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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Apax Global Alpha Limited | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.60 | 1.06% | 152.00 | 150.60 | 152.00 | 152.00 | 150.80 | 150.80 | 38,925 | 09:29:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 70.18M | 53.48M | 0.1089 | 13.81 | 738.62M |
From May 2022 to May 2024
TIDMAPAX
RNS Number : 2916F
Apax Global Alpha Limited
04 November 2022
(LSE: APAX)
Apax Global Alpha Limited
Quarterly results for the period ended 30 September 2022
Key highlights
Hot Features
Premium
-- AGA's portfolio proved resilient during the three months
to 30 September 2022 with a Total NAV Return(1) of 3.2% ((1.2%)
constant currency). Adjusted NAV was EUR1.4bn, equivalent
to a NAV per share of EUR2.86 (GBP2.51).
-- Private Equity Total Return(1) of 3.0% ((1.6%) in constant
currency) in the period reflects robust trading performance
in the underlying portfolio companies and positive FX movements,
offset by multiple compression.
-- Underlying portfolio companies delivered revenue and EBITDA
growth of 17.7%(2) and 17.6%(2) respectively over the last
twelve months.
-- Investment activity continued with the Apax Funds completing
three new Private Equity investments in which, on a look-through
basis, AGA deployed EUR28.9m in the third quarter.
-- AGA received distributions of EUR18.7m including EUR11.8m
from two Private Equity investments which were exited at
a weighted average uplift of 35% to last Unaffected Valuation(3)
.
-- Strong balance sheet and healthy liquidity position with
net cash of EUR89.3m and a EUR250m undrawn revolving credit
facility as at 30 September 2022 provide comfort regarding
commitment levels. Derived Investments of EUR394.5m provide
balance sheet stability at attractive returns as well as
a further significant source of capital flexibility.
-- AGA's Invested Portfolio, other than AMI which represents
less than 2%, is revalued as at 30 September 2022. This methodology
uses market references, public trading comparatives and/or
transaction comparables as appropriate .
Tim Breedon CBE, Chairman of Apax Global Alpha, said:
"Despite the uncertain macroeconomic conditions and geo-political environment, AGA's balance sheet strength and capital management flexibility position it well to participate in opportunities to drive future long-term value for our shareholders. In addition, the success of Apax's sector-based investment strategy focused on fundamental business improvement can be seen in the positive trading performance across the underlying portfolio companies and provides confidence in the outlook for future value creation. "
Commenting on the results, Ralf Gruss, COO of Apax, said:
"The underlying portfolio companies continue to demonstrate their resilience in a challenging macroeconomic environment. Private equity deal activity has reduced when compared to 2021, however, the Apax Funds continue to identify attractive investment opportunities together with exits at strong uplifts to prior carrying values. "
Financial highlights
-- 70% of the Invested Portfolio is in Private Equity, and the
portfolio remains well diversified across key sectors and
vintages.
-- 15% of the Private Equity Invested Portfolio is in publicly
listed holdings which are valued off quoted share prices
as at 30 September. These reflect residual stakes in previously
IPO'd portfolio companies.
-- AGA was 94% invested as at 30 September 2022 and had outstanding
commitments to the Apax Funds (together with recallable distributions)
of EUR1.2bn. It is expected that much of AGA's existing cash
will be deployed in the Private Equity portfolio during Q4
2022, primarily as capital is being called to fund investments
previously made by the Apax Funds.
Q3 2022 Q3 2022 H1 2022 H1 2022
Adjusted NAV (4) EUR 1,402m GBP 1,230m EUR 1,392m GBP 1,199m
----------- ----------- ----------- -----------
Adjusted NAV (4)
per share EUR 2.86 GBP 2.51 EUR 2.83 GBP 2.44
----------- ----------- ----------- -----------
NAV (4) per share EUR 2.86 GBP 2.51 EUR 2.83 GBP 2.44
----------- ----------- ----------- -----------
Exposure Q3 2022 Q3 2022
constant currency
Total NAV Return(1) 3.2% (1.2%)
--------- -------- -------------------
Total Return(1) -
Private Equity 66% 3.0% (1.6%)
--------- -------- -------------------
Total Return(1) -
Derived Debt 26% 6.0% 0.4%
--------- -------- -------------------
Total Return(1) -
Derived Equity 2% (2.9%) (6.7%)
--------- -------- -------------------
Cash & Others 6%
--------- -------- -------------------
Private Equity portfolio highlights
-- The Private Equity portfolio delivered a Total Return(1)
of 3.0 % ((1.6%) constant currency) in the period.
-- Two exits were completed during the period with a weighted
average uplift of 35% compared to last Unaffected Valuations(3)
. Gross IRR(5) and Gross MOIC (5) in Q3 2022 were 13%
and 1.5x respectively.
-- On a l ook-through basis, AGA invested c.EUR28.9m in
three new investments.
-- Strong trading performance with LTM Revenue and EBITDA
growth of 17.7%(2) and 17.6%(2) respectively across the
Private Equity portfolio.
Derived Investments portfolio highlights
-- Derived Debt represents 94% of the Derived Investments
portfolio and adds stability to performance at attractive
returns. Derived Investments delivered a Total Return
(1) of 5.4% ((0.1%) constant currency) in the period
to 30 September 2022.
-- 96 % of the Derived Debt Investments are floating rate
instruments. The average yield to maturity of the portfolio
increased to 10.4% at 30 September 2022 (June 22: 8.9%).
-- The Derived Debt portfolio has outperformed the S&P/LSTA
leveraged loan index (6) with a five-year cumulative
return on a constant currency basis of 34.6% compared
to 15.8%.
-- EUR13.9m was deployed in Derived Debt in the third quarter
of 2022. There were no new investments in Derived Equity.
For further information regarding the announcement of AGA's 2022 Q3 Results, including the Company's results presentation and details for today's analyst and investor webcast at 9.30am (UK time), please visit www.apaxglobalalpha.com .
Contact details
Lorraine Rees, Investor Relations - AGA Telephone: +44 (0)7889 089 220 Email: lorraine.rees@apax.com
APPIX
Movements in NAV
Adjusted NAV movements Private Derived Treasury Facility
(EURm) Equity Investments Cash Shares drawn Other(7) Total
-------- ---------------- ----- --------- --------- --------- --------
Adjusted NAV at
30.06.22 877.2 364.9 150.2 - - (0.1) 1,392.2
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+ Investments 37.1 13.8 (46.8) - - (4.1) -
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
- Distributions/
divestments (18.7) (0.5) 19.2 - - - -
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+ Interest and dividend
income - - 6.1 - - 1.8 7.9
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- Gains/(losses) (14.1) (4.3) - - - - (18.4)
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- FX gains/(losses)(8) 40.9 20.6 0.3 - - - 61.8
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- Costs and other
movements - - (0.2) - - (2.3) (2.5)
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
- Dividends paid - - (34.8) - - - (34.8)
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- Performance fee
reserve(9) - (4.1) - - - - (4.1)
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- Shares purchased - - - - - - -
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
+/- Revolving credit - - - - - - -
facility
drawn/repaid
-------------------------- -------- ----------- --------- ---------- --------- --------- --------
Adjusted NAV at
30.09.22 922.4 390.4 94.0 - - (4.7) 1,402.1 -------------------------- -------- ----------- --------- ---------- --------- --------- --------
Private Equity - operational metrics
Private Equity - operational metrics 30 September 2022 30 June 2022
-----------------
Portfolio year-over-year LTM revenue growth(2) 17.7% 19.1%
================================================ ================== ==============
Portfolio year-over-year LTM EBITDA growth(2) 17.6% 15.8%
================================================ ================== ==============
Enterprise Value / EBITDA valuation multiple(2) 17.2x 17.9x
================================================ ================== ==============
Net debt / EBITDA multiple (2) 4.9x 4.8x
------------------------------------------------ ------------------ --------------
Derived Investments - operational metrics
Derived Investments - operational metrics 30 September 2022 30 June 2022
-----------------
Debt average income yield to maturity(10) 10.4% 8.9%
=========================================== ================= ============
Debt average years to maturity 5.3 5.6
=========================================== ================= ============
Debt average income yield(11) 8.9% 7.3%
------------------------------------------- ----------------- ------------
Other Invested Portfolio highlights
Invested Portfolio analysis(12) EURm EURm % %
----- ------- ---
* AEVI 2.5 0%
================================ ===== ======= === ====
* AEVII 25.7 2%
================================ ===== ======= === ====
* AVIII 119.0 9%
================================ ===== ======= === ====
* AIX 421.2 32%
================================ ===== ======= === ====
* AX 281.2 21%
================================ ===== ======= === ====
* AMI 26.4 2%
================================ ===== ======= === ====
* ADF 49.6 4%
================================ ===== ======= === ====
* ADF II (2.5) 0%
================================ ===== ======= === ====
* AGI (0.7) 0%
================================ ===== ======= === ====
Private Equity 922.4 70%
================================ ===== ======= === ====
* Derived Debt 369.6 28%
================================ ===== ======= === ====
* Derived Equity 24.9 2%
================================ ===== ======= === ====
Derived Investments 394.5 30%
-------------------------------- ----- ------- --- ----
Total 1,316.9 100%
-------------------------------- ----- ------- --- ----
Footnotes
1 "Total NAV Return" means the movement in the Adjusted NAV
per share over the quarter plus any dividends paid. "Total
Return" reflects the sub-portfolio performance on a stand-alone
basis. It excludes items at the overall AGA level such
as cash, management fees, and costs
2 Gross Asset Value weighted average of the respective metric
across the portfolio. LTM Revenue growth and LTM EBITDA
growth rates exclude companies where EBITDA is not meaningful
such as financial services or high growth business with
fluctuations in EBITDA. Net debt/EBITDA multiple and EV/EBITDA
valuation multiple excluded companies where EBITDA is not
meaningful such as financial services or high growth business
valued on a revenue basis.
3 Valuation uplifts on exits are calculated based on the
total actual or estimated sales proceeds and income as
appropriate since the last Unaffected Valuation. Unaffected
Valuation is determined as the fair value in the last quarter
before exit, when valuation is not affected by the exit
process (i.e. because an exit was signed, or an exit was
sufficiently close to being signed that the Apax Funds
incorporated the expected exit multiple into the quarter
end valuation). Where applicable, average uplifts of partial
exits and IPO's includes proceeds received and the closing
fair value at period end.
4 Adjusted NAV reflects Total NAV of EUR1,406.2m, before
performance fee reserve of EUR4.1m
5 Private Equity Aggregate Gross IRR and Gross MOIC calculated
based on the expected aggregate cash flows in euro across
all funds for the deals signed and/or IPO'd in the period.
Gross IRR represents concurrent Gross IRR.
6 Source: Bloomberg
7 Other reflects net current liabilities.
8 FX on cash includes the revaluation of cash balances and
net gain or losses arising from the differences in exchange
rates between transaction dates and settlement dates, and
unrealised net gains or losses arising from the translation
into euro of assets and liabilities (other than investments)
which are not denominated in euro
9 Movement in the performance fee reserve reflects the performance
fee reserve accrued by the Company's at 30 September 2022.
This does not represent the underlying Private Equity portfolio's
carried interest.
10 Gross Asset Value weighted average of the respective metric
across the Derived Debt portfolio.
11 Gross Asset Value weighted average of the current full
year income (annual coupon/clean price as at the respective
date) for each debt position in the Derived Debt portfolio
as at the respective date
12 Invested Portfolio excludes cash and cash equivalents,
revolving credit facility drawn and net current assets,
including these the NAV was EUR1,406.2m and Adjusted NAV
was EUR1,402.1m reflecting adjustment of EUR4.1m for the
estimated performance fee reserve accrued.
Notes
1. Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax" or "the
Investment Adviser"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations
(EU) NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or distribution,
directly or indirectly, in whole or in part, into or within
the United States or to "US persons" (as defined in Regulation
S under the United States Securities Act of 1933, as amended
(the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any
applicable legal requirements in their jurisdictions. In particular,
the distribution of the announcement may be restricted by law
in certain jurisdictions
4. The information presented herein is not an offer for sale within
the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and
will not be registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered
under the Securities Act or any other applicable law of the
United States. Consequently, the Shares may not be offered
or sold or otherwise transferred within the United States,
or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements
of the Securities Act and under circumstances which will not
require AGA to register under the Investment Company Act. No
public offering of the Shares is being made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate",
"aim", "forecast", "project" and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and
the environment in which AGA will operate in the future. Forward-looking
statements involve inherent known and unknown risks, uncertainties
and contingencies because they relate to events and depend
on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of
AGA to be materially different from those expressed or implied
by such forward looking statements. Many of these risks and
uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in
which AGA operates or in economic or technological trends or
conditions. Past performance should not be taken as an indication
or guarantee of future results, and no representation or warranty,
express or implied, is made regarding future performance. AGA
expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements
to reflect any change in AGA's expectations with regard thereto
or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement,
or to update or to keep current any other information contained
in this announcement. Accordingly, undue reliance should not
be placed on the forward-looking statements, which speak only
as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax's Private Equity activities.
Further information regarding the Company and its publications are available on the Company's website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners LLP ("Apax") is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and
ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax
Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.
Apax is authorised and regulated by the Financial Conduct Authority in the UK.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
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November 04, 2022 03:00 ET (07:00 GMT)
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