DJ Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face of rising interest rates
Hardman & Co Research
Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face of rising interest rates
25-Sep-2023 / 14:45 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):
Resilience in face of rising interest rates
The interim results to June 2023 reconfirmed AGA's core strengths, notably i) Apax enhances the operational
performance of the funds' investments - LTM revenue and EBITDA growth of 16.0% and 14.1%, respectively, are, we
believe, ahead of the market, albeit slowing in 2Q, ii) a 24% uplift on exits, proving conservative accounting and that
the NAV is realistic, iii) a 2.4% NAV return, with the five-year 12.4% annualised return, and iv) the Debt portfolio
proved its worth, with diversified, more stable returns, and generating cash to pay the dividend. Despite rising
interest rates, the investee companies, Apax Funds and the trust itself have shown great resilience.
Please click on the link below for the full report:
https://hardmanandco.com/research/corporate-research/resilience-in-face-of-rising-interest-rates/
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Mark Thomas
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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.
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1733829 25-Sep-2023
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(END) Dow Jones Newswires
September 25, 2023 09:45 ET (13:45 GMT)
