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APAX Apax Global Alpha Limited

134.40
-0.40 (-0.30%)
18 Feb 2025 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  -0.40 -0.30% 134.40 205,851 16:35:25
Bid Price Offer Price High Price Low Price Open Price
134.00 134.40 134.80 134.00 134.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty EUR 70.18M EUR 53.48M EUR 0.1091 12.28 660.73M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:39:09 O 6,966 134.40 GBX

Apax Global Alpha (APAX) Latest News (1)

Apax Global Alpha (APAX) Discussions and Chat

Apax Global Alpha Forums and Chat

Date Time Title Posts
17/2/202517:44::::: APAX GLOBAL ALPHA LTD :::::361

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Apax Global Alpha (APAX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2025-02-18 16:39:10134.406,9669,362.30O
2025-02-18 16:35:25134.4083,523112,254.91UT
2025-02-18 16:29:50134.00149199.66AT
2025-02-18 16:22:15134.20589790.44AT
2025-02-18 16:22:15134.20229307.32AT

Apax Global Alpha (APAX) Top Chat Posts

Top Posts
Posted at 18/2/2025 08:20 by Apax Global Alpha Daily Update
Apax Global Alpha Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker APAX. The last closing price for Apax Global Alpha was 134.80p.
Apax Global Alpha currently has 490,158,681 shares in issue. The market capitalisation of Apax Global Alpha is £656,812,633.
Apax Global Alpha has a price to earnings ratio (PE ratio) of 12.28.
This morning APAX shares opened at 134.60p
Posted at 12/2/2025 09:38 by skinnypope
There was nothing AI generated in that post I can assure you, but thanks for making me laugh a bit with your suggestion (no offence taken) ;-)

In fact just a few days going through 4 years of accounts, factsheets, research reports and various google holes. I suppose I could/should have fleshed out my opinion of the forward prospects for the share price, so here are some final thoughts ahead of the annual report due next month.

My view is if you have the stock already, it's a good hold. It's neither cheap nor expensive; in fact the 34% NAV discount is exactly the same as similar fund-of-fund PE stocks (HVPE, ICGT, ADIG to name three of the top of my head). However it does have a decent [8.3% yielding] and historically well covered dividend, which is why I hold this one.

Additionally this one has the feature I mentioned in my original post, which is the largest ever commitment to the new buyout fund [APAX XI] which I think is well timed. Lots of news reports on low venture deal volumes last year which should give XI good entry points as the fund ramps up. This same feature may be a drag on APAX X moving to the harvesting stage, but given the much larger allocation to XI than X, then net-net it's a positive.

If I'm right the NAV will recover a decent amount and the discount should narrow. The problems are:

- this will take time [2-3 years minimum I suspect]
- the large allocation to XI may create a concentration risk
- it will also soak up the FCF, which will limit the buyback facility [I am of the view that €30m is currently too small to have any impact]
- as stated in the other post, the rather swept under the carpet Vyaire bankruptcy

So all in all, I'm a hold. A new buyer looking for quicker gains, may be better served looking elsewhere.
Posted at 10/2/2025 16:31 by skinnypope
I’ve just spent a bit of time working through this one. As others say, it’s not easy to unpick this stock as reading the financials and various presentations I often felt like I was reading marketing material. However I would say that this is fairly typical of the Private Equity industry…

In short, this stock is a gateway into the Apax private equity funds that are not open to private investors. Moreover, the PE investments are predominately in three funds:

APAX IX: 2016 vintage, now “harvesting221; stage i.e. winding down and distributing
APAX X: 2020 vintage, now “mature” stage, i.e. funds fully invested
APAX XI: 2023 vintage, now “investingR21; stage, i.e. still ramping up

The holdings AGA disclose are held (mostly) in these funds, with quarterly revaluation of all the companies performed “bottom up” via the usual methods. Given that these funds are generally held by large wholesale investors, I would opine that the valuation process is “fairly” robust, however something that should be taken with a grain of salt, seeing as one of the holdings [Vyaire] filed for Chapter 11 this year, and the valuation went from €27m [YE 2023] to zero [HY 2024].

While 83% of AGA is in PE, 17% is in “Debt Instruments” which I have seen mis-characterised as quasi-liquid bonds, but in fact are syndicated loans which are much less liquid despite what you might read. The advantages of this part of the portfolio is that they pay regular coupons to AGA, versus the more unpredictable PE distributions, which helps support the size and frequency of the dividend. The disadvantage is that often AGA has exposure to the same names in the PE and Debt portfolios. [Vyaire for instance, where another ~€10m was lost in Debt in H1, over and above the €27m loss in the PE book]

So, that all said, looking ahead I think this one looks in OK shape. With APAX IX winding down, then it’s X and XI that will drive the valuation going forward. The just released NAV for YE showed X taking a drawdown, not a huge surprise given ongoing mixed market conditions which Apax attribute to their retail and healthcare investments. EBITDA multiples have come down the past few years, however are showing signs of stabilisation. AGA has cash at its highest level (£103m) for a few years, anticipating XI calling for capital soon, which I think is the key.

AGA has its highest allocation to XI [~€673m, versus ~€418m to X]; in other words, the dry powder AGA has generated from high multiple EBITDA exits and debt sales from the “harvesting221; funds, is about to invested in much larger amounts that they have ever done into much lower EBITDA multiple investments. The market is too focused on the recent NAV drawdown and not giving enough thought to the runway for the new XI fund.

The dividend cover from operating cashflow I see around x1.5 on average the past four years, the RCF is usually undrawn [although occasionally drawn and repaid promptly to cover short terms liquidity needs], and the buyback is small positive.
Posted at 10/2/2025 12:02 by spectoacc
OakBloke, lol. Disaster area, as VSL & DGI9 show - he's like the kiss of death.

(Which isn't to say APAX might not be value down here, but OB sprays wildly, and is a very poor analyst).
Posted at 10/2/2025 10:20 by brucie5
Over last three years this has been a truly appalling investment, though it does pay a decent dividend.

What will change?



Oakbloke's note - also linked above- is well worth reading. He likes APAX because he wanted a software/services provider and this gives him that exposure within a large folio of underlying companies. Plus-

" So I decided to look for consistent outperformance according to the rule of 40%. Add your EBITDA margin and your EBITDA growth and if it is consistently above 40% then it is highly attractive.

APAX share their EBITDA growth and I have inferred a 25% EBITDA margin (how else can you deliver growing earnings and dividends over 5 years unless you are generating at least that much). On that basis even in the thin years APAX sitting at or above the rule of 40. In a good year the EBITDA growth alone is above 40% - let alone the profit margin!

So APAX feels like a safer choice, even if it not wholly SAAS or software, and contains some service-based businesses too."
---------------------------------------------------------------------------------------------------------------------
There, if he is right, this will bottom at some point and the subsequent run back up could be highly profitable? Discount is now 34%. Maybe one to keep averaging down.
NAI - I hold.
Posted at 27/11/2024 17:33 by speedsgh
Apax carves out S&W accountants from Evelyn wealth managers -

Apax Global Alpha contributes £23.4m of a reported £700m price tag for Smith & Williamson, the accountancy arm spinning off from Evelyn Partners...
Posted at 22/11/2024 08:11 by speedsgh
@Mister MD - That's because actions speak louder than words and the APAX buyback programme is being implemented in such a half-hearted manner that it is unlikely to have any meaningful effect.

The first buyback was undertaken on 27 June. The terms of the programme are as voted for at the most recent AGM (1/5/24) and limit buybacks to 14.99% of the Company's issued capital (73,616,005 shares). The Distribution Pool which earmarks funds available for buybacks was seeded with EUR 30m.

To date APAX have bought back 2,136,021 shares (at a cost of approx EUR 3.67m) which represents just 2.90% of the maximum 73m+ shares that can be purchased. That is since 27 June, so over nearly 5 months.

Purchases are being undertaken by Jefferies independent of the company but within parameters set by the company in the agreement with Jefferies. AFAIAA these parameters have not been disclosed to shareholders but are likely the reason behind the scheme's relative ineffectiveness.

To be fair, it should also be noted that many other trusts/companies have been buying back shares over the same period and even in cases where buyback programmes have been implemented more rigourously, it has tended to have limited effect on the share price.
Posted at 17/10/2024 23:36 by lowtrawler
speedsgh, same as yourself. I have it as a diversifier within a balanced portfolio. With the share buybacks, the discount should narrow and an 11p fixed dividend provides a good yield. Personally, I can't fully explain why the share price has been sliding over the past 3 years but am happy to have had the opportunity to buy at current levels.
Posted at 17/10/2024 16:23 by speedsgh
Performance the last 3 years has been disappointing but prior to that performance since listing wasn't bad. I'm inclined to think the share price is nearer the bottom and am therefore happy to stick with them and collect the dividends until their performance & rating have improved.
Posted at 17/10/2024 16:10 by speedsgh
"That’s left them [APAX] on a 33% discount to their net asset value of 213p in June, which has ‘disappointed’ long-standing backer James Hart. As the former investment director of Witan Investment Trust, Hart admired Apax Partners and took a cornerstone stake when the investment company floated.

Following Witan’s merger this month with rival Alliance Trust, Hart has joined its fund manager Willis Towers Watson. The 5% stake in Apax has transferred to the now £5bn Alliance Witan (ALW) and although it does not fit its investment strategy, Hart said it ‘will not be sold until we have realised full value for Alliance Witan shareholders.’

That’s good for Apax. If Alliance Witan is not a forced seller, it should remove any ‘overhang̵7; weighing on the shares."
Posted at 02/10/2024 11:32 by craigso
Frustrating to see this trickle downwards...

But we're still getting our 8% yield and the cheaper the share price, the more NAV accretive the share buybacks. It's just one of those ITs we need to be patient with and ignore the day-to-day...
Apax Global Alpha share price data is direct from the London Stock Exchange

Apax Global Alpha Frequently Asked Questions (FAQ)

What is the current Apax Global Alpha share price?
The current share price of Apax Global Alpha is 134.40p
How many Apax Global Alpha shares are in issue?
Apax Global Alpha has 490,158,681 shares in issue
What is the market cap of Apax Global Alpha?
The market capitalisation of Apax Global Alpha is GBP 660.73M
What is the 1 year trading range for Apax Global Alpha share price?
Apax Global Alpha has traded in the range of 132.00p to 161.00p during the past year
What is the PE ratio of Apax Global Alpha?
The price to earnings ratio of Apax Global Alpha is 12.28
What is the cash to sales ratio of Apax Global Alpha?
The cash to sales ratio of Apax Global Alpha is 9.36
What is the reporting currency for Apax Global Alpha?
Apax Global Alpha reports financial results in EUR
What is the latest annual turnover for Apax Global Alpha?
The latest annual turnover of Apax Global Alpha is EUR 70.18M
What is the latest annual profit for Apax Global Alpha?
The latest annual profit of Apax Global Alpha is EUR 53.48M
What is the registered address of Apax Global Alpha?
The registered address for Apax Global Alpha is PO BOX 656, EAST WING, TRAFALGAR COURT, LES BANQUES, GUERNSEY, GY1 3PP
What is the Apax Global Alpha website address?
The website address for Apax Global Alpha is www.apaxglobalalpha.com
Which industry sector does Apax Global Alpha operate in?
Apax Global Alpha operates in the TRUST,EX ED,RELIGIOUS,CHARTY sector

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