DJ Hardman & Co Research on Apax Global Alpha (APAX): Outperformance by adding value to companies
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): Outperformance by adding value to companies 14-March-2023 / 14:05 GMT/BST The issuer is solely responsible for the content of this announcement.
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Hardman & Co Research on Apax Global Alpha (APAX):
Outperformance by adding value to companies
The full-year results to Dec'22 reconfirmed the core strengths of AGA, notably i) Apax enhances the operational performance of its investments - revenue and EBITDA growth of 21.5% and 18.5%, respectively, are well ahead of the market, ii) a 15% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a -7.4% NAV return, driven largely by the listed holdings' rating multiples fall (these companies have already delivered 3.4x money on invested capital return), and iv) the Derived Investments portfolio proved its worth, with diversified, more stable returns, and generating cash to pay the dividend. The NAV should be resilient in uncertain times.
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Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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End of Announcement - EQS News Service
1582271 14-March-2023
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(END) Dow Jones Newswires
March 14, 2023 10:05 ET (14:05 GMT)
