Nb Private Equity Partners Share Discussion Threads

[essentialinvestor] 12/5/2022 13:29

Hold only few hundred shares here and a lot more in 3i where I added today,
however even they are not immune to falls. As mentioned on the SHA board last Wednesday week this is the most cautious I have felt on investing since before the GFC. Over 60% as posted before the sell off.
Macro is weakening rapidly, but the market could still bounce.
There are always reasons to be cautious, but we appear to have a confluence of negatives atm.

Hopefully it will throw up opportunities.

[skyship] 12/5/2022 06:51

So, there we have it. April NAV shows a 4.1% fall in $ terms from 30.24 to 29.00. In £ terms actually a small increase from 22.97 to 23.10.

So, at 1425p the discount = 38.3% at a 1.255 exchange rate. With the same $NAV but at a 1.23 exchange rate, the discount rises to 39.6%.

[skyship] 11/5/2022 20:04

1400p looks pre-destined - where from here depends upon the next NAV RNS.

[contrarian joe] 11/5/2022 19:11

As tempting as it is you have to consider the very likelihood of a recession,a lot of pe funds got hammered in 2008 losing 75% of their equity when money dried up,i might miss a nice 10/20% bounce here or if we get lucky avoid the dreaded recession then an even bigger rise.Don't feel risk/reward is in my favour due to the environment were in so will remain on the side-line for now, luck to all holders on here.

[badtime] 06/5/2022 22:23

Im tempted..

[essentialinvestor] 06/5/2022 16:48

I added a small amount just for transparency.

We just have to hope Putin does not go down the full mobilisation route on Monday,
may get at least a short term market snap back if better news than some fear.

[ali47fish] 06/5/2022 15:52

kepler noteRESULTS ANALYSIS FROM KEPLER TRUST INTELLIGENCE
Fri 06 May 2022 15:48
RNS Number : 6692K
NB Private Equity Partners Limited
06 May 2022

NB Private Equity Partners (NBPE)

06/05/2022



Results analysis from Kepler Trust Intelligence

NB Private Equity Partners (NBPE) has released its financial results for the year ending 31 December 2021. The trust had its best year on record, delivering NAV total returns of 44.8% in USD terms and share price total returns of 65.0% in GBP terms. This also marked the third consecutive year that NBPE has delivered double-digit NAV total returns for shareholders.

Underpinning this record year of performance was continued strong operating performance, with revenue and EBITDA growth of 27% and 28% respectively and a record level of realisations. In total, 14 companies announced full or partial exits, at an 83% increase relative to prior year valuations and a 3.3x multiple of cost.

Those exits and other portfolio realisations resulted in $389m of proceeds. NBPE now has $402m of available liquidity, with $102m in cash and $300m from an undrawn credit line. However, NBPE's investment level currently sits at 107%, meaning the trust can afford to be selective when making new investments.



Kepler View

Realisations have been one of the driving forces behind much of NB Private Equity Partners (NBPE's) success over the past three years and 2021 was no exception. A raft of dealmaking helped drive strong returns, as well as valuation increases as a result of strong operating performance from the existing portfolio.



On a weighted average basis, the companies in the underlying portfolio generated LTM revenue and EBITDA growth of 27% and 28%, respectively in 2021, well ahead of most listed equities. With an average age of private investments of 3.4 years, value creation is well-underway across the portfolio. In addition, value increases across the portfolio were driven from holdings which IPO'd and which NBPE continues to own shares in. At the year end, 17% of NAV was represented by public holdings, some of which are represented in the largest individual holdings in the portfolio. Given the falls in public markets since the financial year end, this has been the driving contributor to the fall in NAV we have seen since then.



The strong performance during the year reflects the rigorous process the team uses to assess potential investments, not to mention the underlying strength of the companies in the portfolio in terms of revenue and earnings growth. The team prefer companies and sectors backed by megatrends, with high-growth or secular tailwinds, and in many cases, high barriers to entry or the delivery of mission-critical products or services. Key sectors include technology, industrials and industrial technology, consumer/e-commerce and business and financial services.



NBPE's goal is to invest in private companies and deliver long-term capital appreciation to shareholders and income through the semi-annual dividend. It attempts to do this by co-investing alongside private equity managers with whom NB has strong relationships. This means that it gets access to lots of deal flow, often on a management fee and performance fee-free basis. Importantly, in this way the investment manager's team can manage cashflows and deploy capital in a nimble and efficient manner, without the need to over-commit to funds or add more balance sheet risk.



CLICK HERE TO READ THE FULL REPORT

Visit hxxp://www.trustintelligence.co.uk/investor for more high quality independent investment trust research.

[essentialinvestor] 06/5/2022 14:09

SKY, tech heavy portfolio, their listed appear to be falling more than wider markets.

At least they have benefited from some very fat exits in 2021.

But as mentioned late last year, it's just a pity they could not dump much of the
listed holdings as well. You could see the cycle beginning to turn as mentioned,
Russia has given that another shove.

[skyship] 06/5/2022 10:07

Looks as though they're headed back to the 1400p support; however at the current 1455p they are already on a 40% discount to the March NAV & now yielding a prospective 4.95%.

The question is, will the NAV for April reflect falling US markets; and if so by how much. A 3% fall in $ terms would only reduce the NAV discount to 38.5% at an exchange rate of 1.24.

The sector as a whole is enduring a big shake-out; but NBPE is taking more of a hit than any other.

I'm staying put.


free stock charts from uk.advfn.com

[wskill] 05/5/2022 12:02

Read the citywire article and did a bit of looking at the suggested trusts decided that NBPE looked the best option so bought a few today at £15.13 an excellent dividend as well whats not to like.

[smidge21] 04/5/2022 16:22

I guess that while the likes of ARKK continue to crater, PE ITs will trade heavy.

[skyship] 04/5/2022 15:13

Presentation didn't say anything new - just reiterated the 26th April stats. Not surprising really.

What did surprise was the lack of questions. I asked two; both dealt with - Buybacks and dividends. Nobody else asking anything serious other than the valuation increase from the 2022 $77m of portfolio sales.

Next up will be the Apr'22 NAV which we should get next week.

With the share price still drifting, it is remarkable to see that we are now out at a 37.8% discount & a 4.8% yield.

[adae] 04/5/2022 14:34

Presentation not going so well? Outlook maybe?

VC rather than PE but still relevant, particularly on the tech side:


And David Stevenson today talks PE ITs - particularly tech - yet singularly fails to include NBPE:

[skyship] 04/5/2022 08:38

Current price an absurdity; a total anomaly. Just made a 1000 top-up @ 1540p. At the $ rate of 1.252 the NAV = 2415p, so the NAV discount = 36.2%!!!

This for one of the top performing PE trusts who will be doing a presentation of recent results and portfolio update at 14:30 this afternoon.

[skyship] 28/4/2022 12:22

Further $ strength. At 1.245 the Mar'22 NAV increases to 2429; so the discount @ 1600p = 34.1%

[skyship] 26/4/2022 20:27

T - thanks - simply trading the margins as remain basically "on hold" with cash levels twixt 30% - 60%.

What I love about trading the PE trusts though is that if the short-term timing is wrong, I have no problem with holding due to the great underlying values and discounts.

[tournesol] 26/4/2022 17:44

Skyship

bravo on your trading skill

I am simply not a good enough trader to scalp 3% but I salute those who do.

[skyship] 26/4/2022 15:34

ali - clearly because of the value - obvious value attracts buyers - and did so up to lunchtime, when I luckily banked the intraday turn at 1628 & 1625. Bought back in below 1580 toward the close.

[riverman77] 26/4/2022 08:51

Most of the slight drop between Dec And Mar NAV due to fall in the quoted positions, in particular Autostore. This was 6% of fund in Dec, but probably around 4.5% now, a size I'm more comfortable with.

[ali47fish] 26/4/2022 08:40

sky on what basis do you say it will above 1600

[skyship] 26/4/2022 07:15

Sp likely to close above 1600 today. The point is that the discount is actually c2% above what you see, as the $/£ rate has massively improved. At the 1.275 rate the discount = c33.5%!

[spangle93] 26/4/2022 06:54

31 March 2022 NAV per share of $30.24 (£22.97)

At face value, the discount is 32.5%

However, 78% of this was valued at 31 Dec 2021, so it's uncertain what the full impact of Q1 will be on NAV

[spangle93] 26/4/2022 06:52

NBPE plans to hold an investor update call on Wednesday 4 May 2022 in order to discuss the investment portfolio and provide an update on performance.

The webinar will take place at 14.30 BST / 15.30 CEST / 9.30 EST. The call can be accessed via the call details below:

[ali47fish] 26/4/2022 06:41

anybody here update today sounds good

[tournesol] 30/3/2022 11:43

SKYSHIP

I've sent you a private message

regards

T