Freezing the dividend is never a good idea even if they mention special dividends. |
Reckon this is moving up 10p with the buy back. Not earth shattering but it helps for now. |
~ "Excess Cash Flow" to be used for share buybacks until discount narrows to 5% (currently c.27%)
~ Share Buyback Programme to commence immediately with seed capital of EUR30m
~ New dividend policy with annnual dividend set at 11p paid semi-annually (previous policy was to pay 5% of NAV p.a.)
Update on Capital Allocation -
Commencement of Share Buyback Programme - |
Hopefully buyback will help lift the price. Get it done before labour add tax to it as well. |
Not convinced the downtrend on the chart has been broken but getting close. |
There is a bit of life here, now 155p bid this afternoon. |
every little helps, and I think the 23% uplift is more significant than the 1p it represents. The question is can you apply such a % uplift across the portfolio? This is a sale to KKR Asia, so its a more specialist fund within the PE family. Better than an internal sale to other Apax funds, but not as strong as a trade sale or IPO in terms of market pricing.
Any realisation is to be welcomed while we continue to trade at such a discount |
Profitable exit from Healthium investment which adds [wait for it...] c.£0.01 to Adjusted NAV at 31/3/2024. Not exactly an excuse for cracking open the champagne but every little helps I suppose.
Apax IX agrees to sell Healthium - |
From today's update:
"Following materially deteriorating trading at Vyaire during Q1, AGA has taken a €24m writedown on its value across the Private Equity and Debt portfolios, reducing AGA's Private Equity exposure to Vyaire to c.€5m and Debt exposure to Vyaire's first lien loan to €12m."
Vyaire Medical -
APAX valuation of Vyaire equity holding at 31/12/23 was EUR 27.0m; debt was EUR 14.0m. Combined valuation was thererfore EUR 41.0m.
From Q1 factsheet Vyaire debt has been written down to EUR 11.8m (-2.2m). From today's update we know that combined valuation of equity/debt has been written down to EUR 24m so looks like the equity has been written down from EUR 27.0m to c. EUR 12.2m (-55%).
FY23 results presentation -
Q1 2024 results presentation - |
Do we know anything about the rogue detractor? "... Q1 performance was negatively impacted by developments in one of the Private Equity portfolio companies..." |
The last bullet point:
"The Board is reassessing the Company's capital allocation policy and will update on progress of the review at the Capital Markets Day on 26 June 2024"
This can mean buybacks or a dividend cut. Difficult to know but adds a layer of uncertainty. |
Agreed speedsgh. Out of fashion and so good value across the whole sector. Take the attractive dividend yield and wait for the sector to re-rate. Are there any funds allowing us to buy the sector? |
NAV per share down 16% in both EUR/GBP since its peak in Q3/Q4 2021.
Share price down approx. 37% over same time period.
Has moved from low single digit discount to the current 34% discount.
Opportunity for the patient who are happy to wait for the NAV to return to growth & discount to narrow? To be fair you could probably buy the sector at present and make a decent return over the medium term. |
~ Q1 adjusted NAV per share EUR 2.54; -3.1% (GBP 2.17; -4.4%)
~ Total NAV return -0.5% (-1.9% constant currency)
* Total return private equity -1.7% (-3.2% constant currency)
* Total return debt investments +3.5% (+1.8% constant currency)
* Total return derived equity +13.6% (+11.8% constant currency)
Quarterly Results to 31 March 2024 -
Ralf Gruss, Partner at Apax and a member of the AGA investment committee, said:
"While Q1 performance was negatively impacted by developments in one of the Private Equity portfolio companies, we believe AGA's overall portfolio remains in good shape, offering solid value growth for shareholders. We are seeing continued momentum with several new private equity investments since the beginning of the year and there is a good pipeline of both new investments and exits. We believe the current share price significantly undervalues the Company's Private Equity holdings." |
Lots of activity by APAX (see RNS).
The discount is on the ridiculous side at 37% but what's staggering is if you take away the credit it's close to 50%. |
Unfortunate drop ahead of lower rate cuts ahead of European inflation. I have added some more as part of a diversified portfolio of multi-assets. |
It went down on US high inflation news today and APAX has a high allocation to US. I have also added. The downside protected by the credit income and sector wide discount on equity. We do have to wait though and bank the dividend in the mean time. European central rate cuts will be interesting as this is a European company with US exposure 🤔
This is a lower risk investment than other Private Equity and with a high reward of what 40% over the next 18 months? Many will not be able to wait. Not one for FOMO lovers, but patience. |
Actually more like sideways after going xd. |
Not sure it won't go lower but got to be in the cheap zone at this level. |
So why's it going down?!! |
Added c.143p. |
Added c.145p |
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