits sector and will look to accelerate the company's growth through continued investment in the core brand and supporting the strategic acquisition of complementary brands. AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of debt and equity investments ("Derived Investments"). In July 2019, AGA made a commitment of c.$450m2 to Apax X. |
Posted at 27/1/2022 13:23 by speedsgh Final Results scheduled to be released on 2 March so not too long to wait to hear a more up-to-date NAV to 31/12/21.259p (EUR 3.02) as at 30/9/21 241p (EUR 2.81) as at 30/6/21 219p (EUR 2.45) as at 31/12/20 196p (EUR 2.16) as at 30/6/20 188p (EUR 2.22) as at 31/12/19 188p (EUR 2.10) as at 30/6/19 170p (EUR 1.90) as at 31/12/18 170p (EUR 1.92) as at 30/6/18 165p (EUR 1.86) as at 31/12/17 162p (EUR 1.85) as at 30/6/17 163p (EUR 1.91) as at 31/12/16 152p (EUR 1.82) as at 30/6/16 138p (EUR 1.88) as at 31/12/15 127p (EUR 1.79) as at 30/6/15 129p (EUR 1.66) as at 31/12/14 |
Posted at 20/5/2021 08:19 by jmh4 Very disappointing! Management seem to be giving the company away at the expense of current shareholders. I wonder what some of the larger investors will have to say about it? |
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