Petershill Partners Share Discussion Threads

[byzantine626] 20/4/2022 09:04

Thank you, Jonwig! I was too excited!

[jonwig] 20/4/2022 08:55

Thank you!
Clickable link:



[Hint: capitalise one of h t t p.]

[donald pond] 20/4/2022 08:55

I listened to the call, all sounded positive but a lot of industry jargon going on. Will need to look at the presentation more fully but certainly happy to continue holding

[byzantine626] 20/4/2022 08:39

We should read this presentation
hxxps://www.petershillpartners.com/homepage.html#events

[jonwig] 20/4/2022 07:12

Looks good value at this price. PER about 16x and book value 339p.

Proposed buyback is logical, at this discount. (Needs a vote.)

No dates for the dividend (around 2p).

[donald pond] 20/4/2022 06:16

Look OK, it's not exactly straightforward though! Share buy back programme is interesting for something within a year of IPO

[jonwig] 20/4/2022 06:10

FY results (I can't find them anywhere else):



No time to read right now.

[marksp2011] 04/4/2022 20:37

188==>262 in less than a month

[donald pond] 04/4/2022 08:58

Results and accompanying presentation on 20 April btw

[jonwig] 24/3/2022 10:55

But it's not a single trade, it's a number of trades aggregated.

[donald pond] 24/3/2022 09:56

I get that jon but in my experience an uncrossing trade above the mid shows a keen buyer and one below the mid a keen seller. The size of the trade is relevant, of course. Most UTs can be ignored but if they are for £100k+ and away from the mid it tells us something

[jonwig] 22/3/2022 17:58

donald - the large trade at 16;35 was the closing auction uncrossing ("UT"). Not a buy, unfortunately.

[donald pond] 22/3/2022 17:43

Starting to get decent volume too, nice buy after bell today, looks like an institution. I bought too early but am in profit now at least and it seems on right track. Quarterly report well overdue though

[marksp2011] 22/3/2022 17:15

Still buyingExcellent discount v peersWill stop at 300

[spectoacc] 09/3/2022 16:23

Sold half, wasn't expecting it to bounce this fast.

Not sure what the market, oil, and gold sees today that I don't - FTSE +175, oil -$6, gold -$49.

[spectoacc] 07/3/2022 12:31

Bought in here for the first time today. Plenty of positives, the negatives largely being whether PE has been in a bubble, and the slight distaste about investing in the funds of the parent.

Good luck holders.

[jonwig] 18/2/2022 10:54

MrScruff - you'right, but in the absence of up-to-date earnings numbers, the balance sheet is a useful backstop. (Though admittedly we're ultimately valuing unquoted companies.)

[mrscruff] 18/2/2022 10:32

PHLL should NOT be valued on NAV as it is not a IT but a company earning money through fees so AUM and there for priced on earnings P/E. End of year results should declare a dividend of around 4%. Share price decline is shocking. Some one will get rich... I bought too high.

[donald pond] 14/2/2022 09:23

I think we need some results to provide clarity. Asset management probably not the best area to be in right now though

[tania67] 14/2/2022 09:18

Also odd: AIC quotes a NAV of 350p. I don't know where they get that from.

[donald pond] 14/2/2022 08:27

I've been thinking about that Jon, and while it sounds intuitively correct to say that valuations of unquoted businesses are inherently uncertain, I wonder whether the depth of private capital these days makes it more certain than we might believe. PHLL seems pretty opaque, but lots of the PE companies value on metrics like PE and EBITDA multiples, and have been more conservative than listed prices.

[jonwig] 14/2/2022 07:07

NAV based on valuing unquoted businesses has to be less accurate than quoted ones. On th other hand, there might be a tendency to value unquoted holdings conservatively - I don't know.

It's good to see a discussion developing here: more people probing the odd valuation.

[tania67] 13/2/2022 21:40

Odd that the IPO appears to have been at such a large premium to NAV. This suggests that initial investors either regarded NAV as conservative, or considered NAV less important than prospective cashflows.

Consistent with the latter, last week’s presentation tried to stress that PHLL’s earnings should be less volatile than other similar funds, but should grow. The prospectus spoke of a “progressive” dividend starting at USD30m/qtr. I make this a DY of 3.5% pa. (at current 2.18p price). This is in line with some other listed PE fund-of-funds (although others are still zero). But if this div really is progressive then it would look more attractive.

Thoughts?

[byzantine626] 12/2/2022 18:18

I bought at an average of 265 and consider to buy more below 210, this would be 40 percent below the IPO. I think it's a real bargain.

[jonwig] 12/2/2022 17:59

There was some criticism (in the FT, for example) that the IPO prospectus was thin on detail, and GS has a reputation for being "opportunistic", but even if the IPO price was overblown, the chairman purchases and latest trading statement were pretty encouraging.

I bought at 250, but might add at these levels. the wider market is key.at this level