Petershill Partners Plc

-3.60 (-2.41%)
Share Name Share Symbol Market Type Share ISIN Share Description
Petershill Partners Plc LSE:PHLL London Ordinary Share GB00BL9ZF303 ORD USD0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -3.60 -2.41% 146.00 2,287,008 16:35:24
Bid Price Offer Price High Price Low Price Open Price
145.00 146.00 149.00 143.80 148.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Offices-holdng Companies,nec 0.00 -452.90 -39.90 - 1,657.68
Last Trade Time Trade Type Trade Size Trade Price Currency
18:06:32 O 158 146.00 GBX

Petershill Partners (PHLL) Latest News (1)

Petershill Partners (PHLL) Discussions and Chat

Petershill Partners Forums and Chat

Date Time Title Posts
23/5/202322:32:::: PETERSHILL PARTNERS ::::102

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Petershill Partners (PHLL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-05-31 17:07:21146.00158230.68O
2023-05-31 17:07:21146.001,6412,395.86O
2023-05-31 17:03:24146.02464677.51O
2023-05-31 16:50:52147.944566.57O
2023-05-31 16:50:52147.961,9202,840.74O

Petershill Partners (PHLL) Top Chat Posts

Top Posts
Posted at 11/5/2023 14:34 by investor73
There's excessive suspicion about this company. They've stated paying much higher dividend than anticipated. The dividend is likely to be even higher next year and there's a very good chance for the share price to appreciate from this level imo. GLA
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 09/4/2023 08:12 by adae
GS unethical? Perish the thought. What was the IMB1 fine, $3bn? And that wasn't even their most heinous heist IMVO.

As for PHLL, I doubt a single private shareholder understands it fully or in part. Not the only London-listed fund like that, and you wonder who ploughed in on IPO.

Posted at 23/11/2022 10:24 by jonwig
The most recent accounts (HY to 30/06) show income profit of $139m and change in fair value of $(613m). The end result was a loss of 31c per share.

Numbers can vary hugely when asset value adjustments are part of the picture. The balance sheet though shows net assets of 425c per share, around 360p.

Posted at 23/11/2022 08:14 by jonwig
stewart - agreed it's not an easy one, and they don't exactly help.

The way profit is arrived at is straightforward: revenues less costs plus non-cash increase in asset values. (But we just have to assume that asset valuation is done prudently. In that sense, it's like private equity, there's no market mechanism.)

Fees will be following the trend of all asset managers: reduced market activity and dealmaking. That probably made the share price a bit weak.

It's certainly a puzzle that they managed to get it away at 350p, and it's now virtually halved. Boss (Kheraj) was buying at 307p and 243p on the way down, and the buybacks were hardly effective, so obviously insiders are puzzled by the weakness.

Unlike a good few hedge funds, they seem to have zero exposure to cryptocurrency - that's good!

Posted at 23/11/2022 07:56 by stewart64
If this was a bit less opaque and clear it might be more investable, I am not a shareholder but could be if this vehicle was more transparent. It could be a great investment? The balance sheet is a bit of a grey area for me, so too how the profit is arrived at. 137 million revenue becomes 260 million pre-tax and then further agrandised to a price to earnings of 5 ( presumably asset adjustments). The next annuals could be anywhere, because revenues alone can get adjusted massively in either direction.
Posted at 26/9/2022 08:21 by spectoacc
Fair point, some easier to dodge than others :)

Is a massive "opportunity cost" issue out there atm too - just been looking at SHED, but why would I buy that over eg SGRO, WHR, all the small REITs? Who's currently cheapest?

And same PHLL, with added problem of opaqueness.

I fear we're going to get some serious bargains fairly soon (fear, because some of them will be things I'm already in higher).

Posted at 24/9/2022 12:39 by jonwig
An article in today's FT describes how quoted PE buyout companies have fallen more than the market, because they haven't been quick enough to revalue their underlying investments along with the market. And -

... Goldman Sachs’ Petershill Partners, a London-listed group that owns minority stakes in private equity firms, reported an accounting loss as it marked down the value of its investments.

Although most of PHLL's partner firms are unquoted, PHLL itself has been proactive in this respect.

A corollary here is that quoted PE firms may look cheap (big discounts) but that can be an illusion.

Posted at 21/9/2022 14:06 by topvest
Agreed, its a tad opaque. I'm interested at the right price. 75% owned by GS makes you nervous though. Need to do some more research before investing. Its an interesting asset class.
Posted at 21/9/2022 07:31 by jonwig
H1 results;

Decent progress at operating level, but IFRS loss caused by asset valuation reductions. (Blended discount rate moved from 15% to 17% which is a big drop.

Share price might test the lows.

Petershill Partners share price data is direct from the London Stock Exchange
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