Princess Private Equity Share Discussion Threads

[skyship] 29/6/2022 08:40

PEY once again massively over-valued v. peers. Discount down to 14% whereas all others are in the 35%-45% range. A strong sell at 1250c.

[cwa1] 29/6/2022 07:18

Guernsey, 29 June 2022

Princess publishes May NAV

-- Princess Private Equity Holding Limited's ("Princess" or the "Company") net asset value decreased by 1.3% to EUR 14.60 per share

-- Portfolio developments (-1.0%) and currency movements (-0.2%) were negative
-- Princess invested EUR 6.4 million and received distributions of EUR 49.7 million
In May, Princess invested a total of EUR 6.4 million, of which EUR 6.0 million was invested in a joint take-private with Permira to acquire Mimecast, a leading UK-based email security and cyber resilience company. Mimecast provides SaaS-based enterprise email management including archiving, discovery, continuity, security, and policy from a cloud-based solution. The value creation strategy will focus on leveraging the company's industry leading email security technology to further innovate and expand its current presence in the small and midsize market against the backdrop of the increasing magnitude and sophistication of malware threats.

Princess received distributions of EUR 49.7 million during the month, of which EUR 48.9 million stemmed from an additional redemption from its investment in senior loans for liquidity management purposes. The remaining balance of EUR 0.8 million was predominantly received from Princess' mature legacy fund portfolio.

Further information is available in the monthly report, which can be accessed via:

[bluemango] 22/6/2022 08:57

I happen to hold both PEY and some in the sterling equivalent, PEYS. Normally receive divs for both on the same day, but this time I've had the PEY one yesterday but so far no sign of the PEYS. Has anyone else received their PEYS div?

Edit: it's there now. Both in.

[stemis] 08/6/2022 21:20

PEY down with the whole PE sector and now on a discount of 25.6% to NAV and a yield of 5.9%, despite increasing NAV/share by 13.7% in the first 5 months of this year.

[cwa1] 04/5/2022 07:40

Guernsey, 04 May 2022

Declaration of first interim dividend for FY 2022

The Board of Directors of Princess Private Equity Holding Limited ("Princess" or "the Company") today announces a first interim dividend of EUR 0.38 per share for FY 2022, in-line with previous guidance to distribute 5% of opening net asset value for each financial year, via semi-annual payments.

The first interim dividend will be paid on 17 June 2022. The relevant date for the entitlement to the dividend (record date) will be 13 May 2022 and the corresponding ex-dividend date will be 12 May 2022. The last dates for the currency election and the dividend re-investment plan will be 13 May 2022 and 27 May 2022 respectively.

[cwa1] 29/4/2022 07:08

Guernsey, 29 April 2022

NAV increases by 1.7% in March

-- Princess Private Equity Holding Limited's ("Princess" or the "Company") net asset value increased by

1.7% to EUR 15.26 per share
-- Portfolio developments were positive (+2.4%) while currency movements were flat
-- Princess received distributions of EUR 5.3 million and invested EUR 0.9 million
In March, Princess' NAV recovered, increasing by 1.7%, which balanced the quarter performance. The strong quarter-end development was driven by a number of portfolio companies. Among the largest contributors was AlliedUniversal, a US-based provider of facility and security services. The valuation increased over the first quarter of 2022, mainly reflecting the successful integration of its recent acquisition. In 2021, the company acquired UK-based G4S, a global security company. The transaction allowed AlliedUniversal to expand its presence internationally.

During the month Princess received distributions of EUR 5.3 million, of which EUR 4.7 million stemmed from a confidential private debt investment. The remaining balance of EUR 0.6 million was received from the Company's legacy fund portfolio.

Princess will hold a quarterly investor update on 24 May 2022 at 10:00 BST / 11:00 CET. During the webcast, Partners Group, the Investment Manager to Princess, will give an update on the recent developments of the Princess portfolio based on unaudited figures as of 31 March 2022. Please find the dial-in details on the Company's webpage.

[bluemango] 20/4/2022 09:59

Last year's first interim dividend was announced around now - it was on 23rd April 2021.

[skyship] 06/4/2022 11:33

Purple lines show possible entry points if markets pull back down again toward the 7000 level:


free stock charts from uk.advfn.com

[bluemango] 06/4/2022 08:44

Assuming I'm correct with a new 0.763 EUR dividend (based on y/e NAV), current yield is 6.22%.

[rcturner2] 06/4/2022 08:20

I have doubled up today.

NAV is 15 euros a share so nearly a 20% discount.

[skyship] 20/2/2022 14:11

PEY has always traded at a premium to its peers; no doubt because of its attractive yield. However, choppy markets and recent weakness in the sector have triggered a larger fall than most peers due to earlier over-valuation.

Where we go from here will I suspect be down to general market moves; but it is certainly one I will be closely monitoring as at 1250c the discount has risen to, for PEY, a very high 18.1%; and the yield has climbed to 6.1%. (based upon Bluemango's above dividend estimate)


free stock charts from uk.advfn.com

[bluemango] 02/2/2022 12:57

5.61% yield, and look at the record for sustained, solid growth.

Still cheap.

[whilstev] 31/1/2022 08:52

Yes that looks right to me.

[bluemango] 31/1/2022 08:05

I make the target dividend 0.763 EUR which would represent a near 14% increase on last year, and a 5.87% yield. Anyone concur?

[bluemango] 28/1/2022 09:23

Should know year end NAV around Tuesday.

And therefore, the approx amount for coming two dividend payments.

[stemis] 24/1/2022 15:47

All PE getting badly hit

[rcturner2] 17/1/2022 09:19

Agreed, the trailing yield is quite misleading.

[bluemango] 15/1/2022 14:54

Based on annual dividend payment being a target 5% of opening NAV, last stated NAV was 15.38 EUR giving approx 0.77 EUR dividend for 2022 (assuming no further change in NAV in December). This would be an attractive forward yield of 5.48%. Perhaps this helps justify the smaller discount?

Having first bought these in 2016 and with a good record of dividend growth since then, my current yield at cost is 9.8%.

[skyship] 15/1/2022 10:43

Another good PE result. We see these great sales/revaluations on a constant basis as most PE trusts invest on a 3-5yr basis.

Well worth finding BPET's great presentation yesterday on InvestorMeet - a detailed resume of how PE trusts operate.

For me the problem with PEY is the over-valuation v. peers. Why buy a trust on a 9% discount when the ones in the chart below trade at discounts of 14%-22%.

Having the higher discount and also in most cases a better NAV performance, shows in the relative out-performance of all v. PEY.

PEY is the highest yielder at c4.8% - runners-up being BPET (4.3%) & NBPE (3.2%).

BEST BUY at the moment has to be PIN which rather anomalously has drifted back to a 22.2% discount at 327.5p


free stock charts from uk.advfn.com

[cwa1] 14/1/2022 15:28

Guernsey, 14 January 2022

Partners Group sells Voyage Care, a UK specialist care provider

Partners Group, the Investment Manager of Princess Private Equity Holding Limited ("Princess"), acting on behalf of its clients, and Duke Street, a European mid-market private equity group, have agreed to sell Voyage Care, a leading provider of specialist care in the UK, to Wren House, the London-based global infrastructure investment manager.

The transaction values Princess' stake in Voyage Care at approximately GBP 15.1 million. This compares to a carrying value of GBP 12.2 million (EUR 14.3 million) at 30 November 2021.

So about a 20%+ increase over the carrying value. Not too shabby IMHO. Wonder how many like that there are in the portfolio...

[bluemango] 30/12/2021 12:14

And there's another all time high.

Superb dividend and great capital performance.

[cwa1] 23/12/2021 14:25

Got mine in ii now too, cheers

[hodgkisr] 23/12/2021 13:32

divi now credited by ii