Petershill Partners Share Discussion Threads

[casholaa] 26/3/2024 13:54

Wakey wakey

[cc2014] 22/1/2024 09:35

I give up with this one Specto. It's not in my nature to not pursue things until I fully understand them but I am left with two thoughts.

1. The share buy-back is significant and once it ends unless they do a new one there is nothing to support the share price and we've seen what happens on GCP, SEIT etc once they run out of buy-back ammunition

2. I looked at the amount of money in fees flowing and it seemed very excessive to me. I can't remember the full detail. I probably wrote about it on the thread if I could be inclined to go back but it was kind of a red flag for me.

I suspect in time the share price may well go up as discounts to NAV close everywhere but I've of the view I can buy something else I do understand in exactly the same boat and get the same share price rise there.

[casholaa] 22/1/2024 09:16

I hold purely on the basis of owneship here. The "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money" is why I hold and look forward to divi's funneled my way.

[donald pond] 22/1/2024 07:58

No, its just far too opaque for its own good.

[spectoacc] 22/1/2024 07:55

Any views on Friday's report? Still buying back shares. I still don't know how to value them.

[spectoacc] 27/9/2023 08:12

UBS CUTS PETERSHILL PARTNERS TO 'NEUTRAL' (BUY) - PRICE TARGET 160 (245) PENCE


Broker price targets follow the price rather than the other way round, but might be interesting to read the argument behind it.

[riskvsreward] 08/9/2023 18:19

If you invest in a company, then buyback is a good thing. Otherwise you should not invest in it.

[casholaa] 08/9/2023 17:36

As soon as I hear the term 'buyback' in an rns, I hold tight, I dare say that many do so.

[topvest] 08/9/2023 14:37

They are trying to mop-up shares in my view as the bid size for selling is 6 times higher than buying. So, they are trying to force out holders for the buy-back.

[casholaa] 08/9/2023 13:40

I can't say that I'm totally p*ssed off with them, given that they may be able to mop-up shares cheaply. I'm a little upset thinking that they may have known the figures from before or even at the time of the last update.

[johnwig] 08/9/2023 12:07

jonwig, spectoacc, topvest! What a bunch of losers. Between them they've got about 20 totally farty shares. That still doesn't stop them from pontificating pompously and telling other more intelligent investors what to do. Their aggregated losses come to £764.23 and they're almost totally wiped out. They have to wait for next week's pensions in order to eat, LOL.

[mbdx7em21] 08/9/2023 12:05

look good value at these level - steep discount to NAV and a well run company

[jonwig] 08/9/2023 11:06

They do generate cash (and pay it out generously), so their accounts are not a mere vanity project. And as many PE firms are discovering, they can sell assets close to carrying value.

[cc2014] 08/9/2023 10:48

I have no idea Topvest. I have read the accounts several times, I've read the RNS and I really cannot get a good grip on whether I want to own this and at what price. I'm guessing based on the share price the market can't either.

What I keep coming round to is that at this point in the ecomic cycle, this isn't the place to be. Then I keep looking at the fees and incentives which look excessive.

So, some discount is required but is the discount enough to tempt me int. I'm not sure. What is clear is that the buybacks are driving the share price and they are significant and could be raised above the current 50m.

I may be tempted once I can see the share price stabilise.

[topvest] 08/9/2023 10:36

Expect a bit of a bounce this afternoon, when the buy-backs kick in. What do you think?

[topvest] 08/9/2023 10:35

Back to a 50%+ discount. Lowering of guidance taken badly, but not altogether surprising. Its very sensible to stop acquisitions at this point in the cycle, given high US prices, when they can buy back shares on a 50% discount. I can see this being bid for later in the year.

[jonwig] 08/9/2023 10:06

I only look at percentage gainers/losers. They are at no. 11 on that one!

[topvest] 08/9/2023 09:55

Clearly not in the price, given they are the largest loser of the day!

[jonwig] 08/9/2023 08:16

Yes, forgot to mention nav of 327p.

[topvest] 08/9/2023 08:00

Yes, doing OK but guidance for the full year lowered. I think its sensible that they have slowed down the acquisition pipeline for now. Still on a c47% £ discount even after £ strength and share price ticking-up to c175p.

[jonwig] 08/9/2023 07:15

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".

[topvest] 30/8/2023 15:22

I've decided to take a small opening position given the downtrend has reversed with a golden cross today.

[jonwig] 21/7/2023 07:12

Q2 update:



This looks quite OK, and they are maintaining FY guidance.

[jonwig] 06/7/2023 15:03

Spec - Tempus makes some fair points, but the Chairman has been a persistent buyer - even 45,000 more on 23/06.

[casholaa] 06/7/2023 09:01

However, I think they will be distributing $3.35bn/£2.2bn among 1.34bn shares which I think works out to 164p payout per share and you get to keep your shares? As the buyback continues, I think that the payout per share increases.