Nb Private Equity Partners Share Discussion Threads

[badtime] 24/10/2024 15:52

Zeros due for repayment next Thursday

[speedsgh] 11/10/2024 14:11

NBPE Announces September Monthly NAV Estimate -

NAV Highlights (30 September 2024)

~ NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
~ Year to date NAV TR of 0.9%
~ $73 million invested in new and follow on investments year to date
~ $391 million of available liquidity at 30 September 2024

NAV performance during the month driven by:

~ 0.2% NAV increase ($2 million) from the receipt of private company valuation information
~ 0.2% NAV increase ($3 million) from positive FX movements
~ 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
~ 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

[speedsgh] 25/9/2024 08:19

NBPE Announces August Monthly NAV Estimate -

NAV Highlights (31 August 2024)

~ NAV per share was $27.44 (£20.88), a total return of 0.1% in the month
~ Performance driven by 1.4% quarterly uplift in private company valuations (ex-FX), offset by negative FX adjustments of 0.2%
~ Year to date NAV TR of 1.2%
~ $73 million invested in new and follow on investments year to date
~ $390 million of available liquidity at 31 August 2024
~ 2H 2024 dividend of $0.47 paid on 30 August 2024
~ Annualised dividend yield at 31 August 2024 NAV of 3.4%; annualised share price yield is 4.5% based on the closing share price of £15.92 on 31 August 2024

NAV performance during the month driven by:

~ 0.1% NAV increase ($1 million) from postive FX movements
~ 0.5% NAV increase ($7 million) from the value of quoted holdings (which now constitute 7% of portfolio fair value)
~ 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

[speedsgh] 25/9/2024 08:16

Interim Results -

Highlights from six months to 30 June 2024

~ Net Assets of $1.3 bn - NAV per share of $27.87 (£22.05) a return of 1.0% in the six months
~ Performance driven by 4.3% increase in private company valuations (ex-FX), which have been partially offset by continued volatility in quoted holdings and foreign exchange headwinds
~ Positive operating performance continues with 11% aggregate weighted average LTM revenue growth and 16% aggregate LTM EBITDA growth from private companies2
~ Robust investment activity: $72 million invested in new and follow-on investments in the six months
~ $126 million of proceeds received during the first six months of the year
~ 1H 2024 dividend of $0.47 per share paid in February 2024
~ Well positioned to take advantage of investment opportunities with $386 million of cash / liquid investments and undrawn credit line available

[speedsgh] 29/8/2024 11:55

NBPE Announces July Monthly NAV Estimate -

NAV Highlights (31 July 2024)

~ NAV per share was $27.41 (£21.34), a total return of 1.8% in the month
~ Performance in the month primarily driven by the Q2 2024 private company valuations, which increased by 1.4% in the quarter (on a constant currency basis)
~ 2024 year to date private company valuations have increased by 4.4% on a constant currency basis; this performance has been partially offset by movements in value of quoted holdings and foreign exchange headwinds
~ $27 million of proceeds received during the month, primarily driven by a partial realisation in Action, taking total proceeds received in 2024 year to date to $153 million
~ $407 million of available liquidity at 31 July 2024
~ 72% of the portfolio valued based on Q2 2024 private valuations or quoted holdings as of 31 July 2024.2 Additional Q2 2024 private company valuation information is expected in the coming weeks
~ 2H 2024 dividend of $0.47 per share accounted for in 31 July 2024 NAV, and will be paid on 30 August 2024
~ Annualised dividend yield at 31 July 2024 NAV of 3.4%; annualised share price yield is 4.4% based on the closing share price of £16.12 on 27 August 2024

NAV performance during the month driven by:
~ 1.8% NAV increase ($23 million) from the receipt of additional private company valuation information
~ 0.2% NAV increase ($2 million) from positive FX movements
~ 0.1% NAV increase ($1 million) from the value of quoted holdings (which now constitute 7% of portfolio fair value)
~ 0.3% NAV decrease ($4 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

[vacendak] 28/7/2024 09:46

Mentioned here, interview with Paul Daggett.

[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.