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NBPE Nb Private Equity Partners Limited

-2.00 (-0.13%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nb Private Equity Partners Limited LSE:NBPE London Ordinary Share GG00B1ZBD492 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.00 -0.13% 1,580.00 1,580.00 1,586.00 1,588.00 1,580.00 1,580.00 29,257 16:29:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 89.54M 27.07M 0.5819 35.66 965.31M
Nb Private Equity Partners Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker NBPE. The last closing price for Nb Private Equity Partners was 1,582p. Over the last year, Nb Private Equity Partners shares have traded in a share price range of 1,450.00p to 1,714.00p.

Nb Private Equity Partners currently has 46,521,006 shares in issue. The market capitalisation of Nb Private Equity Partners is £965.31 million. Nb Private Equity Partners has a price to earnings ratio (PE ratio) of 35.66.

Nb Private Equity Partners Share Discussion Threads

Showing 351 to 370 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
@ ali47fish. NBPE scenario.
1. Drawn out market turbulence, say two years, so few underlying investments are realised.
2) Zeros repaid by Q3 2024,
3) Bank credit line pulled or reduced.

Where does NBPE get the cash to meet investment commitments made to the underlying investments. If cash is not forthcoming the companies will not meet their growth forecasts or worse, go bust. NBPE may have sell at a disadvantageous price to a competitor.

Your call as to how much risk you are comfortable with in your portfolio.

Yes fair comment - many buyouts (particularly the big ones) occur at the top, presumably when the buying co's paper is also at its most valuable (even if it's debt, not equity, being used).

But that should apply much less to PE purchases - wonder if it does?

I guess on the mean reversion point - didn't NBPE do +45% on NAV last year? Some would say that's the sign of a brilliantly managed and successful co. But is it the sign of a bubble due to reverse?

You make valid points.

Regarding PEIT valuation. Indeed individual names can go bust and the trackers do have survivorship bias. The more conservative PEITs tend to have small or zero allocations to venture, & buyouts are fairly robust and heavily mentored. A few names may go bust; but what %? I make no claim that a model could be accurate to better than 1-2%. Is there a better choice of trackers then EQQQ & DIA to use in such a model?

Regarding markets etc. Remember that in the short term sentiment is a huge part of stock pricing. If you examine the record of company takeovers you will observe that most happen near the top or at the top of market P/E valuations; that is when directors feel most confident. Hence the paucity of market transactions at present as evidenced by US bank quarterly reports in the last week. PEITs are comparatively long term investors.

Regarding NBPE gearing. I just wanted to remind the community of a stock specific risk factor in this name.

this discussion is either too erudite or vacuous -i need o know basically if this is a good investment even if i stay put
Not unreasonable, but your problem there is that indicies by their very structure don't go to zero. Stocks within them can and do, but the index populates with the next co coming up. A broad survivorship bias that even a widely invested PE IT doesn't have.

Also that listed includes the very successful and profitable - from MSFT to Apple, Alphabet to Amazon (just, sometimes). When PE says "profitable" it nearly always means EBITDA - Earnings Before The Important Bits.

Not saying NBPE & others not possibly reasonably priced here - just that we've had a massive decade-long bubble & are now suffering the mean reversion, and am unconvinced we're even halfway through it (& barely started it on PE NAVs).

Gearing - good point, particularly if this does all drag on a few years, as the 99/00 bust did. Saw an article recently saying the "$X trillions of dry powder" of PE was basically nonsense, as shown by the drying up of listed co takeovers. There's still a few, but with £ down 14% this year, and many stocks halved or more, where's the mass purchase of UK PLC?.

Regarding NBPE. Remember that it is geared with zero's maturing on 30 September 2022 and 30 October 2024 amounting to USD162mn. When they are repaid the $371 million of
cash and undrawn credit line cash reserved for calls and future investments will be somewhat depleted.

Regarding discount forecasts on PE. Why not estimate value of a PEIT with info we have to hand; such as a composite index of 60% EQQQ & 40% DIA? Some of the underlying holdings are in any case valued against comparable quoted names. We are generally told what % of the portfolio has been valued at a given date, building a valuation forecasting model ought to be straight forward.

We don't, but significantly lower than here is a given. Agree it makes determining necessary discount very tricky.

"12-18 months behind" said one analyst - tho have been quite a few funding rounds lately like Klarna's fall from $36bn to $6bn. NBPE at least aren't in that comedy category.

Wonder how far away we are from Unicorns going under, not being able to raise cash at all. Hilarious seeing the likes of Liz Truss saying the UK needs more Unicorns. It needs fewer, they're capital sink holes. The food delivery apps and cars-by-post co's are just the latest.

The monthly NAV estimate does not incorporate any Q2 private valuation information; Q2 valuation information will be incorporated AS RECEIVED in future monthly NAV updates.

and this is why the discount will remain. We just don't know where these non listed entities valuations will fall to in a recession....

Strong progress despite the market:

-- NAV per share of $28.86 (GBP23.76)

-- 2% decrease in the month driven by changes in valuations of quoted

-- Declaration of 2H dividend of $0.47 per share, in-line with the February
2022 dividend; an annualised yield of 3.3% on NAV and 5.5% on the share

-- $11 million of proceeds received during the month and $371 million of
cash and undrawn credit line available

Quilter Plc add c 15pc form nothing- is this correct and if so how significant is this
But I saw a McKinsey chart showing PE was twice as large as listed markets in 2016. I suspect the disparity is even bigger now. Which begs the question: why IPO ever? PE has the money and expertise to help companies expand without the oversight and compliance burden of public marketsAnd I can't help concluding that IPOs are for companies that PE no longer want to back.
donald pond
I just wrote a tweet thread on this.
donald pond
@donald - OCI is a class apart (ex Time Out!) but some truth to "..Good companies stay private..". Or at least, they list much later, when growth is often behind them.
If multiples compress in the market, they should compress in unlisted holdings!

Perhaps NBPE's get-out is that this only takes unlisted valuations to 31st March - has been a lot of water (blood) under the bridge in the market since then.

But that would mean waiting for the next update..

Specto - come on! You know very well that is just how markets work.

A 20% fall in markets doesn't necessarily affect the valuation of sound companies; in the same way that a 20% fall in a REIT doesn't reflect or presage a 20% fall in underlying property valuations!

So, all entirely believable; and the Market is just pricing PE trusts incorrectly in the short term.

ali - it is clearly the share price that is absurd, not the RNS...

dont know why but i find rns not easy to understand- you dont get a clear message whether is good, bad or indifferent- what is specifically absurd
"The listed stuff has fallen - let's upgrade the unlisted".

Perhaps unfair, but find it hard to believe the unlisted is doing so much better than the listed - presumably a DCF valuation that changes very little with market conditions?

Agree it looks absurd and the private valuations add some re-assurance to my concerns.

Not a buyer yet but that's because I'm not a buyer of anything at the moment. Macro looks V.bad.

So - May shows an increase in NAV - not the anticipated fall!

NAV = 2345p; but adjust to the current exchange rate and the figure = 2458p. At which level the discount = 46.6%.

This is getting rather absurd.

Highlights (at 31 May 2022)

NAV per share of $29.55 (£23.45)

# 2% increase since 30 April 2022, driven largely by updated Q1 2022 private company valuation information
# All private direct equity investments are now valued based on 31 March 2022 valuation information, delivering a 2% uplift in value relative to 31 December 2021 for the private company portfolio
# Year to date, this increase in private company valuations has been offset by a decline in NBPE’s listed portfolio company valuations, resulting in a 5% NAV TR decline year to date
# Total announced portfolio realisations year to date of $120 million
# Well positioned to take advantage of investment opportunities - $368 million of cash and undrawn credit line available

Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older

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