Yes 38% discount currently to the 31st December NAV, Everything through 2021 appears in line with expectations, 40% PE return, 15% on derivatives. So clearly the market believes there has been a significant diminution post year end. Is there a Russian connection? The drop appear to coincide with the start of the war |
FY results:
NAV of 254p is quite an anomaly! |
Why this sudden drop? |
Added at 193 |
 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. |
Revealed: The private equity firm Apax Partners is close to clinching the £600m-plus acquisition of Alcumus, a software provider specialising in risk management in fast-growing areas such as ESG. Alcumus's sale by Inflexion, another buyout firm, could come as soon as this week. |
Yes its been slow to rebound, unlike OCI and HVPE |
Have started adding here at 208,will add on any big drops.. |
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 |
Alleged 22% NAV Discount here.... |
Alleged 22% NAV Discount here.... |
Im no expert. Both are good plays for the long term. Happy to hold both. Higher div here if thats your preference. |
oxman i am new to this fund- is it better than icgt-obviusly it is ranked higher but similar discount appreciate your take |
See another 10p here near term. Hoping for move into mid 30s. |
delighted with the price action here allowing me to buy back in size c 220p this am. As you say Cleary an overhang of some sort |
Must be a seller of size though as struggling to break clear of 220p. |
Bit of a delayed reaction this morning to the significant nav gain just announced. Surely a move to new highs can't be far away. Yield nearer 6% now as well which is nice. |
Yep excellent performance.
Total NAV Return(1) of 9.9% in the quarter (8.3% constant
currency).
-- Total Adjusted NAV increased to c. EUR 1.5bn with Adjusted
NAV per share, growing from EUR2.81 (GBP2.41) to EUR3.02 (GBP2.59)
in the three months to 30 September 2021. |
Quarterly statement:
NAV up from 241p to 259p over the period. PE +13.6% is pretty good! |
Not familiar with icgt, but certainly in comparison to HVPE I agree with you, its lagging 10% very broadly as I said in 155 above |
Nav update due soon I believe. |
Is this looking increasingly left behind by hvpe and icgt or is it not a fair comparison? |
I bought in first thing today. Good long term track record and decent discount and dividend at the current share price. |
Bought in here this morning after watching for a while. Seems like a bargain to me! |
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