Princess Private Equity Share Discussion Threads

[skyship] 29/10/2014 08:43

Princess Private Equity Holding Ltd NAV increased by 4.7% in September

A pretty remarkable performance, on the back of which I bought back in at 679 this morning. At that level the yield = 7.95% and the discount = 21.8%.

[tiltonboy] 29/10/2014 08:07

Pleasing performance. Long may it continue.

[skyship] 25/9/2014 11:21

Still, it was a handy breakout from the E6.60 plateau.

That said of course, the rise from E6.60 to E7.00 may be a useful 6.1%; but only 3.6% when translated back into the strong £. So share price not as strong as it would seem - half the gain due to the weak Euro, which may also impact the underlying NAV...

[tiltonboy] 25/9/2014 11:10

The point I'm trying to make is if there is no growth in NAV, and you continue to pay out the same dividend, you are cannibalising your capital.

[rcturner2] 25/9/2014 11:01

I'm not sure I fully understand you.

If NAV is 100p (say) and you intend to pay an 8% yield, then if you assume a 10% increase in NAV then NAV goes to 110p and then is knocked back to 102p to pay the dividend.

So as long as the NAV growth is above the yield everything is fine?

[tiltonboy] 25/9/2014 10:57

RCT,

Not necessarily the growth; but certainly returning the NAV, so you may well have up to your own shoulder in your mouth without knowing it.

[rcturner2] 25/9/2014 10:52

tilton, I assume this is just a method of returning the NAV growth to the investors? As long as the NAV increase exceeds the dividend yield, then the assets are still increasing and you are not eating your own arm, so to speak.

[tiltonboy] 25/9/2014 10:42

RCT,

You must remember that over 90% of the dividend payment is actually a return of capital. The income account only supports around 7% of the payment!

[rcturner2] 25/9/2014 10:06

Thanks eithen, this is either a hidden gem or too good to be true!

[eithin] 25/9/2014 10:00

Recent purchase in my ISA have estimated 7.63%

[eithin] 25/9/2014 09:58

Princess Priv Dividends

Announcement Date Type Curr. Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
13 May 2014 Interim EUR 0.27 31/12/2013 31/12/2014 28/05/2014 30/05/2014 18/06/2014 -
12 Nov 2013 Interim EUR 0.27 31/12/2012 31/12/2013 20/11/2013 22/11/2013 18/12/2013 0.53
13 May 2013 Interim EUR 0.26 31/12/2012 31/12/2013 22/05/2013 24/05/2013 26/06/2013

copied/pasted from ADVFN (Financials PEY)

[rcturner2] 25/9/2014 09:53

Guys, what is the yield here and where is the payment information? Advfn shows nothing on the financials pages, but the IC lists this as having an 8% yield. The company website does not seem to have detail of the payment history either.

[cwa1] 22/9/2014 08:18

News Release

Guernsey, 22 September 2014

+0.5% in August - New direct investment closed after month end

è Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") increased by 0.5% to EUR 8.29 per share

è Positive portfolio developments (+0.4%) and currency movements (+0.3%) during the month

è Princess received distributions from its legacy fund portfolio of EUR 5.1 million, total distributions amounted to EUR 5.3 million

In August, Princess' distributions came predominately from its legacy fund portfolio.

After month end, Partners Group and its investment partners acquired Voyage Care in a GBP 375 million transaction. Princess' exposure amounts to GBP 4.9 million. Voyage Care, headquartered in Lichfield, UK is one of the UK's leading providers of specialist residential services and supported living for people with learning disabilities, associated physical disabilities, autistic spectrum disorders, acquired brain injuries or other complex needs. The vast majority of people supported by Voyage Care typically require high levels of support throughout their lives. The business supplies its services to more than 3'000 people across the UK through a capacity of over 2'500 places across approximately 400 registered and supported living services. The company, which has approximately 8'500 employees, also operates 14 day centres nationwide.

[seekerofvalue] 09/9/2014 13:45

SKYSHIP, PEY no longer the laggard in the sector. Their repositioning appears to be gaining momentum.

[envirovision] 28/8/2014 10:05

getting ready for the next push sky erm to 7.50 perhaps?

Still very much off the radar of the wider market with piffling low
volume though.

Cant go on and stay this way forever though can it. (Famous last
words).

[skyship] 27/8/2014 19:58

ssshhh - is that a breakout we are seeing?

[envirovision] 26/8/2014 15:36

NAV 8.25, a premium to NAV would see an additional 25% added to today's shareprice. Considerable upside which ever way one wants to look at it. In meantime relax and enjoy the income.

[envirovision] 18/8/2014 13:52

Thought of the day:

This anomaly cannot go on for ever !

[danieldruff2] 13/8/2014 18:49

Yep. I'm surprised this doesn't get more love in the current high yield frenzy. I listened to a presentation online earlier in the year and they saw the crossing into 50% direct investments as the point when they would start to get a proper rating from analysts, and thought it might cause the NAV discount to narrow to 10% or thereabouts. They always sound a little embarrassed by the large NAV discount.

[cwa1] 13/8/2014 16:22

Anyone else interested here?

Half yearly report out:-




Brian Human, Chairman of Princess Private Equity Holding Limited, comments: "We are pleased that Princess' allocation to direct investments now exceeds 50% of the investment portfolio and that direct investments were the main driver of performance over the period. It is our intention to continue paying semi-annual dividends to our shareholders, and anticipating distributions from Princess' mature fund portfolio we are confident that the Company's current high dividend yield of 8.2% (based on the end of June share price), and the repositioning towards becoming primarily a direct investment company, will appeal to new and existing investors alike."

[cwa1] 24/6/2014 07:20

A fairly solid update:-

24 June 2014

News Release

Guernsey, 24 June 2014

+1.4% in May - Direct investment drives NAV growth

è Princess Private Equity Holding Limited's ("Princess") net asset value (NAV) increased by 1.4% to EUR 8.05 per share, adjusted for the interim dividend of EUR 0.27 per share

è Overall portfolio developments (1.2%) and currency movements (0.4%) have been positive

è Princess deployed EUR 2.4 million to new and existing direct investments and received EUR 2.8 million in distributions

In May, Princess' investment in Action, a Netherlands-based non-food discount retailer, had its carrying value written up due to Action's consistent year on year earnings growth and the inclusion of additional public comparables. The favourable revaluation was the main driver behind Princess' NAV growth during the period.

Also in May, Princess' investment in Permotio International Learning, an investment vehicle formed to give Partners Group clients access to the creation of a leading international schools group, completed its first acquisition. Colegios Laude operates several internationally-oriented schools across Spain, providing bilingual education to both local and expat communities. The schools are well regarded and to date have been resilient despite the tough economic environment in Spain. Permotio's management team now plans to focus on completing further acquisitions while implementing value-creation initiatives targeted at improving the learning experience, the managerial capabilities within the schools and their key marketing activities.

Distributions over the reporting period came predominately from Princess' legacy fund portfolio. The investment in Applus Group, a Spain-headquartered inspection, certification and technological services company in both the automotive and non-destructive testing and inspection markets was successfully realized by ICG European Fund 2006. The company went public on the Madrid stock exchange and repaid the mezzanine financing provided by the investment partner. Since the investment in the company in 2007, Applus Group had doubled its revenues to over EUR 1.5 billion in 2013, of which it generated 60% outside Europe. The strong development was driven by its international growth strategy and resulted in more than 20 overseas acquisitions since 2007.

[cwa1] 23/6/2014 17:13

Ironically, as I asked the question first, I received mine this morning.