JZ Capital Partners Share Chat (JZCP)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
JZ Capital Partners	LSE:JZCP	London	Ordinary Share	GG00B403HK58	ORD NPV

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.00p	+0.00%	488.00p	484.00p	492.00p	488.00p	485.00p	488.00p	2,400	14:00:20

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments	20.8	5.1	5.4	102.0	409.47

JZ Capital Partners Share Discussion Threads

Showing 101 to 124 of 125 messages

Chat Pages: 5 4 3 2 1

Date	Subject	Author	Discuss
20/12/2017 10:21	Liberum; Event JZ Capital Partners' NAV per share for the period 1 September 2017 to 30 November 2017 of $9.91 represents an increase of 0.3% for the quarter. The increase was due to the positive performance of the US and European micro-cap portfolio, partially offset by pre-development operating expenses and debt service in the real estate part of the portfolio and the write-off of unused holding companies. During the period, JZCP invested $9.2m and realised $37.6m realised. Post-period, JZCP received its first distribution of proceeds from the November 2017 sale of Factor Energia, totaling $54.7m and c. $11.0m from the second tranche of sale proceeds of Fidor Bank. At the end of the period, the portfolio consisted of 35 micro-cap investments across nine industries and five major real estate “assemblages” (59 total properties) located in New York and South Florida. At 30 November 2017, 4.8% of gross assets were invested in liquid assets (cash). Liberum view Real Estate represents c. 42% of total investments at 30 November 2017. US micro-cap businesses, c. 37% of total investments, are valued using an average multiple of 8.2x trailing EBITDA. The multiple of debt senior to JZCP’s position for these businesses is c.3.6x EBITDA. The company had significant realisations in the quarter taking advantage of the competitive, buyers private equity market and is expected to continue the trend in the short term. JZCP is trading at 33.3% discount to its November NAV, compared to a peer group average of 23.4%.	davebowler	Read Full Thread Reply
07/11/2017 13:09	I'm in the JZCC convertibles so I hope the same!	davebowler	Read Full Thread Reply
06/11/2017 09:23	dave: Thanks for above post - Only wish the discount will narrow -	pugugly	Read Full Thread Reply
06/11/2017 09:19	Liberum; JZ Capital Partners (Mkt Cap £425m) €70m proceeds from Spanish asset realisation Event JZ Capital Partners (JZCP) has agreed the realisation at NAV of its majority equity interest in Factor Energia S.A. (Factor), held through the EuroMicrocap Fund 2010, L.P. The transaction enterprise value was approximately €120m. Factor is being acquired by a public-sector asset manager, on behalf of a major Canadian pension fund. As part of this transaction, JZI Fund III, L.P. (Fund III), in which JZCP is an approximately 18.8% limited partner, has agreed to invest €20m alongside the majority owner and Factor management, representing approximately 25% of the business’ fully diluted equity ownership. Under JZCP’s ownership, Factor grew its customer base from approximately 4,000 to 45,000 and reported revenues from approximately €68m to more than €370m. JZCP invested a total of approximately €7.6m in Factor and is expected to receive total gross proceeds (before carry) of approximately €69.7m from the sale (including deferred payments and interim distributions received over the course of the investment), representing a gross multiple of invested capital of approximately 9.2x and a gross IRR of approximately 42.3%. Across the six Spanish portfolio companies it has sold to date (including Factor), JZCP has realized approximately €144.9m on an investment of approximately €60m. These six transactions represent a gross multiple of invested capital of 2.4x and a gross IRR of 23.2%. JZCP is still highly committed to the Spanish region. Liberum view This transaction represents 8.3% of JZCP's pro-forma NAV of $9.98 (estimated after the sale of Nielsen-Kellerman and K2 Towers). JZCP is trading at a 33.6% discount to its pro-forma NAV, compared to a peer group average discount of 20.1%. UK Real Estate	davebowler	Read Full Thread Reply
06/7/2017 08:42	Steven - am inclined to agree, but counter to that we've still a big nav discount (and a tightening Fed should strengther USD vs GBP), the market is thin so buybacks may be quite effective, and in any case they haven't bought any yet! I'll wait and see.	jonwig	Read Full Thread Reply
06/7/2017 08:26	Sold out yesterday . 1 If they regard the current market conditions as challenging then how are they going to cope in a downturn 2 Lack of transparency in their property portfolio which could allow fees to be syphoned off. 3 Overall repeated poor performance. 4 Unhappy with the share buy backs instead of dividends.	stevenlondon3	Read Full Thread Reply
29/6/2017 10:37	Yes, performing very poorly. NAV performance has been very disappointing despite a boom US market.	topvest	Read Full Thread Reply
29/6/2017 07:37	IMS: Http://www.investegate.co.uk/jz-capital-ptnrs-ltd/prn/q1-2017-interim-management-statement/20170629070000PC204/ NAV fallen to $9.93, mainly a couple of holdings writedowns: Factor Energia (Spain, energy supply. Can't find any relevant news.) Spruceview (US investment managers. Again can't find anything.) AGM on Tuesday passed all resolutions, including share buybacks in lieu of dividends. How aggressive will they be, given a 26% nav discount?	jonwig	Read Full Thread Reply
01/6/2017 13:32	hTTp://www.jzcp.com/media/99040/JZCP-March-Factsheet-FINAL.pdf	davebowler	Read Full Thread Reply
20/4/2017 08:53	STEVEN - as I understand them the rules say all shareholders must be treated equally. This means either market buy-backs or proportional return of capital. Since they are using ongoing profits to buy back shares, the former looks more likely.	jonwig	Read Full Thread Reply
20/4/2017 08:36	Will the share buy backs be in the market or will it be used as an avenue for the big shareholders to reduce holdings by arranged deals?	stevenlondon3	Read Full Thread Reply
20/4/2017 07:48	jonwig: That is what it appeared to be from the "Following the review, which included consultation with the Company’s largest Shareholders" Market is so illiquid that I suspect the larger shareholders were/are effectivly locked in.	pugugly	Read Full Thread Reply
20/4/2017 07:31	PUG our posts crossed! So institutional holders may have forced this? You could be right ...	jonwig	Read Full Thread Reply
20/4/2017 07:28	New distribution policy: http://www.investegate.co.uk/jz-capital-ptnrs-ltd--jzcp-/prn/discontinuation-of-dividend-policy-and-new-stra---/20170420070000P9185/ Dividends suspended. Profits to be used for share buybacks in order to reduce discount. So in theory I'll get a higher share price rather than a handy USD dividend. The market in the shares is fairly thin, but a sustained rise might be thwarted by selling. No idea what the market's reaction will be, but the 30% discount to NAV will take a bit of closing.	jonwig	Read Full Thread Reply
20/4/2017 07:28	Dividend suspended - buy back initiated - Big holders appear to have forced through - Subject to level paid for buy back might be OK but will have to see reaction from Mr Market - Personally unhappy - http://www.investegate.co.uk/jz-capital-ptnrs-ltd/prn/discontinuation-of-dividend-policy-and-new-stra---/20170420070000P9185/	pugugly	Read Full Thread Reply
31/1/2017 16:09	HTtp://www.jzcp.com/media/96633/jzcp-december-factsheet-final.pdf	davebowler	Read Full Thread Reply
26/10/2016 07:53	Interim results: Http://www.investegate.co.uk/jz-capital-ptnrs-ltd--jzcp-/prn/dividend-declaration/20161026070100PC061/ Very satisfactory progress, dividend 15.5c, which I receive in USD.	jonwig	Read Full Thread Reply
15/10/2016 17:19	OK fair point - will take a look.	topvest	Read Full Thread Reply
15/10/2016 15:28	I'd agree they haven't been spectacular, and I think they did a dilutive equity issue last year which wasn't popular. But everything has its price, and a return of over 25% in under 6 months is satisfactory! I think PE is getting more interest from investors and the discount here is still higher than most. The fact that its assets are almost all EUR and USD is an important thing, too.	jonwig	Read Full Thread Reply
14/10/2016 21:41	Yes, performance has been poor in recent years though. NAV rises have been pedestrian given the strong economy particularly in the US.	topvest	Read Full Thread Reply
14/10/2016 10:17	End-July NAV was unchanged at $10.41. using current FX rate (1.22) this equates to 853p. With some recent disposals coming in above carrying value that looks conservative. Discount 41% still gives space for upside.	jonwig	Read Full Thread Reply
21/7/2016 07:41	During June 2016, the NAV increased by 9 cents (or 0.9%) from $10.32 at 31 May 2016 to $10.41 at 30 June 2016. This was driven by FX gains of 10 cents and investment gains of 3 cents offset by net expense/finance costs of 4 cents. So 788p at current fx, or 45% discount. Even after the recent good run.	jonwig	Read Full Thread Reply
07/7/2016 15:09	Is there a more positive attitude to PE as a neglected asset class in the current climate? Smaller companies might be less affected by macro issues, and the prospect of lower interest rates for years to come won't harm. A monthly NAV statement is due for May, but it's doubtful they can be over-optimistic.	jonwig	Read Full Thread Reply
20/6/2016 11:02	deadly - I think it's rather out of favour, as with a lot of other PE funds. The big drop last year was down to an equity fundraising which was pretty dilutive, I think. Gearing will be lower next week, of course. The yield of over 5% is a decent compensation for waiting around!	jonwig	Read Full Thread Reply

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