Yield is over 5.5% at these prices. |
Excellent results. |
Q1 results to 31/03 look pretty decent with 8.7% return in the quarter and 17.2% over last twelve months. Part of this was € weakness.
I estimate the nav at 31/03 to be €2.01, or 172p at today's FX. |
You can meet the managers of Apax Global at the Mello Trust and Funds Show. We all have discounted tickets available from ShareSoc, full members get an originally £49 ticket for the reduced price of £24.50 - |
FY results:
"Total NAV Return1 was +7.1% (+5.4% constant currency) reflecting strong operational performance of the Private Equity portfolio and a positive contribution from Derived Debt" - pretty respectable numbers for a bad year in the markets. |
Today's sales add 3.6% to September's adjusted nav. Ignoring forex and any other movements, that means nav is now 176p.
Annual results on 5 March. |
Yes, a pleasant surprise! But NAV was 170p at 30/06, so still at a discount (like most PE sector). |
Promotion to the 250 explains some of the recent rise, see rns above. Thank you shire |
For my info: |
Here is your chance to meet with Apax Global Alpha:
Using this unique discount code, ADVFN25, you will be able to get £25 off at Mello London 2018, a 2 day investor conference from the 26th – 27th November 2018 at the Clayton Hotel, Chiswick, London.
Tickets are normally priced at £99 for two days and £79 for one.
Type in ADVFN25 as the discount code.
Many Thanks and take advantage of this premium offer.
See you there. |
Yes, very happy this morning.
Should see a steady reversal upward now |
Yes this bit was pretty good:
LTM Total NAV Return was +11.6% (+11.9% constant currency), reflecting strong performance of the Private Equity portfolio |
Good update from APAX today. I have doubled my holding. |
The board were clever enough to recognise that the market was overbought so I'm hoping they lightened the load and bought back in in time for the latest bull run.
Results next week. |
Thanks Jon
I'm looking for a modest return on what I see as a low-risk technical situation backed up by strong financials from the company. APAX looks way oversold to me now and I hope/expect a reversal as we approach results. |
yopf - just to say that I still hold these, and am happy to. But don't expect it to blow the lights out. In current markets, its unquoted holdings might be relatively resilient, and its fixed interest portfolio maybe safer than shares.
It's also paying a decent dividend, though not covered necessarily. |
Results are 7th November 2018.
From the interims:
Commenting on the results, Tim Breedon CBE, Chairman of Apax Global Alpha, said:
“AGA produced a stronger performance in the first half of 2018. The Private Equity portfolio added value
through unrealised gains as the strength of the underlying companies is starting to be reflected in the reported performance.”
Commenting on AGA’s investment focus, Ralf Gruss, COO of Apax Partners, said:
“We are pleased to see strong operational performance of the Private Equity portfolio not only translating into valuation increases over the period, but value also crystallised through strong exits from divestments of Genex, GlobalLogic, and Azelis. Markets for Derived Investments showed higher volatility during the period which may create opportunities for investment activity going forward.” |
Starting to see some movement up. Will add when I'm sure of a confirmation of a change in direction. As I say, looking for 10-30p on APAX |
Taken a small long position on APAX with a stop loss. |
I can see 140/1.50 poss even 1.60 on a bounce, quite quickly on very low volume |
These are starting to interest me from a purely technical oversold basis. |
 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. |
FY results:
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. |
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