Nb Private Equity Partners Share Discussion Threads

[spectoacc] 19/7/2022 08:57

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.

[flyer61] 19/7/2022 08:54

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....

[deadly] 19/7/2022 08:26

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
holdings

-- 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
price

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

[ali47fish] 20/6/2022 17:21

Quilter Plc add c 15pc form nothing- is this correct and if so how significant is this

[donald pond] 15/6/2022 08:25

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] 15/6/2022 08:22

I just wrote a tweet thread on this. https://twitter.com/donaldpond6/status/1536971869307514880?s=21&t=LrEopyuE4Mw8eVpYOcFbfA

[spectoacc] 15/6/2022 08:05

@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.

[spectoacc] 15/6/2022 07:57

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..

[skyship] 15/6/2022 07:46

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...

[ali47fish] 15/6/2022 07:29

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

[spectoacc] 15/6/2022 07:26

"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?

[kinbasket] 15/6/2022 07:23

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.

[skyship] 15/6/2022 07:13

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.

[skyship] 15/6/2022 07:09

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

[essentialinvestor] 14/6/2022 15:26

Looking at some of the cyclicals I've followed for years Page Group (formerly Michael Page) and Robert Walters, the market looks in big trouble - barring something left field like Putin being removed. Then again, none of us have a crystal ball.

[skyship] 14/6/2022 13:35

The next NAV statement will certainly be an interesting one as we are on a notional 42% discount and 5.4% yield. With the £ on the floor the discount for Apr'22 return is now more like 44%!!!

[skyship] 14/6/2022 13:28

ali - Could overshoot down to 1288p; but we are within 4% of that level and buying the dip has been a profitable trade, so added today.


free stock charts from uk.advfn.com

[toffeeman] 14/6/2022 13:07

I don't see any reason to buy (anything) until the big drop happens - which I think will come soonish.

[ali47fish] 14/6/2022 13:03

many of the comments like kepler, numis et al are very positive and i am thinking this might be a good entry point to add

[essentialinvestor] 14/6/2022 12:05

Second week of March 2022 looked like the beginnings of a new bear market
then we bounced, that pattern repeated in May before another rally.
Now markets have sold off hard again over the last week. Just to clarify I am referring
to wider equity markets not NBPE.

NBPE is well in to its own bear market with a decline now of over 30%.