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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.71% | 142.00 | 141.00 | 142.00 | 142.00 | 141.00 | 141.40 | 308,980 | 11:00:08 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 70.18M | 53.48M | 0.1089 | 13.04 | 697.36M |
From Apr 2019 to Apr 2024
TIDMAPAX
RNS Number : 1582E
Apax Global Alpha Limited
04 November 2020
(LSE: APAX)
Apax Global Alpha Limited
Quarterly results for the period ended 30 September 2020
Key highlights
-- Strong performance during the quarter: AGA's Total NAV Return(1) was 8.5% (11.7% constant currency).
-- Exposure to Tech & Telco / Digital, Services, and Healthcare underpinned resilience of the portfolio during Covid-19 and is driving strong returns in the Private Equity portfolio.
-- Two Private Equity exits signed (idealista, Neuraxpharm) and two IPO's (Duck Creek, Max Stock) at an average uplift of 63%(2) to June 2020 valuations.
-- New Private Equity investment in legal practice management software provider MyCase announced.
-- AGA's liquidity position is healthy with EUR72.9m of cash and its revolving credit facility of EUR140.0m remained undrawn. Derived Investments of EUR275.7m provide a further source of funding for AGA.
-- Dividend of 4.87p paid during the period, in line with AGA's stated dividend policy of distributing 5% of NAV per annum.
-- Whilst the economic outlook remains uncertain with Covid-19 infection numbers rising across the globe, the Apax Funds' focus on: i) sub-sector expertise; ii) driving business transformation; and iii) investing with modest average entry leverage levels leaves the portfolio well-positioned as the pandemic evolves.
Commenting on the results, Ralf Gruss, COO of Apax Partners, said:
"Despite the challenging environment, we are pleased to see that AGA's investment strategy and sector focus have delivered continued strong NAV performance in the quarter. In the private equity portfolio, there were several successful realisations in the period as well as attractive new investments. Whilst the impact of further lockdown measures remains to be seen, AGA's private equity portfolio has proven to be resilient and is well positioned."
Financial highlights
-- Significant growth in Adjusted NAV(3) to EUR1.12 billion, up from EUR1.06 billion in the last quarter.
-- Portfolio weighted towards Private Equity (74%) vs. Derived Investments (26%), and resilient sectors such as Tech & Telco (44%), Services (27%) and Healthcare (19%).
Hot Features
Premium
Adjusted NAV (3) EUR 1,124m GBP 1,020m
Adjusted NAV (3) per EUR 2.29 GBP 2.08
share
----------- -----------
NAV (3) per share EUR 2.29 GBP 2.08
----------- -----------
Exposure Q3 2020 Q3 2020
constant currency
Total NAV Return(1) 8.5% 11.7%
--------- -------- -------------------
Total Return(1) -
Private Equity 70% 12.4% 15.9%
--------- -------- -------------------
Total Return(1) -
Derived Debt 22% 2.1% 5.7%
--------- -------- -------------------
Total Return(1) -
Derived Equity 3% (2.4%) (1.0%)
--------- -------- -------------------
Cash & Others 5%
--------- -------- -------------------
Private Equity portfolio highlights
-- The Private Equity portfolio performed strongly in the quarter: Total Return(1) of 12.4% (15.9% constant currency).
-- Exit activity reflective of Apax Partners' investment strategy and sub-sector expertise (software, digital marketplaces, and specialty pharmaceuticals) and showing a significant re-rating at exit, with portfolio companies having undergone a business transformation under the Apax Funds' ownership.
-- Aggregate Gross IRR(4) and Gross MOIC(4) on Private Equity full exits and IPO's in Q3 2020 were 51% and 5.5x respectively.
-- On a look-through basis, AGA invested c.EUR7.9m in one new investment (MyCase) which also closed in the period.
-- Continued strong operating performance from the portfolio companies: Revenue and EBITDA growth of 10.4% and 17.8% respectively across the Private Equity portfolio.
Derived Investments portfolio highlights
-- Derived Investments leverage the insights and expertise of the Investment Advisor. The portfolio is weighted towards Tech & Telco and is predominantly invested in Derived Debt (88% of Derived Investments).
-- Solid performance of Derived Debt with a Total Return(1) of 2.1% (5.7% constant currency).
-- Limited exposure to Derived Equity with remaining portfolio still affected by depressed valuation multiples across a number of positions. Total Return(1) of (2.4%) ((1.0%) on a constant currency basis).
-- Derived Debt exited FullBeauty debt at a Gross MOIC(5) of 0.7x, generating proceeds of EUR1.1m. Gross IRR(5) on Derived Equity exit Lonza was 35.0% and Gross MOIC(5) was 1.7x.
-- Deployment of excess liquidity into Derived Debt with new investments of EUR13.6m.
For further information regarding the announcement of AGA's 2020 third quarter 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
Katarina Sallerfors
Investor Relations - AGA
Telephone: +44 (0)207 666 6526
Email: katarina.sallerfors@apax.com
APPIX
Movements in NAV
Adjusted NAV(3) movements Private Derived Cash Treasury Facility Other(4) 3Q 20 LTM
(EURm) Equity Investments Shares drawn Total Sep
20
-------- ------------- ------- --------- --------- --------- -------- --------
Adjusted NAV at 30.06.20 742.5 281.5 33.8 - - 2.9 1,060.7 1,055.8
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+ Investments 0.3 13.6 (3.7) - - (10.2) - -
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
- Distributions/
divestments (47.5) (18.1) 67.0 - - (1.4) - -
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+ Interest and dividend
income - - 6.8 - - (1.6) 5.2 20.0
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Unrealised
gains/(losses) 113.5 5.4 - - - - 118.9 151.4
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Realised gains/(losses) - 2.2 - - - - 2.2 13.4
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- FX gains/(losses)(6) (24.7) (8.9) (0.7) - - - (34.3) (53.5)
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Costs and other
movements - - (3.8) - - 1.8 (2.0) (7.7)
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
- Dividends paid - - (26.5) - - - (26.5) (52.9)
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Performance fee
reserve(7) - - - - - - - (2.3)
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Treasury shares - - - - - - - -
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
+/- Revolving credit -
facility
drawn/repaid - - - - - - -
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
Adjusted NAV at
30.09.20 (3) 784.1 275.7 72.9 - - (8.5) 1,124.2 1,124.2
----------------------------- -------- ------------- ------- --------- --------- --------- -------- --------
Private Equity - operational metrics
Private Equity - operational metrics 30 September 2020 30 June 2020
-----------------
Portfolio year-over-year LTM revenue growth(8) 10.4% 11.0%
================================================ ================= ============
Portfolio year-over-year LTM EBITDA growth(8) 17.8% 16.0%
================================================ ================= ============
Enterprise Value / EBITDA valuation multiple(8) 17.8x 17.0x
================================================ ================= ============
Net debt / EBITDA multiple (8) 4.1x 4.2x
================================================ ================= ============
Number of closed investments in the period(9) 3 6
================================================ ================= ============
Number of exits for the period(9) 2 3
------------------------------------------------ ----------------- ------------
Derived Investments - operational metrics
Derived Investments - operational metrics 30 September 2020 30 June 2020
-----------------
Debt year-over-year LTM EBITDA growth(10) 22.4% 9.7%
=============================================== ================= ============
Debt average income yield to maturity(10) 8.8% 9.2%
=============================================== ================= ============
Debt average years to maturity 5.5 5.7
=============================================== ================= ============
Debt average income yield(11) 7.8% 7.8%
=============================================== ================= ============
Equity year-over-year LTM earnings growth(12) 5.2% 7.0%
=============================================== ================= ============
Equity price-to-earnings ratio(12) 7.8x 20.8x
Number of investments for the period(13) 4 4
Number of full exits for the period (14) 2 7
----------------------------------------------- ----------------- ------------
Other Invested Portfolio highlights
Invested Portfolio analysis(15) EURm EURm % %
----- ------- ---
Private Equity 784.1 74%
================================ ===== ======= === ====
* AMI 21.8 2%
================================ ===== ======= === ====
* AEVI 5.2 0%
================================ ===== ======= === ====
* AEVII 29.1 3%
================================ ===== ======= === ====
* AVIII 263.8 25%
================================ ===== ======= === ====
* AIX 435.4 41%
================================ ===== ======= === ====
* ADF 28.6 3%
================================ ===== ======= === ====
* AX 0.2 0%
================================ ===== ======= === ====
Derived Investments 275.7 26%
================================ ===== ======= === ====
* Derived Debt 243.4 23%
================================ ===== ======= === ====
* Derived Equity 32.3 3%
================================ ===== ======= === ====
Total 1,059.8 100%
-------------------------------- ----- ------- --- ----
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. 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).
Average uplift of full exits and IPO's in the current quarter
calculated based on the expected sales proceeds from the
two full exits signed (idealista & Neuraxpharm) and the
fair value based on the closing share price at 30 September
2020, in addition to proceeds received in the quarter for
the two IPOs (Duck Creek & Max Stock). Genius Sports Group
which announced that it would go public through a combination
with a special purpose acquisition vehicle post quarter
end.
3. Adjusted NAV and NAV were the same at EUR1,124.2m as the
performance fee reserve was nil at period end
4. 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 IPO'd in the period (idealista,
Neuraxpharm, Duck Creek & Max Stock) . Gross IRR represents
concurrent Gross IRR.
5. Derived Debt and Equity Gross MOIC and /or Gross IRR calculated
based on aggregate euro cash flows since inception for deals
fully exited during 3Q 2020. FullBeauty (debt) and Lonza
(equity).
6. FX on cash includes the revaluation of cash balances and
net losses arising from the differences in exchange rates
between transaction dates and settlement dates, and unrealised
net losses arising from the translation into euro of assets
and liabilities (other than investments) which are not denominated
in euro
7. Movement in the LTM Sep 20 Private Equity performance fee
reserve of EUR 2.3 m reflects the increase and settlement
of the performance fee reserve by the Company's purchase
of shares in the market and subsequent issuance of those
shares to the Investment Manager. This does not represent
the underlying Private Equity portfolio's carried interest.
There was no performance fee accrued during 3Q 2020 or YTD
2020
8. 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. Huayue Education and TietoEVRY are
also excluded due to the unavailability of reported data.
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. MATCHESFASHION.COM is excluded due to low EBITDA
from opex investments and short-term fluctuations in EBITDA.
9. Private Equity closed 3 investments in 3Q 2020. Innovage
closed in July 2020 and PriceFx closed in August 2020 whilst
MyCase closed in September 2020. Apax VIII signed the sales
of idealista and Neuraxpharm during the period. Additionally
Apax VIII's investment Duck Creek listed in August 2020
and AMI's investment Max Stock listed in September 2020.
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. Gross Asset Value weighted average of the respective metric
across the Derived Equity portfolio. (Answers, FullBeauty
and Cengage were excluded from both LTM earnings growth
and P/E ratio)
13 Represents two new debt investments (first lien positions
in PCI and Veritext) and two add-ons to existing positions
(Amerilife and a delayed draw of Evercommerce) . There were
no new equity positions.
14 Represents exits in Derived Debt (FullBeauty) and Derived
Equity (Lonza) in 3Q 2020
15 Invested Portfolio excludes cash and cash equivalents, revolving
credit facility drawn and net current assets, including
these the NAV is EUR1,124.2m and Adjusted NAV was the same
as there was no performance fee reserve at 30 September
2020
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 Partners"
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 Partners' 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 Partners") is a leading global private equity advisory firm and over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of over EUR40 billion. Funds advised by Apax Partners invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long -- term equity financing to build and strengthen world -- class companies.
For further information about Apax Partners, please visit www.apax.com. Apax Partners 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.
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END
QRTEAXFDESNEFFA
(END) Dow Jones Newswires
November 04, 2020 02:00 ET (07:00 GMT)
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