Apax Global Alpha Share Chat (APAX)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Apax Global Alpha	LSE:APAX	London	Ordinary Share	GG00BWWYMV85	ORD NPV

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+1.00p	+0.74%	136.50p	133.50p	136.00p	136.50p	133.00p	136.50p	34,191	16:35:19

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments	38.5	18.9	3.7	37.1	670.35

Apax Global Alpha Share Discussion Threads

Showing 26 to 49 of 50 messages

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Date	Subject	Author	Discuss
17/8/2017 10:15	Liberum; Event Apax Global Alpha's NAV per share at 30 June 2017 was €1.85 which represents a loss of 0.7% partly due to the Euro strengthening 8% against the US Dollar over the period. NAV total return on a constant currency basis was 4.2%. On a constant currency basis, the portfolio contributed 5.6% to NAV total return of which Private Equity contributed 1.7%, Derived Debt 0.3% and Derived Equity 3.6%. LTM revenue and EBITDA growth in the private equity portfolio is 8.9% and 12.2% on average. The portfolio was 84% invested at 30 June 2017. The reduction was mainly due to the sale of four derived investments following significant share price appreciation. Unfunded commitments to Apax funds were £392m at June 2017 and the company has cash and undrawn facilities of £289m. A semi annual dividend of 4.24p has been declared for the period to June 2017 (ex-date 24 August). Liberum view NAV performance in H1 on a constant currency basis of 4.2% represents an improvement on the relatively poor return of 3.9% (constant currency) in 2016 as a whole. Derived equity investments were the key driver of returns following significant realised and unrealised gains in the period. The returns from the private equity portfolio remain low by comparison (3.3% in H1 2017 and 4.9% in FY 2016). Two positions out of 42 portfolio companies (Quality Distribution and Full Beauty) were the biggest detractors to the private equity portfolio performance in the half-year. The shares currently trade on a 12.1% discount to NAV and may receive support in the near-term following the expected inclusion in the FTSE Index Series from September. The free float is now above 50% following the second lock-up release in June.	davebowler	Read Full Thread Reply
07/3/2017 07:11	FY results: Http://www.investegate.co.uk/apax-global-alpha-ld--apax-/rns/2016-final-results/201703070700096765Y/ Improved H2 - "Total NAV Return during the year of 6.6%, representing largely flat performance during the first half but strong performance during the second half" NAV at 31/12 was 163p so we can expect a dividend of maybe 8.15p for 2017.	jonwig	Read Full Thread Reply
27/11/2016 14:40	gopher - it was, as I posted, getting a bit over-priced and I sold half after the last announcement. As for "US recession" I think we'll get a Trump bubble first. But well to be wary.	jonwig	Read Full Thread Reply
27/11/2016 11:48	I have been looking at this and with the slip in the price this month the discount has widened out. The dividend is clearly not backed by treasury bills but baring a major US recession is probably OK.	gopher	Read Full Thread Reply
01/11/2016 07:17	Q3 results. NAV of 157p (flattered by sterling depreciation) is a bit tight. And YTM of debt instruments over 12% suggests these holdings (most or all unquoted) are of a 'junk' nature. (Running yield over 9%.) Annual dividend around 7.5p. Covered?	jonwig	Read Full Thread Reply
12/9/2016 20:27	Winter floods;? Apax Global Alpha was launched in June last year, when it raised £218.2m (equivalent to 300m) through anoversubscribed IPO. Immediately prior to admission the fund acquired PCV Lux SCA and its subsidiaries, whichwas formed in 2008 as an investment vehicle for certain partners and employees of Apax Partners LLP. The IPOprice of 119.2p was set at a 13% discount to the NAV of the initial portfolio and, at admission, Apax GlobalAlpha therefore had a market capitalisation of £585m. Previous investors in PCV Lux SCA are subject to various'lock?up' arrangements and the fund currently has a free float of 45%. In total 30% of shares are subject to 5year arrangements and a further 25% are subject to 10 year arrangements. The latest annual process saw 37mshares come out of lock?up, but only 2.5m shares tendered and placed.? The portfolio includes investments in Apax Private Equity Funds as well as 'Derived' Investments. Thesecomprise both debt and listed equities and represent investment ideas that are generated by the team's day today investment activities and research, but that are not suitable for Apax's buyout funds. The long?term targetis 50% 'private equity' / 50% 'derived' investments.? The fund is targeting an annualised total shareholder return, across economic cycles, of 1215% (net of feesand expenses) including a dividend yield (paid semi?annually) equivalent to 5% p.a. of NAV, once fully invested.There is no double charging of management fees and no fees on cash.Performance, Portfolio & Outlook? In Euro terms the fund's NAV fell from 1.88 to 1.82 (?3.2%) in H1'16, although it rose in Sterling terms from138p to 152p (+10.1%). A second semi?annual dividend of 3.95p was declared, equivalent to 2.5% of NAV, whilethe first semi?annual dividend of 3.69p was paid in April and on a total return basis, the NAV return was ?0.6%in the period (+12.8% in Sterling terms). Since IPO the NAV total return is +5% in Euro terms.? Underlying portfolio performance was positive and on a constant currency basis the NAV would have been up1.2%. However, approximately 60% of the fund's investments are US Dollar denominated and the appreciationof the Euro against the US Dollar was therefore unhelpful. The Private Equity segment of the portfolio was up0.9% in the period as positive operational performance was offset by lower valuation multiples. DerivedInvestments were down 0.4% reflecting write?downs for debt investments.? At the period end the fund was 94% invested and had 48.5m of cash. The portfolio was split broadly evenlyacross Private Equity (52%) and Derived Investments (48%), while exposure was diversified across Apax's focusindustries of Tech & Telecom (37%), Services (28%), Consumer (19%) and Healthcare (5%).? The Private Equity portfolio companies continue to perform well, generating last twelve month revenuegrowth and EBITDA growth of 7.4% and 9.8% respectively. It is relatively young, with 57% of its valuerepresented by investments made during 2015 or 2016, reflecting activity by Apax VIII. There were four newprivate equity investments closed during the period, while AGA has also committed $350m to Apax IX, a globalbuy?out fund. There were a number of full and partial realisations and Apax funds returned 38.7m during thesix months to 30 June.? Within the derived portfolio, investments were made in the listed equity of five companies, including Sophos.A debt investment was also made in Ellucian, a provider of higher education technology. There were sixdivestments, all of which realised positive IRRs.? RG noted that only 2% of the portfolio is directly exposed to UK companies and as such he feels that the fundis well positioned to withstand any volatility associated with 'Brexit'.Winterflood ViewApax Partners is a long?established and well?regarded private equity manager and Apax Global Alpha isdifferentiated from its listed private equity peers by its hybrid portfolio, which provides exposure to bothprivate and publicly traded investments. This helps the fund avoid the cash drag often associated with listedprivate equity funds. In addition its ability to take advantage of opportunities that are uncovered as part of theinvestment team's work on particular sectors is attractive, in our opinion. The fund's portfolio is less maturethan the majority of its peers, although its prospective dividend yield of around 6% will appeal to certaininvestors and its ability to sustain this is helped by income generated from its debt investments. That so fewlocked?up shareholders, many of whom will have intimate knowledge of the portfolio's prospects, sold sharesat the first opportunity is also encouraging. Furthermore following the next release of shares from lock?up inJune next year we would expect Apax Global Alpha to become eligible for inclusion in the FTSE All Share Indexand this should provide a boost to demand. Taking all of this into account, we think that the current discount of18% looks like an attractive entry point.	davebowler	Read Full Thread Reply
26/7/2016 18:44	Liberum doesn't mention that APAX isn't purely PE: The portfolio has "Well balanced invested portfolio: Private Equity (52%) and Derived Investments (48%)" (at December 2015). Derived instruments are quoted equity and quoted or unquoted debt. This probably goes some way to explaining the narrow discount compared with some in the PE sector.	jonwig	Read Full Thread Reply
26/7/2016 10:28	Liberum; Apax Global Alpha (AGA) valued its Apax Funds in 30 June 2016 and the results are positive compared to prior valuations adjusting for calls and distributions (like-for-like). AGA's largest commitments is in Apax VIII, a global buyout fund raised in 2012 and as at 31 March 2015 the majority of the top ten investments in AGA's portfolio where held under that fund. Liberum view We believe the 30 June 2016 valuation of the Apax Funds is reflecting AGA's portfolio that includes new investments (12 - 18 months) in value creation phase. AGA will be reporting the results of the financial half year ended 30th June 2016 on 17 August 2016, and given the numbers above we expect a small uplift in NAV. AGA is trading at 18.7% discount, much narrower than its peer group average of 31.4% (excl. 3i), and its current yield is 3%.	davebowler	Read Full Thread Reply
13/7/2016 16:01	Liberum 15 Jun Lock-up release of the first tranche of ordinary shares Event Apax Global Alpha (AGA) announced that the lock-up agreed with certain of its existing shareholders in respect to their shareholdings at the time of the Company's IPO partially expires today, 15 June 2016. 20% of the ordinary shares in lock-up are released today. AGA is trading at a 17.3% discount, tighter than the peer average of 30.8% (excl. 3i) and has a current yield of 3.1%.	davebowler	Read Full Thread Reply
27/4/2016 07:26	Q1 results. Slight fall in NAV (1.8% after dividend payment adjustment) largely down to Euro appreciation. Not too bothering, as NAV of 31/03 was 143p. Annual dividends 5% of NAV look sustainable. Current yield about 5.8%: http://www.investegate.co.uk/apax-global-alpha-ld--apax-/rns/q1-2016-financial-highlights/201604270700094323W/	jonwig	Read Full Thread Reply
18/4/2016 17:56	Apax signs insurance joint venture with Accenture: Http://www.ft.com/cms/s/0/a36a1854-055c-11e6-9b51-0fb5e65703ce.html#axzz45y7LgR5D This looks promising.	jonwig	Read Full Thread Reply
26/8/2015 08:22	There's a holdings RNS on SOPH here from 13 July. perhaps the IRR and MOIC are as yet unrealised numbers? http://www.investegate.co.uk/sophos-group-plc--soph-/rns/tr-1--notification-of-major-interest-in-shares/201507131634439158S/	jonwig	Read Full Thread Reply
26/8/2015 07:38	Surprised it does not say they hold or may be below 3 % in Sophos ? Need to check this.	jaws6	Read Full Thread Reply
26/8/2015 07:18	H1 results, first since float: http://www.investegate.co.uk/apax-global-alpha-ld--apax-/rns/2015-interim-report-and-accounts/201508260700340826X/ NAV of 127p at 30 June, up 8% over period. And: The Company's investment objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised total shareholder return across economic cycles of 12-15%, net of fees and expenses. Once fully invested, the Company is targeting an annualised dividend yield of 5% of Net Asset Value per annum. So implied yield at current NAV is around 5.2%. Only one mention of Sophos: Sophos, a security software business, successfully listed in London during June 2015 in the largest-ever IPO of a technology business in the UK. The issue was significantly oversubscribed. The IPO valuation represented a MOIC of 2.7x and 24% IRR. A key driver of Sophos' investment performance was its transformation from an end point security provider to a strategy of providing 'Complete Security' and focusing on network security, mobile security and security solutions delivered via the cloud.	jonwig	Read Full Thread Reply
27/6/2015 12:16	Re the SOPH ipo.Not sure how much this APAX fund has in Sophos. From the Telegraph Oxford graduates Jan Hruska and Peter Lammer will continue to own 18.9pc of the business, putting them on a paper fortune of over £180m, while private equity firm Apax will own 40.1pc of the business after listing. The company’s directors also own 1.7pc of London’s biggest listed software company. Apax bought a 70pc stake in Sophos in 2010 for £372m following Mr Hruska and Mr Lammer’s failed attempt to take the company public in New York in 2009. http://tinyurl.com/p3qzhv6	shauney2	Read Full Thread Reply
26/6/2015 12:52	soph started today now 235 .will hear soon how much they made on this sale	jaws6	Read Full Thread Reply
15/6/2015 23:31	Same here with you invest scaled back	jpuff	Read Full Thread Reply
15/6/2015 11:20	Sarah, Just checked my account too and yes the commission charge has been removed.	t-trader	Read Full Thread Reply
15/6/2015 09:28	Well done! I'm sure they were inundated with complaints.	jonwig	Read Full Thread Reply
15/6/2015 09:15	my commission has disappeared.:-)	sarahbudd	Read Full Thread Reply
14/6/2015 09:54	Sarah, I too bought these through Youinvest and 3i, got 5427 shares in each. Have been charged £29.95 commission by Youinvest, but nothing with 3i. I too will query the charge, let me know how you get on?	t-trader	Read Full Thread Reply
13/6/2015 20:33	Thanks..yes I certainly will be taking it up with them. Yes scaled back unfortunately. Really unimpressed with youinvest	sarahbudd	Read Full Thread Reply
13/6/2015 19:53	Sarah - this is in the prospectus (page 108, or pdf p114): Intermediaries may charge retail investors a fee for buying or holding the allocated Ordinary Shares for them (including any fees relating to the opening of an individual savings account or a self-invested personal pension for that purpose) provided that the Intermediary has disclosed the fees and terms and conditions of providing those services to the retail investor prior to the underlying application being made I'd take this up with them and quote from the prospectus! You were probably scaled down to 64.7% of what you wanted?	jonwig	Read Full Thread Reply
13/6/2015 17:14	Question to anyone.. I applied for these through Youinvest (AJBELL) and looks like I have been scaled down to 1411 shares. However, AJBell have charged me a £29.95 commission - when in their email states no commission payable, as per usual IPO. Any one else in same boat?... especially as normal commission only £9.95	sarahbudd	Read Full Thread Reply

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