Over the weekend took a look at APAX, CTPE, ICGT, PIN & Wendel. Decided to buy APAX as they've had a bit of a sell-off recently - now oversold down at 121p on a 41.8% discount and a mammoth 9.1% yield. An added bonus - NO STAMP DUTY. |
Skyship, I have disagreed with you for years regarding a reason for PIN's discount being the lack of dividend. No need to rehash those old arguments....
It will be interesting to watch the effect of the announcement today of OCI that they are cancelling their nominal dividend policy to increase share buybacks.
Sorry to go off-topic ali47fish (smiley face) |
please focus on pin and leave others out- i dont get any insight form the posters here otherwise |
They did an IMC last week.
I tried to get a view if the recent market/tariff turbulence had dampened the optimism that had been trailed for 2025 to see a meaningful uptick in realisations. Sounds like it has taken a bit of a knock but as they don't see IPOs as their main exit route, the dry powder raised by big PE in 2021/2 is ticking away (spend it or it lapses) so they expect deals to be driven by that as a minimum. |
Hi Sky
Yes I have been tracking the fall and the underperformance vs HVPE. Admittedly this was after PIN had its best performance around the time of the big tender; nonetheless it has lagged HVPE over most time periods.
I agree with your estimate of a 2.5% hit for dollar weakness (end of Jan to now).
Overall it looks it may now be cheapest amongst its peers vs NAV, maybe rivalled by ICGT, with HVPE just behind. |
Of course their performance has not been great over the past 3yrs; though admittedly 2022/23 were difficult years.
What annoys me is that they're pouring so much cash into buybacks rather than opting to pay a reasonable dividend. |
$ down 2.5% in March; so can't help but feel that the 6.2% fall in PIN might be a tad overdone. Might grab a few on Monday... |
Agree, and final quarter valuations should show some uplifts as they appear over next couple of months - it usually being the strongest quarter. |
Recent GBP weakness should be good for the NAV here - discount should be around 40% once this is factored in. |
Not so boring now ! |
Half a million pound trade reported out of hours on Friday indicating and an institutional buyer that may continue into weeks ahead. Hold. |
Tag - thnx, good find... |
Link to an interesting balanced article on PE, its growth and advantages and potential future -ie the pond it is fishing in is limited by its own success. |
....and the very next para reads:
"But as one veteran analyst says: “The trouble is, people have been saying this for the last 40 years – and PE has just kept growing.”" |
nice rise today |
....and £540k yesterday.....£3.6m in three weeks |
....and a further £1.3m yesterday.... |
John Burgess is a PE vet, and was a founder partner of buyout shop BC Partners, which now has many billions under management. So, he must be immensely wealthy, hence a Malta based trust, but also no fool when it comes to investing in PE, with access to multiple opportunities. The fact that he's happy to buy a load of PIN at this time is indeed a sign of confidence. |
I have no insight on John Burgess but I do understand that it is common for wealthy individuals and families to set up trusts for a variety of financial planning reasons.
If John Burgess has anything to do with a trust - ownership, oversight, director - he has to declare as if he were dealing for himself. Regardless, following todays announcement a director has approved the purchase of £1.8m of stock in the last three weeks. A good sign...... |
who is this associate of john burgess dir adding to his holding? |
Yet here we are back below 300p! Markets in a poor way of course; but there seems to be value appearing again across the PE sector. |
There's a summary/interpretation of it here |
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