SVG Capital Share Discussion Threads

[mr_bluesky] 06/12/2013 11:06

SKYSHIP:

How funny to see you here ;)

I have just bough in to SVI as I think it is very close to a big move up as it tends to do at this time of year if you look at the charts.

Many people think that charts just plot the past,but I believe they can predict future price movements and the patterns that are set up can also predict roughly when a break out is due.

We will see.

Price target a minimum of 500p form here IMO.

Mr Bluesky

[skyship] 01/12/2013 08:27

For the period from 1 Jul - 30 Sep there was an increase in NAV of 3.5% to 497.2p/share.

The next update should be the Finals in mid-Feb'14.

Can anyone advise how I can track the share price of Red&Black (Hugo Boss). Where is it now in relation to 30th Sep'13?

[cerrito] 23/9/2013 21:42

Price of Hugo Boss is 96+ up from 82ish at 30.6; given at 30.6 Hugo Boss was 25% of group assets that bodes well.
Still being active in their share buy back programme..in the last week bought 0.25% of total shares back.

[cerrito] 13/8/2013 16:16

Two FT comments on yesterday's results

[cerrito] 12/8/2013 10:39

Much better result than I had anticipated in terms of the NAV. Three reasons. I had not focused in on the Prosieben Sat situation; the issue of the partial sale of SVG Advisers; also remember that of the increase in valuation of £ 196.4m, 54.8, came from FX gains with £ weakening against both the US$(1.625 to £1.512 in H1) and the Euro(0.81 to .86 in H1).
Not surprised at all by the continuing gains since June 30.
Obviously in a strong financial position..perhaps too strong..and to be honesy would by just as happy if they went into rundown mode rather than making new commitments.
Interested to see that H1 performance of their SVG Diamond portfolio-the more leveraged bit- was + 13.8% in H1 compared to + 20.6% of their MBO portfolio.
Note no mention in the Chairman's statement of a dividend but given sizeable discount to NAV continues to be more efficient to return capital by buy back.
Rather frustrating that given Arysta is 14.7 % of the portfolio we know so little of them as they are a private company.
A bit spooked by repeating what we had been told already namely that the proceeds of Permira's sale of Hugo Boss are going to reduce leverage at the intermediate holding company Red and Black-did not know that this holding of Hugo Boss was so leveraged and not sure how I could have known with publicly available information. Illustrates the pitfalls of retail investors investing in pe, especially in this case where there are few concentrated holdings.

I will be remaining with what I have following this am's announcement

[cerrito] 06/8/2013 18:46

Good to see Hugo Boss shares at E91+
As far as I can see the share price fell from approx E88 at end march to E85 at end June so June NAV will one assumes be quite a bit down from the end March figure of 443p

[cerrito] 25/4/2013 08:47

Good IMS with index beating 13% NAV increase in Q1
For me too dependant on Hugo Boss share price, noting that Hugo Boss provided £44m of the uplift; note that as of today their spis broadly in line with March end having dropped one euro; good to see increase in Prosiebensat and indeed since March end its share price is up from 28.5 to 29.3euros.

[super_sub] 20/3/2013 14:15

I think the 420p tender offer might put a ceiling on the share price for the next month though.

[jaws6] 19/3/2013 14:38

svi mention with 450 target

[cerrito] 20/2/2013 23:32

Interesting to see that the share price has been strong even though they have not bought shares for a week.

[cerrito] 20/2/2013 23:28

Jusat looked at the prelims published last thursday; all very healthy but very well reflected in the price now at a 5% approx discount to the 31.12.12 NAV so it is a question of selling rather than holding.

[jaws6] 06/2/2013 12:13

cerrito
Tks. let's wait for news . may be 15% upside if true

[cerrito] 06/2/2013 09:41

From Monday's FT
ProSieben will be now the 4th largest portfolio company; valuation at Sept 11 was £62m out of total SVI assets at Jujube 12 of £1.3b so not a game changer but all helps.


The private equity owners of ProsiebenSat.1 are exploring a sale of their controlling stake in Germany's largest private broadcaster to a trade buyer, as they look to cash out from an multibillion-euro leveraged buyout done before the financial crisis.

Buyout firms KKR and Permira have appointed JPMorgan to advise on options for a potential partial or full exit this year following the €1.3bn disposal of ProsiebenSat.1's nordic assets in December, according to people with knowledge of the matter. Potential bidders at this early stage may include US media group Time Warner, two of them said.



KKR and Permira bought a €3.1bn majority stake in the German TV broadcaster in late 2006, at the peak of the leveraged buyout market. The transaction valued the company at about €5.9bn including debt. The private equity firms have had to write down their investment since, as the company suffered from declining advertising revenues and struggled under its debt load following the financial crisis.

The deal is emblematic of the expensive buyouts funded by large amount of debt during the credit boom and which have proven difficult to exit for their private equity owners after the 2008 crash.

Permira, which had raised Europe's largest buyout fund at the time of the ProsiebenSat.1 investment, is struggling to raise a new fund.

In 2011, ProsiebenSat.1 used €1.2bn from the sale of its Belgian and Dutch TV assets to pay down loans. Last year the company used most of the €1.3bn proceeds from the disposal of SBS, the company's nordic broadcasting assets, to Discovery Communications to reduce its debts.

ProsiebenSat.1 has also announced plans to convert its non-voting preference shares into voting common shares, a decision that would help improve liquidity of the stock and facilitate a sale on the market, people close to the situation said.

A gradual sale of stock on the public market is another option. The stock has advanced by more than 20 per cent since the start of the year, boosting the company's market value to €5.6bn.

But the company's private equity owners are also keen to sound out interest from trade buyers within the next month to assess the feasibility of a straight sale.

Time Warner is monitoring the situation, two people familiar with the US media group said. Gerhard Zeiler, international head of its Turner television division in November highlighted Germany as a country where it could seek acquisitions, though it has favoured faster-growing markets such as Latin America.

ProsiebenSat.1's advisers may also approach Axel Springer, the German newspaper and online publisher, although antitrust issues may prevent it from bidding. Other potential candidates may include Comcast, Dohan and News Corp, one of the people said.

Permira and ProSieben declined to comment. KKR could not be reached for comment.

[cerrito] 24/1/2013 19:12

In last 5 days 0.2% of shares have been bought back and the price has not moved despite price of other pe companies being buoyant

[cerrito] 15/1/2013 18:07

see they have put their foot on the gas in terms of buy backs with 160k in the last 2 days.

[deepvalueinvestor] 12/12/2012 19:46

Now on my radar due to activist investor interest but I must admit that the large holding in Hugo Boss didn't fill me with glee. However, like DNE it looks as though management will take action in 2013 to narrow the discount. I don't like getting late to the party but I might be tempted in.

[cerrito] 05/12/2012 23:58

With Hugo Boss shares at E79-my calculations show that based on Sept 30 figures-Hugo Boss represents a rather unhealthy 25% of the investment portfolio and the buy backs, continued strength to be assumed.

[18bt] 30/11/2012 08:45

Share buy backs continuing in decent size. Should support the price. Surprised this didn't react more to bullish comments by Electra

[18bt] 31/10/2012 07:29

Now the balance sheet has been broadly sorted out, they can pay further attention to the discount. So I'm expecting further buybacks here. Last time a tender was announced, it represented a very good opportunity to buy on announcement and then tender the max at 321p.

[skyship] 30/10/2012 18:15

Cerrito - HB has recovered to E77 and Galaxy is now up to $27.

So that 393p NAV could well actually rise on the next declaration. Currently SVI are on a 32.5% nav discount.

Have never held these.....but now on my Monitor....and may add them to the PE thread Header.

(Regretably missed them when at a 50% discount last December in the very early days of my conversion to the PE sector!)

[cerrito] 16/10/2012 15:09

Interested to see that Permira has been able to refinance Iglo's E1.7bn of debt and thus pay itself a E319m dividend.
This follows the successful refinancing that other pe companies have down with their debt.
Some of this dividend will come through to SVI whose holding in Iglo is their 4th largest and valued mid year at £111m.

[cerrito] 29/8/2012 08:54

market reaction to Galaxy sale no real surprise but the real test is how they use the £70m they will be receiving.