Standard Life European Private E Share Discussion Threads

[skyship] 01/3/2017 17:26

SEP changed its name at the end of January and is now Standard Life Private Equity Trust (SLPE). I have accordingly started a new thread:



Sorry RAM, just noticed that this Header was yours, so if you want to post your own revised Header I will of course delete mine...

[skyship] 14/12/2016 07:46

Time to sell SEP as the £ recovery takes the discount below 15%:
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14 December 2016 - Estimated NAV

At 30 November 2016, SLEPET's estimated NAV was 342.3 pence per share (estimated net assets GBP526.3 million), representing a 4.6% per share decrease from the estimated NAV at 31 October 2016 of 358.9 pence per share (estimated net assets GBP551.8 million). The 16.6 pence decrease in NAV primarily reflected unrealised foreign exchange losses arising from a 5.7% depreciation in the euro versus sterling during November.

[skyship] 07/11/2016 10:26

Opening para of a new Research Report by Edison:

Standard Life European Private Equity Trust (SEP) aims to achieve capital growth through investing in a focused portfolio of European (including UK) private equity funds that also give some underlying US exposure. SEP’s NAV total return has outperformed the LPX Europe index, representing a European private equity (PE) peer group, and the FTSE All-Share index over one, three, five and 10 years, with recent returns enhanced by sterling weakness following the UK’s vote to leave the EU. The manager sees anticipated slower UK economic growth as an opportunity for private equity fund managers to generate higher returns, and believes SEP is well positioned to provide investors with access to the countercyclical strategy of actively investing during a recessionary period and exiting as economies recover.

Link herewith – Registration is FREE:

[rambutan2] 05/7/2016 00:35

Note that 3i increased value of Action ( ) by approx 50% a few days ago. Previously (see below link) was 4% of nav, so...

[skyship] 27/5/2016 08:47

Estimated NAV

At 30 April 2016, SLEPET's estimated NAV was 306.7 pence per share (estimated net assets GBP474.7 million), representing a 1.1% per share decrease from the actual NAV at 31 March 2016 of 310.2 pence per share (actual net assets GBP480.2 million). The 3.5 pence movement in NAV reflected unrealised foreign exchange losses arising from a 1.4% decline in the euro versus sterling during April.

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Euro down 2.6% since end April.

[skyship] 14/4/2016 07:10

ESTIMATED NAV AT 31 MARCH 2016 WAS 304.9 PENCE PER SHARE (ESTIMATED NAV AT 29 FEBRUARY 2016 WAS 301.5 PENCE PER SHARE)

[skyship] 11/4/2016 09:46

Future announcements:

The Company is expecting to announce its estimated NAV at 31 March 2016 on 14 April 2016.

[skyship] 10/4/2016 18:09

Kenmitch posted this on the Mike Walters site:
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The excellent John Barron who runs a very successful Investment Trust portfolio in Investors Chronicle has just bought SEP for his Growth portfolio.

He points out the very focused portfolio, with 11 investments making up around 80% of NAV. He claims large holdings like this enable the Managers to get to know these companies well. He also notes that the portfolio is mature and that the NAV is conservatively valued and could be nearer to 340p than the quoted 301p.

He reckons the outlook both for the sector and SEP is good.
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This was obviously the reason for Friday's rise; and it would be normal for a further follow through next week.

[skyship] 31/3/2016 16:19

TRANSACTION IN OWN SHARES

On 31 March 2016 Standard Life European Private Equity Trust plc (the "Company") purchased for cancellation 1,000,000 ordinary shares of 0.2p each at a price of 204.00p per share.

Therefore, the total number of shares with voting rights in the Company is 154,776,294.

[tiltonboy] 24/3/2016 18:24

picked up a small number, and getting the ducks in a row to pick up some more next week. I am very underweight Europe, so happy to pick them up.

[rambutan2] 24/3/2016 17:17

Yes, € rise v £ helping out nicely. With around 50% of port from 2005 and earlier, there should be plenty of (non Sterling) cash flowing out over next couple of years. And note that 100% of port is at 31/12 valuations, so fairly up with events. All in all, I can't see anything that justifies the current discount.

[skyship] 24/3/2016 14:23

NAV announced to end Feb'16 as 301.5p! Still available to BUY @ 194p for an anomalous 35.7% Discount. Get a few in whilst you can...

[rambutan2] 29/10/2015 02:14

This is hovering around a 25% discount, based on 30 sept nav. Seems a bit cheap compared to historical norm. Portfolio has been doing ok after taking into account euro effect. Board and management not over sleepy types and finals due in dec. I think prob a buy at current price of 209-213p, the same price that two senior management bought £52k and £110k of shares at in july. imho

14 October 2015

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 30 SEPTEMBER 2015

-- ESTIMATED NAV AT 30 SEPTEMBER 2015 WAS 278.7 PENCE PER SHARE (ESTIMATED NAV AT 31 AUGUST 2015 WAS 277.2 PENCE PER SHARE)

-- SLEPET RECEIVED GBP6.8 MILLION OF DISTRIBUTIONS AND PAID GBP5.8 MILLION OF DRAW DOWNS DURING THE MONTH OF SEPTEMBER

-- OUTSTANDING COMMITMENTS OF GBP245.8 MILLION AT 30 SEPTEMBER 2015

SLEPET's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which the Company has holdings. In the case of SLEPET's valuation at 30 September 2015, 100% of the reported portfolio valuations were dated 30 June 2015.

Estimated NAV

At 30 September 2015, SLEPET's estimated NAV was 278.7 pence per share (estimated net assets GBP434.2 million), representing a 0.5% per share increase from the estimated NAV at 31 August 2015 of 277.2 pence per share (net assets GBP432.0 million). The 1.5 pence movement in NAV primarily reflected unrealised foreign exchange gains arising from a 1.1% appreciation in the euro during September.

Draw downs and distributions

SLEPET received GBP6.8 million of distributions and paid GBP5.8 million of draw downs during the month. The distributions received generated net realised gains and income of GBP3.0 million.

Commitments

The Company had GBP245.8 million of outstanding commitments at 30 September 2015. After undertaking a detailed review, the Manager continues to believe that up to GBP50 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had liquid resources of GBP69.4 million at 30 September 2015, comprising a cash balance of GBP32.1 million and GBP37.3 million invested at value (GBP38.5 million at cost) in UK and European equity index tracker funds. The Company has an undrawn GBP80 million syndicated revolving credit facility, provided by Citi and Societe Generale, that expires in December 2020.

Future announcements

The Company is expecting to announce its estimated NAV at 31 October 2015 on 13 November 2015.

[rambutan2] 16/9/2015 09:27

Nicely done Edison report from Feb 16: