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PSH Pershing Square Holdings Ltd

3,836.00
-14.00 (-0.36%)
11 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pershing Square Holdings Ltd LSE:PSH London Ordinary Share GG00BPFJTF46 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -14.00 -0.36% 3,836.00 107,017 16:35:06
Bid Price Offer Price High Price Low Price Open Price
3,836.00 3,840.00 3,858.00 3,830.00 3,850.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty USD 3.14B USD 2.49B USD 13.0449 3.75 7.34B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:07 O 197 3,836.00 GBX

Pershing Square (PSH) Latest News

Pershing Square (PSH) Discussions and Chat

Pershing Square Forums and Chat

Date Time Title Posts
11/12/202415:44PSH trust1,207
29/3/200608:24PSH with Charts & News6
27/3/200616:29Why?88
16/12/200517:43A Pearl Amongst the Tiddlers ......35

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Pershing Square (PSH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-12-11 16:35:073,836.001977,556.92O
2024-12-11 16:35:073,836.001375,255.32O
2024-12-11 16:35:063,836.0010,087386,937.32UT
2024-12-11 16:29:513,840.0026610,214.40O
2024-12-11 16:29:503,840.0012460.80AT

Pershing Square (PSH) Top Chat Posts

Top Posts
Posted at 11/12/2024 08:20 by Pershing Square Daily Update
Pershing Square Holdings Ltd is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker PSH. The last closing price for Pershing Square was 3,850p.
Pershing Square currently has 190,576,264 shares in issue. The market capitalisation of Pershing Square is £9,328,708,123.
Pershing Square has a price to earnings ratio (PE ratio) of 3.75.
This morning PSH shares opened at 3,850p
Posted at 27/11/2024 11:28 by affemoose
Listening to the call - It was long, lots of commentary and perhaps too much in places, left many things unsaid . I've put notes here as much for my own records as anything.

- Musings on politics - Trump, efficiency etc.
- UMG - long discussion, the reason for bad Qu, hopes in 2025 for earnings growth etc. Nothing on delisting. Nothing on NY Float etc etc. Long monologue about this - future, growth etc - this was 'odd' imho. Sure it's huge for PSH but also never normally gets this focus - Given the comments Bill made - this is notable by it's absence.
Some comments in the BAM section regarding S&P 500 also releted to UMG - that they are not US listed and this is an issue for price.

- Alphabet - Revenue up 30%, headcount down 3%, Google cloud profitable and growing, AI search going well etc. current p/e of 19 is temporary driven by Anti Trust and deserves to be much higher. Interesting note: This is current 'team' and new Trump admin coming in and will reduce punitive impacts. Clear what they think will happen.

- Brookfield - Restructuring, PSH staff was key part of this. BAM, Infrastructure. Trump admin well positioned to benefit. This is a complex business tbh and I didn't always follow the ownership etc.

- Restaurant Brands - Undervalued against peers, again... not floated in US, so is suffering from this.

HHH - 'resilience', no update on options to take over as an entity but is mentioned. But clearly still very much an option.

Hilton - Going great.

NIKE - (53 minutes in...) - Strong Brand. 18% market share in athletic footware and apparel. (Where?? US?). Margins low - so potential to improve. Is in 'temporary trouble' - hence investment. What went wrong? - they picked wrong CEO. Ex software exec who knew nothing about the industry. He made a mess of it. New CEO now in place who knows Nike inside out(Oct 14th) who PSH really rate.

Canada Pacific - Good leadership now. Stock held back based on Trump Tariffs.

Fanny/Freddie - up well. Looks good balance sheet.

Seaport - invested in rights, good asset value, work underway to improve profitability.



No mention of SPARC
Posted at 27/11/2024 09:51 by affemoose
Share Buy-Back -once completed will take Total Buy-Back to $1.5xx billion

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced a share buyback program (the “Program”;) for $100,000,000 of PSH’s outstanding Public Shares on the London Stock Exchange and Euronext Amsterdam. The Program is expected to be accretive to NAV per share and will reduce PSH’s capital.

Since PSH commenced its first share buyback program on 2 May 2017, PSH has repurchased 65,952,753 PSH Public Shares for a total of $1.4 billion at an average price of $20.81.

Jefferies International Limited will continue in its role as sole buyback agent for the Program which will enable the purchase of shares during closed periods. Shares repurchased by the Company will be held in Treasury.

PSH advises shareholders that the number of shares to be repurchased under the Program shall not exceed $100,000,000 or 5,000,000 PSH Public Shares. The Program is expected to last approximately until PSH’s next Annual General Meeting but may end earlier depending on exchange liquidity.
Posted at 22/11/2024 09:44 by rickyl1
I contacted Tony at Investor Relations. His response....."For regulatory reasons we are unable to address any questions specific to Pershing Square Holdings, Ltd. on our May and November conference calls.  For that reason, we are only able to cover topics related to the portfolio not topics specific to the structure of PSH such as discount and listing.  However, we are able to address these issues at the February PSH Annual Investor Meeting, in the PSH Annual Report (published in March) and in the PSH Interim Financial Statements (published in August)."He got back to me very quickly and he seems very amenable to communication.
Posted at 22/11/2024 08:21 by european2244
I have to admit I was seriously unimpressed by the q3 call.No mention of the US fund plan.No mention of buybacks or any other plans for narrowing discount.No mention of the Amsterdam delisting of UMG or PSH (beyond a broad comment that US index membership for UMG, BN or QSR would help their share price).No mention of Sparc.No mention of current hedging strategy (even just to say eg there are no current hedges).The explanation of Nike felt pretty basic.They seemed to run out of time and Bill snapped at his analysts to cancel their scripted remarks and give high level summaries.Anyone else have a view?
Posted at 14/11/2024 08:46 by spooky
NAV is at highs for the year, share price is errrrr not. They should start up the buy backs again. Can't believe some fairly smart guys have allowed this to persist for so long.
Posted at 08/11/2024 14:17 by severnof9
With BAs support for Trump I expect Bill will hope Fannie and Freddie are brought out conservatorship. That will bring into play our ‘perpetual options’

It also was no surprise that Brookfield are eyeing a US listing. Shortly after PSH bought a stake

I intend to hold PSH for the long term. We seem to be lucky where Bill is involved!
Posted at 08/11/2024 09:15 by affemoose
I'd love to know the extent of the various financial instruments that PSH are holding. Those 'Asymetric Bets' - I know they have/had one on interest rate swap options - no idea how much or in what direction (one must assume down), but Trump winning may not do that bet many favours - there is an assumption of inflationary upwards pressure with his policies.

It's worth putting this in your diaries:

"Pershing Square Capital Management L.P. will hold its third quarter investor conference call on 21 November 2024 at 16:00 GMT (11:00 EST). During the call, CEO Bill Ackman and the other members of the Pershing Square investment team will provide an update on the portfolio and address questions e‐mailed in advance by investors to: ir@persq.com.

An audio webcast of the conference call will be available on PSH’s website at www.pershingsquareholdings.com.

Following the call, a replay of the event will be available by audio webcast until Thursday, 5 December 2024 at 16:00 GMT (11:00 EST). To access the audio webcast, please visit PSH’s website at www.pershingsquareholdings.com."
Posted at 25/7/2024 10:12 by jellypbean
OK. From 2023 annual report (311223), UMG was 27.5% of PSH net assets (including 2.5% held through a subsidiary).

Since then. Net assets have increased from 12Bn to 12.6Bn (5%), and UMG share price had (b4 today) increased from 25.33 to 28.38 (12%).

So that makes UMG c.29.5% of PSH NAV b4 todays fall, by my reckoning.
Posted at 10/7/2024 08:21 by donald pond
Aiming for $25bnNot sure how it will work alongside PSH. There will be no fees at PSUS for first year, and unless fees between PSH and PSUS are equalised then you would expect the one with higher fees to be on a higher discount Common sense suggests that is PSH are Bills best ideas then it would make more sense for PSUS to buy PSH (perhaps at a 10% discount to NAV) rather than replicate the underlying holdings. Or give an offer to exchange PSH for PSUS.
Posted at 04/6/2024 12:09 by affemoose
It's not that confusing once you ignore the media screwing the names up.

PSH Trust - this trust, the PLC, remains the same. It is managed by Pershing Square Capital Management (PSCM)

PSCM was the private company owned by the exec in Pershing Square and who managed the PSH fund, this is where managemnet fees and performance fees went when PSH paid them. This money then either stayed in the Management company or was paid to the shareholders - the exec. One can only assume there are Tax benefits for managing their earnings this way.

PSCM has sold 10% of it's shares to various funds for $1bn which values the fund at $10Bn. They have mooted that PSCM may IPO and float - a great way for the ageing management team to get cash now and also provide a clear exit route when they give up and go and enjoy their money in retirement.

PSCM have stated that they intend to use some of the $1Bn raised (approx half) to underpin a new, as yet to be launched, US Fund (PS US). The documents for which have been submitted to US Securities commission and it is proposed it will launch 'later' in 2024. The PS US fund will look very similar to PSH. I assume that the initial float of PSUS will raise many billion $ more that will go into the war chest.

PSH is not an Investment Company as it has, does and will use complex financial derivatives to 'bet' on Macro events - not so much atm but i am sure it will again. It hasn't shorted for years but it's done well out of interest rate derivatives etc etc in the past.
Pershing Square share price data is direct from the London Stock Exchange

Pershing Square Frequently Asked Questions (FAQ)

What is the current Pershing Square share price?
The current share price of Pershing Square is 3836p.
How many Pershing Square shares are in issue?
Pershing Square has 190,576,264 shares in issue.
What is the market cap of Pershing Square?
The market capitalisation of Pershing Square is GBP 7.34 B.
What is the 1 year trading range for Pershing Square share price?
Pershing Square has traded in the range of 3,238.00p to 4,360.00p during the past year.
What is the PE ratio of Pershing Square?
The price to earnings ratio of Pershing Square is 3.75.
What is the cash to sales ratio of Pershing Square?
The cash to sales ratio of Pershing Square is 2.97.
What is the reporting currency for Pershing Square?
Pershing Square reports financial results in USD.
What is the latest annual turnover for Pershing Square?
The latest annual turnover of Pershing Square is USD 3.14B.
What is the latest annual profit for Pershing Square?
The latest annual profit of Pershing Square is USD 2.49B.
What is the registered address of Pershing Square?
The registered address for Pershing Square is 1ST FLOOR, ROYAL CHAMBERS, ST. JULIAN’S AVENUE, ST. PETER PORT, GUERNSEY.
What is the Pershing Square website address?
The website address for Pershing Square is www.pershingsquareholdings.com.
Which industry sector does Pershing Square operate in?
Pershing Square operates in the TRUST,EX ED,RELIGIOUS,CHARTY sector.