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PHLL Petershill Partners Plc

203.50
-3.50 (-1.69%)
13 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Petershill Partners Plc PHLL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-3.50 -1.69% 203.50 16:35:08
Open Price Low Price High Price Close Price Previous Close
207.00 204.00 208.50 203.50 207.00
more quote information »
Industry Sector
GENERAL FINANCIAL

Petershill Partners PHLL Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
26/03/2024FinalUSD0.10109/05/202410/05/202414/06/2024
08/09/2023InterimUSD0.04928/09/202329/09/202327/10/2023
28/03/2023FinalUSD0.1111/05/202312/05/202316/06/2023
21/09/2022InterimUSD0.03529/09/202230/09/202228/10/2022
29/04/2022InterimUSD0.02612/05/202213/05/202217/06/2022

Top Dividend Posts

Top Posts
Posted at 13/6/2024 17:03 by tabhair
lynton3, I bought the day of announcement of the tender. My only reason was to take part in the tender and get the dividend. I tried to tender all my shares, but was allocated just half at £2.14.

Haven't decided to do with the remaining half. In my experience, this type of tender offer is usually a very bullish indicator for the medium/long term. Leaning towards just holding on.
Posted at 23/4/2024 19:06 by riskvsreward
Very (pleasantly) surprised by the market reaction to this morning's RNS as both the dividend and tender offer have been highlighted before, and if anything the tender offer is very underwhelming in both the premium and the size (I have expected higher ones on both accounts).
Posted at 23/4/2024 09:18 by topvest
214p on c15% of your shares + another 8p dividend then with the tender offer and dividend. IPO was at 350p which is close to the current book value - Goldman Sachs will be looking after their majority stakeholders. This won't remain listed for more than a few more years in my view. Resaonable returns to be made though in between the buy-backs and tender offers.
Posted at 26/3/2024 13:59 by casholaa
§ Balance Sheet and capital return remain strong.

§ Free cash flow (FCF)1 conversion increased to 99% (2022: 76%) supporting growth and the progressive dividend policy.

§ Investments at fair value were $5.3bn, an increase of 6% vs. the prior year end (2022: $5.0bn).

§ Cash and investments in money market funds totalling $305m as at 31 December 2023 (31 December 2022: $581m).

§ Book value per share1 of 431 cents (2022: 416 cents).

§ Purchased 13.2m Ordinary Shares for $26m through 31 December 2023 as part of the $50m buyback programme announced in March 2023 and 15.8m Ordinary Shares for $32m through 24 March 2024.
Posted at 26/3/2024 13:56 by casholaa
"(Alliance News) - Petershill Partners PLC on Tuesday said it swung to a profit in 2023 due to a gain from investments, despite income toppling.

Petershill is a London-based investment group focussed on private equity and other private capital strategies. The company is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.

Petershill said it swung to a pretax profit of USD397.1 million in 2023 from a pretax loss of USD505.1 million the year before.

This was due to a gain from investments at fair value of USD227.0 million, compared to a loss of USD806.7 million the previous year.

Total income fell by 19% to USD319.4 million from USD393.6 million a year ago.

Petershill proposed a final dividend of 10.1 US cents. This brought its total dividend to 15.0 US cents, up 3.4% from 14.5 cents the year before.

Also, Petershill said it was mulling launching a share buyback programme worth up to USD100 million, serving a notice to terminate the current programme.

"Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders," the company said.

Looking ahead, Petershill said it expects acquisitions in 2024 to be in-line with its medium-term range of USD100 million to USD300 million per annum.

It also targets a 85% to 90% adjusted earnings before interest and tax margin."
Posted at 08/9/2023 07:15 by jonwig
H1 results down (surprised? Should be in the price):



Summary:

"During the first six months of 2023, the economic environment remained tough, with the slower investment backdrop delaying the activation of management fees and subdued transaction and advisory fees. The broader muted realisation environment has impacted Partner Realised Performance Revenues, although the significant level of accrued performance revenues supports the medium-term outlook. We have also seen recent realisations occur at a premium to their holding values. Despite the challenging backdrop, the diversified asset raising profile of our Partner-firms was reflected in the $14bn in fee eligible AuM raised. This asset-raising supports future FRE growth as fees become activated and the pace of cost growth moderates. We expect a stabilisation in Partner FRE during the remainder of 2023, as firms bed down increased headcount and turn on fees from funds raised in prior periods. As we look forward from today we recognise that any continued delay in fund activations, or continued reduced transaction activity, may defer and impact future FRE; furthermore continued market uncertainty may delay deal activity and the return to more normal levels of PRE and Partner Realised Investment Income. However, we believe that our partner-firms are well positioned for when activity picks up given considerable capital raised since 2022.

Our portfolio of Partner-firms remains robust with the carrying value of our Partner-firms broadly stable while our high profitability margin and cash conversion underpins our strategy for growth and capital return to shareholders. We have completed $12.4 m of our previously announced $50m share buyback programme and the interim dividend is consistent with our progressive dividend policy. Our Partner-firms' capital raising activity underpins our ongoing confidence about our medium-term prospects and provides the platform to enable significant future distributions to shareholders".
Posted at 29/6/2023 07:19 by jonwig
Reduction of capital:



$3.35bn moved from share premium account to distributable reserves.

This leaves open the possibility of "special dividends", and the share buybacks improve dividend cover or allow for higher dividends.

So just possibly we'll get returns of capital and a slimmed-down operation.
Posted at 10/6/2023 08:54 by mrscruff
investor73, PHLL is not a Trust; it is an asset manager similar to Schroders, Goldman Sachs Group, M&G, Baillie Gifford, and even L&G. While they all generate revenue through fees, PHLL primarily focuses on the private market sector as you know. Currently, the markets are incorporating the significant decline in the private IPO market, and so potentially the share price has overshot to the downside. I believe this to be true and there is now genuine value emerging in the form of recurring AUM and at a dividend we can take while we wait.

It will take time. The very rich directors have been very confident buying on the way down and we are buying back stock. The asset management sector has also taken a massive hit but green shoots here are being seen slowly with M&G reporting good Q1 numbers etc...
Posted at 11/4/2023 07:13 by jonwig
topvest - thank you for #89, very thought-provoking!

But I think the current annual report (published only recently) makes a big, and largely successful effort to explain the strategy.

Take an equity stake in a PE investor which owns companies directly and also within funds which it hawks to investors. Then you get income and growth from the investees plus fees (and performance) from the funds. So you have, in a best case, three sources of income. And, fro PHLL's point of view, get well-diversified (25 "partners), add some GS expertise and cut risk. (VC is only 9% of their portfolio.)

What this seems to have produced a dividend yield of over 7%, 1.7x covered by adjusted net earnings (ie. essentially cash flow). And a progressive dividend policy - so they can probably maintain it in 2023. (I'd actually expect considerably lower earnings this year.)

They play down NAV (for obvious reasons), but it's about 330p and is, of course, the ultimate generator of the income - I'd expect it to be more prominent as markets recover.

The low rating is, I suppose, the present curse of private equity, which says "we don't believe your stuff is worth what you say it is", but it's hard to argue with cash flows.

I agree we ought to be given more numbers on the individual asset managers. They do have websites, of course, but I have the impression that private equity discloses as little as possible anyway, so thay won't want PHLL lifting the lid.!

The notion that GS will pull a fast one at some point (they do have form!) has one objection: they clearly haven't told the Chairman, Naguib Kheraj, who has been buying all the way down (he recently bought 300,000) and holds I think 850,000 shares.

I see they've taken on $500m of unsecured debt which has an A credit rating. I assume it's cov-lite, but haven't checked anywhere to find out.

Anyway, I'm not of course trying to persuade you to anything - you've simply encouraged me to investigate further. The headline financial statements look very straightforward, though Ihaven't reached the notes yet. (I'm not an accountant by any stretch!)
Posted at 07/4/2023 15:20 by topvest
I'm quite interested in this vehicle and the underlying assets. Despite being an FCA with a big-4 background, I am still struggling to understand their accounts without pulling out a calculator and really concentrating. They are a bit misleading in my view, which is always the danger when you have the clever boys and girls from GS running the show.

They have US$283bn of AUM of which US$194bn is fee paying. It looks like Petershill then only owns 13.5% of these or US$38bn or US$26bn of fee paying AUM. Lets say US$30bn of AUM then to simplify and a cUS$5bn valuation. That's a whopping 17% of AUM on valuation or comparing like for like about 50% of book value using market cap - say 8% rounded down. That is versus GHE and FSG currently valued at below 4% of AUM. So twice the AUM valuation which immediately makes me wary!

Well, its not quite that straightfoward as the net management fee rate is higher at c1.4% versus c1% for GHE, so that presumably accounts for the much higher valuation.

They really should disclose more clearly that this is a cUS30bn AUM group and not the nearly US$300bn. If you look at the individual managers they all seem to have US$10-20bn of AUM.....Petershill only own 13.5% of this...it's not very clearly disclosed which makes valuation very difficult as they continually peddle the gross numbers which they only own a minority interest.

Anyway, its on a P/E of 8 and a Dividend Yield of 7% so worth watching. Lesson for Goldman Sachs here is that they are turning-off investors with too much technical mumbo jumbo. They need to explain better what this highly technical vehicle does otherwise they will continue to put people off investing in it.

The discount rates applied are quite high but even these are unclearly disclosed, and I think they are taking into account performance fees at a c25% discount rate. Is this opaque disclosure intentional? Was it GSs original intention to float 25% or so at a toppy valuation and then wait for the inevitable fall off in price given the odd structure of this vehicle. Then two year's down the track they can buy it back at less than half the price and take it private again benefiting their own clients. I'm not entirely convinced on the ethics...what do others think?

Overall, the asset managers look like they are extremely profitable....... but are valued accordingly and we are now in an asset bubble burst phase. A discount is warranted given its only a small minority interest that is being held. Petershill does not control any of the asset managers. Probably the safest way to value this is just to look at the P/E multiple and Dividend Yield. Given performance fees are a good 30-40% of income, a much lower P/E is warranted versus other listed asset managers as performance fees by their very nature are one-off and not always recurring. There is also the obvious risk of Goldman Sachs clients holding 76% of a minority interest listed vehicle and so this could quite quickly get snapped-up in a go-private transaction. Why was it listed in London, when all the holdings are US asset managers? Aren't the GS clients going to be rather upset at the performance of their assets that are now marked to market and on a c50% discount?

The accounts also give very little detail on the 25 asset managers. You would expect % holding, opening and closing AUM and net flows for each asset manager as a minimum, but nothing!

Anyway, still waiting and watching...not sure its anywhere near as cheap as it looks as a 50% discount on a very high valuation is still on the high side! I've concluded that I much prefer Gresham House, Foresight and MAN Group.
Any thoughts on my analysis as I'd like to be proved wrong?
I'd like to invest in this, but my rational analysis says stay well clear unless its really really cheap and the chart bottoms out.

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