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  6. Jz Capital Partners Limited (JZCP)

  7. Jz Capital Partners Limited (JZCP) Share Price

JZCP

Jz Capital Partners Limited

162.50
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Jz Capital Partners Limited LSE:JZCP London Ordinary Share GG00B403HK58 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 162.50 7,337 08:00:07
Bid Price Offer Price High Price Low Price Open Price
140.00 185.00 167.50 162.50 162.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Investors, Nec 33.29 3.75 4.80 32.50 125.90
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:00 O 6 185.00 GBX
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Jz Capital Partners (JZCP) Latest News

Jz Capital Partners News

Date Time Source Headline
08/6/202321:10ALNCNewsIN BRIEF: JZ Capital says Europe portfolio hurt by war in Ukraine
08/6/202310:28UKREGJZ Capital Ptnrs Ltd Annual Report and Financial Statements
24/5/202312:33UKREGJZ Capital Partners Ltd Net Asset Value(s)
24/4/202313:07UKREGJZ Capital Ptnrs Ltd Net Asset Value(s)
20/3/202316:26UKREGJZ Capital Ptnrs Ltd Net Asset Value(s)
02/3/202309:45UKREGJZ Capital Ptnrs Ltd Holding(s) in Company
28/2/202313:51UKREGJZ Capital Ptnrs Ltd Holding(s) in Company
22/2/202312:41UKREGJZ Capital Ptnrs Ltd Net Asset Value(s)
15/2/202307:00UKREGJZ Capital Ptnrs Ltd Redemption of Subordinated Loan Notes
24/1/202315:42UKREGJZ Capital Ptnrs Ltd Disposal of Interest in US Micro-cap Portfolio Company

Jz Capital Partners (JZCP) Discussions and Chat

Jz Capital Partners Forums and Chat

Date Time Title Posts
23/12/202220:21J Z CAPITAL PARTNERS260

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Jz Capital Partners (JZCP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-09 15:35:01185.00611.10O
2023-06-09 15:35:01185.001425.90O
2023-06-09 15:35:01185.001018.50O
2023-06-09 15:35:01185.0011.85O
2023-06-09 15:35:01185.002138.85O

Jz Capital Partners (JZCP) Top Chat Posts

Top Posts
Posted at 20/12/2022 19:03 by pldazzle
Hi grahamg8, I fear you are confusing cost and book value. The assets are held in the balance sheet at market value, not at original cost, as is normal in such cases. Any change in the MV, whether up or down, is booked to profit and loss account each year/half-year.

So the book value of the assets sold (i.e. MV) totals $141.3m, less $30.3m worth retained, = $111m. Total proceeds, including delayed proceeds, are projected at $87.5m, which is a 21% overall discount.

The overall loss on sale will reduce the NAV, other things being equal, to $4.28/share or 351p/share.

The real point, in my view, is that the company will soon have (at least) $151m cash, with liabiities of only $64m and commitments not on the balance sheet of another $10.5m (see interim accounts note 19). That works out at around 81p/share net, on which it's arguable that only minimal discount is due. The balance of 270p/share is in private investments, which would need to be realised at an overall discount of less than 60% or so to justify the current price. That should hopefully be achievable but for me, when you factor in the time value of money, it doesn't quite set the world on fire (£1 of realisations in the future is worth less than £1 of realisations today, and liquidating the portfolio won't happen overnight). Not in my book, or at least not yet. But another sale at a $40m profit might change that!
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Posted at 20/12/2022 18:16 by grahamg8
That's good to hear pldazzzle. I try to stay positive, and overall the numbers don't look too bad. Current share price 170p, last NAV was $4.59ps roughly a discount of 55% (Hargreaves say 57%). So the market doesn't believe the values can be achieved when turning assets into cash. But any series of sales at a discount better than 55% should eventually push the share price up.

As far as I can tell we have disposed of book value assets of $93.01m and received $86.5m which is a paltry discount of 7%.

Perhaps equally important just over 20% of the net assets have been turned from in the wind investments into hard cash. If only the rest can be sold with similar results.
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Posted at 03/10/2022 18:05 by rob the slob
Congrats to all JZCZ holders who saw this thing through. Full redemption of the ZDP's today. Money in my account. Just revisited my post from 2.5yrs ago. 30% pa yield tick!That concludes my investment here. Best wishes and good luck to all JZCP holders. Bye!
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Posted at 15/6/2022 11:18 by robizm
They always seem jam tomorrow type of share and it never seems to get better
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Posted at 21/6/2021 09:46 by davebowler
Liberum;
JZ Capital Partners

Balance sheet de-gearing continues with Salter Labs disposal

Mkt Cap £95m | Share price 122.5p | Prem/(disc) -60.0% | Div yield n/a

Event

JZ Capital Partners completed the sale of its interests in Salter Labs. Net proceeds from the sale are $41m, 9% ahead of the latest book value of $37.6m. Further proceeds of $0.75m have been placed in escrow and may be received, depending on the certain closing adjustments.

JZCP will use $33m to repay part of its senior lending facility. The remaining balance under the facility following the repayments will be $35m.

Liberum view

Progress with disposals has enabled an improvement in the company's debt position. The senior lending facility has been extended to June 2022, albeit the cost on the remaining debt is Libor +15%. JZCP will fully redeem the CULS in July 2021 and has also agreed a $31.5m facility provided by principals of the investment manager. Given the level of asset cover, the ZDP holders should expect a full return of capital but this may require an extension to the maturity date (October 2022). Most of the investments are minority positions. The manager is not in control of the exit process and is ultimately reliant on the cooperation of partners to achieve realisations.
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Posted at 19/5/2021 10:26 by davebowler
Liberum;
Light at the end of the tunnel

Mkt Cap £98m | Share price 126.5p | Prem/(disc) -58.1% | Div yield n/a

Event

JZCP's NAV per share at 28 February 2021 was $4.25 per share (February 2020: $6.14), representing a decline of 30.8% over the year. The main driver of the NAV decline was revaluation losses on the real estate portfolio (26% NAV impact) in the first half of the year, partially offset by gains of 2.2% from the micro-cap portfolio.

The US and European micro-cap portfolios have been relatively stable. The portfolios comprise a total of 35 companies across 11 industries. As previously reported, JZCP completed a secondary sale of US micro-cap assets in December for $90m. The real estate portfolio is still held at the last appraised value from August 2020. Most of the equity in the company's real estate projects has been written down to zero in the first half of the financial year.

Progress with disposals has enabled an improvement in the company's debt position although there is still plenty to be done. Earlier this week, JZCP reported that it had reached an agreement with its senior lender to extend the term on the debt to June 2022. The company will fully redeem the CULS and has also agreed a $31.5m facility provided by principals of the investment manager. Several realisations are expected over the coming 12 months which should help to de-gear the balance sheet further.

Liberum view

The outlook for JZCP has improved considerably in the second half of the financial year. The disposal of the Micro-Cap portfolio provided much-needed liquidity and has helped to stabilise the balance sheet. Given the level of asset cover, the ZDP holders should expect a full return of capital but this may require an extension to the maturity date (October 2022). Most of the investments are minority position. The manager is not in control of the exit process and is ultimately reliant on the cooperation of partners to achieve realisations, leading to the potential for a lengthy exit process.
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Posted at 16/4/2021 15:31 by raptor_fund
Now all I need is them to have enough cash to pay off that reasonably priced zero dividend preference share sitting at a 25% discount and 2x cover.
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Posted at 05/11/2020 09:56 by davebowler
Liberum;
Event

JZCP's NAV per share at 31 August 2020 was $4.60 per share (February 2020: $6.14), representing a decline of 25% over the prior six months. The main driver of the NAV decline in the period was revaluation losses on the real estate portfolio (24% NAV impact), partially offset by gains of 1.3% from the micro-cap portfolio.

The real estate portfolio is now valued at $47m, compared to $159m in February 2020. Over the last 18 months, the valuation of the real estate investments have fallen by 90% ($443m in February 2019 plus an additional $44m has been invested). Most of the equity in the real estate projects has been written down to zero. The real estate projects mainly comprise projects in Brooklyn and Miami.

Progress has been made with asset disposals which will help to reduce leverage. $141m of sales have been agreed since 1 March. This includes the disposal of part of the US micro-cap portfolio for $90m (plus an additional $20m in unfunded commitments) in a related party transaction. The sale will enable the repayment of $83m of Guggenheim's senior debt facility. An amendment to the facility has been agreed following a breach of the asset coverage covenant.

The US micro-cap portfolio performed relatively well given the challenging backdrop. The portfolio comprises 22 businesses across seven industries. The average valuation multiple of 8.5x EBITDA (18% discount to public comparables).


Liberum view

The disposal of the Micro-Cap portfolio provides much-needed liquidity and has helped to stabilise the balance sheet. The company is still in a difficult position with the senior loans and CULS maturing in mid-2021. The timeframe for a return of capital for shareholders is likely to be fraught with difficulty and it is imperative that further disposals are achieved to mitigate cost leakage. For example, $40m of the senior loan facility is now charging interest at Libor +11% following the facility amendment. The company also does not control many of the investments and is reliant on the cooperation of partners to achieve realisations
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Posted at 19/10/2020 07:47 by grahamg8
Fire sale makes grim reading. Six companies sold for $90m when the February valuation was $159.1m + write down of $20m confirmed for sale of Greenpoint property.

The September NAV of 350-400pps shown to be be unbelievable versus a share price then of 90pps. But still a possible return for the very brave. True NAV likely to be much nearer 50% which would still I think leave us with an exit around 200pps.

The only bright note is that this announcement represents around 40% of assets disposed of. Remaining 60% derisked, but of course the rump may have little or no value at all. DYOR
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Posted at 17/9/2020 10:24 by davebowler
Liberum;
Real estate writedowns will result in covenant breach

Mkt Cap £69m | Prem/(disc) -76.3% | Div yield n/a

Event

JZ Capital Partners expects to write down the value of its real estate assets by $80m-$100m at the August 2020 interim report. This follows the receipt of updated appraisals for the impact of Covid-19. The company has not yet received appraisals on all of the real estate assets.

As a result, JZCP will require a waiver under its senior facility with Guggenheim Partners as it will be in breach of its minimum asset coverage ratio. The board expects to receive a waiver from Guggenheim. The company will not be able to make the interest payment due on the CULS at the end of September without this waiver. The company is in discussions to amend the current loan arrangements and expects to pay down a substantial portion of the senior debt facility through a secondary sale of US micro-cap assets in the near term.

Liberum view

The writedown will reduce NAV by a further 17-21%. The loss on the real estate portfolio over the last 18 months is staggering. The assets mainly comprise development projects in Brooklyn and Miami. Further heavy losses are inevitable given the leverage within the structures. The portfolio was valued at $443m at 29 February 2019. The company invested a further $43.6m in the assets and the overall value is now estimated to be $59m-$79m (84% to 88% decline based on the range provided today).

The timeframe for a return of capital for shareholders is likely to be fraught with difficulty. Debt needs to be repaid first and JZCP has c.$264m of debt outstanding including loans, convertible bonds and zero dividend preference shares. The company's debt matures between 2021 and 2022. The Guggenheim debt has a minimum collateral value covenant of 4x. We estimate the ratio will be 3.8x following the writedown. The company's leverage ratio continues to rise and debt to equity ratio is c.70%. The company also does not control many of the investments and is reliant on the cooperation of partners to achieve realisations.
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Jz Capital Partners share price data is direct from the London Stock Exchange
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