Nb Private Equity Partners Share Discussion Threads

[ali47fish] 26/7/2024 17:29

unusual but important to know why? especially dor an investment trusf

[deadly] 26/7/2024 16:57

up 6% today; something afoot?

[deadly] 22/7/2024 17:54

Despite lacklustre results, it's looking perky lately

[speedsgh] 17/7/2024 14:59

NBPE Announces June Monthly NAV Estimate & 2H 2024 Dividend Payment -

NAV Highlights (30 June 2024)

~ NAV per share was $27.39 (£21.67), a decrease of 0.4% in the month
~ Q1 2024 private valuations up 2.4% on a constant currency basis; year to date performance offset by quoted holdings and foreign exchange adjustments
~ $386 million of available liquidity at 30 June 2024
~ 2H 2024 dividend of $0.47 per share, in-line with the previous dividend in February 2024. Annualised dividend yield on 30 June 2024 NAV of 3.4%; annualised share price yield is 4.4% based on the closing share price of £16.70 on 15 July 2024
~ 98% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of 30 June 2024.2 Q2 2024 private company valuation information is expected in the coming weeks

NAV performance during the month driven by:

~ 0.2% NAV decrease ($2 million) from the receipt of additional private company valuation information
~ 0.3% NAV decrease ($4 million) from negative FX movements
~ 0.2% NAV increase ($3 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
~ 0.1% NAV decrease ($2 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

NBPE announces the 2H 2024 dividend of $0.47 per share, in-line with the previous dividend in February 2024. The dividend timetable is set forth below:

Distribution amount: $0.47 per Share
Ex-dividend date: 25 July 2024
Dividend record date: 26 July 2024
Final day for Currency Election: 2 August 2024
Final day for Dividend Re-investment Plan Election: 2 August 2024
Payment date: 30 August 2024

[speedsgh] 21/6/2024 13:05

NBPE Announces May Monthly NAV Estimate -

NAV Highlights (31 May 2024)
~ NAV per share was $27.50 (£21.60), an increase of 0.6% in the month
~ Performance driven by increase in private valuations which were up 2.1% relative to Q4 2023 and positive foreign exchange adjustments, offset by quoted holdings
~ $28 million invested in FDH Aero in May; total of $75 million invested year to date in new and follow-on investments
~ $380 million of available liquidity at 31 May 2024
~ 93% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of 31 May 2024

NAV performance during the month driven by:
~ 0.6% NAV increase ($8 million) from the receipt of additional private company valuation information
~ 0.5% NAV increase ($6 million) from positive FX movements
~ 0.2% NAV decrease ($3 million) from the value of quoted holdings (which now constitute 8% of portfolio fair value)
~ 0.4% NAV decrease ($4 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

[continues]

[ali47fish] 29/5/2024 15:49

the same update and rehashed again by kepler whie the share price has not moved up for a long time

[speedsgh] 29/5/2024 10:33

Kepler's (paid for) view:

"With realisation activity having increased in H2 2023, NBPE has stepped up the pace of investment in 2024. NBPE has a number of competing options for its cash, including the Dividend, buybacks, or funding investments. Any option must further consider the maturity of the 2024 ZDPs in October, which the board have announced their intention to repay. As we discuss in the Gearing section, NBPE has a strong balance sheet which gives the managers and board plenty of flexibility to be opportunistic.

In our view, as we discuss in the Discount section, buybacks will continue to be opportunistic and tactical, and the dividend will remain the main way capital will be returned to shareholders. We think the board’s three pillars make sense over the longer term. Absent an aggressive buyback programme, lower interest rates, growth in the underlying private equity companies, and higher realisation activity may be catalysts for the discount to narrow.

Whilst realisation activity is arguably the most visible value driver for private equity portfolios, it is very far from being the only driver. As we discuss in the Portfolio section, private equity managers have plenty of other levers at their disposal to drive value creation within portfolios. NBPE’s underlying companies continue to deliver strong growth and are increasingly mature. This means that if interest rates start to fall, precipitating a rebound in deal activity, NBPE should be in a strong position to capitalise. Investors who are taking a long-term view may see the current discount to NAV as a potentially attractive entry point."

[speedsgh] 29/5/2024 10:32

From the Kepler note:

"With almost 50% of the portfolio being pre-2020 investments, the ‘harvesting stage’ is getting closer."

[spangle93] 29/5/2024 10:24

Latest third party (non-independent) research note

[speedsgh] 29/5/2024 10:18

NBPE Announces April Monthly NAV Estimate -

NAV Highlights (30 April 2024)
~ NAV per share was $27.33 (£21.83), an increase of 0.1% in the month
~ Performance driven by increase in private valuations which were up 1.5%, offset by quoted holdings and negative foreign exchange adjustments
~ $45 million invested through 30 April 2024 in new investments and follow-ons
~ $358 million of available liquidity at 30 April 2024
~ 66% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of 30 April 2024

NAV performance during the month driven by:
~ 1.5% NAV increase ($19 million) from the receipt of additional private company valuation information
~ 1.0% NAV decrease ($13 million) from the value of quoted holdings (which now constitute 8% of portfolio fair value)
~ 0.3% NAV decrease ($4 million) from negative FX movements
~ 0.2% NAV decrease ($2 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

[continues]

[speedsgh] 20/5/2024 10:54

Any chartists following this? I'm no expert but it looks like the share price has traded within a symmetrical triangle since start 2022 so there's going to have to be a break out from the triangle either way in the near future. Any there any other indicators suggesting which way it might break?

[speedsgh] 24/4/2024 22:23

Sorry @ali47 - you'll have to read yourself and come to your own conclusions. NBPE is on my watchlist but too much going on at the moment to look at the results in any detail.

[ali47fish] 24/4/2024 18:57

speed can you summarise and evaluate

[speedsgh] 24/4/2024 12:46

Est. NAV per share of $27.30 (£21.61) at 31/3/24 vs $28.07 (£22.02) at 31/12/23...

NBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV -

[qs99] 11/3/2024 16:00

Nice step up, hope to see back of £17 this week! DYOR

[qs99] 04/3/2024 12:58

Continuing its rise nicely....

[qs99] 01/3/2024 10:46

Looking forward to the update here given over 70% of the portfolio has not been updated since September. DYOR

[tag57] 25/2/2024 17:25

Any chart analysts on to interpret the price chart from May 22 to now? Looks like some sort of pennant BWDIK.

[pugugly] 25/2/2024 14:25

Also picked up by Citywire-

[vacendak] 22/2/2024 09:08

Still drip feeding monthly, so not complaining too much about minor quarterly under performance.

[lozzer69] 22/2/2024 07:11

Questor column in Daily Telegraph today says NBPE is its top pick in private equity

[speedsgh] 16/1/2024 14:14

NBPE Announces December Monthly NAV Estimate -

NAV Highlights (31 December 2023)

~ NAV per share of $28.08 (£22.03), an increase of 1.4% during the month driven by the value of quoted holdings and positive foreign exchange movements
~ Private valuations remain as of 30 September 2023 (+5.5% on a constant currency basis for the nine months to 30 September 2023)
~ $171 million of proceeds received in 2023 with a further $39 million expected from announced but not yet closed transactions1
~ Full or partial sales in 2023 have achieved a 2.2x gross multiple of capital and were at a 12% uplift2
~ $376 million of available liquidity at 31 December 2023 (excluding cash expected to be received from exits that have been announced but not yet closed)
~ NBPE expects to issue its 2023 annual financial report in April 2024; Q4 2023 valuation information will be incorporated into future monthly NAV estimates as information is received over the coming weeks

[skyship] 15/1/2024 07:55

nexus - quite a bit of good number crunching in that post.

I hope APEO delivers for you...

[nexusltd] 14/1/2024 22:31

@skyship. Thank you for your post#488, which prompted a review.

1. You are absolutely right in looking @ Total NAV return data which also include reinvested divis +ve and fees -ve. On this basis NBPE’ compares poorly with APEO, HVPE & PIN on 3 and 5 year Morningstar data.

2. From AIC screen data of 29 December 2023, the NBPE 3 yr & 5 yr share price average discount to NAV is 29%, 28%, using the 30/11/23 estimated NAV of $27.70, current discount is c. 26%. So not much to go for on this basis. The APEO 3 yr & 5 yr share price average discount to NAV is 32%, 29%, using the 30/11/23 estimated NAV of 761.4p, current discount is c. 39%. More to go for.

3. Again from AIC screen data; NBPE’s NAV total return 10 Year Annualised (%), looks better at 14.8%, just pipping APEO at 14.6%. On a 10 yr view, best performer first, 3i, HGT, HVPE, NBPE, APEO, … Lower fees having increasing impact with longer time frames may be contributing to improved relative performance.

4. From NBPE November fact sheet. Maturity profile 2017-2019 inclusive (ignoring older holdings) = 60%. 2023 (poor year) exit uplift 17%. From APEO November factsheet maturity profile 2017-2019 inclusive = 47%. The APEO factsheet does not reveal % holdings older than 6 yrs, so included in the 47% & potentially long term/stale. Likelihood of near term NPBE NAV increase due to valuation uplift on exit > APEO’s.

Conclusion. In my view the tactic of disposing of NBPE in favour of APEO on the grounds of APEO’s higher discount wrt to long term averages is sound. Keep in mind however the higher probability of NBPE’s more mature portfolio offering a significant NAV uplift on exit as PE markets re-open. As I am looking to increase my allocation to PE I’m opening a position in APEO.

[skyship] 14/1/2024 12:53

A distinct possibility.