NB Private Equity Partners Limited Edison issues update on NB Private Equity Partners
14 Settembre 2022 - 8:15AM
RNS Non-Regulatory
TIDMNBPE
NB Private Equity Partners Limited
14 September 2022
London, UK, 14 September 2022
Edison issues update on NB Private Equity Partners (NBPE)
NB Private Equity Partners' (NBPE) latest NAV (as at end-July
2022) reflects an update on most private valuations from end-March
to end-June 2022, which led to a very limited 2% fall in NBPE's
private portfolio fair value. This impressive resilience allowed
NBPE to deliver a strong three- and five-year NAV TR to end-July
2022 of 18.6% and 15.3%, respectively (c 2x the return of MSCI
World Index), led by co-investments. Despite its strong track
record, NBPE's shares still trade at a c 31% discount to NAV, wider
than the average for its direct peers (although it also has a
single-layer fee structure but a more diversified portfolio), which
we find hard to justify. Its shares now offer an attractive 5.0%
annualised yield (versus an average of 2.5% for peers).
NBPE's NAV already reflects valuations after the public market
sell-off in H122, with c 77% of the portfolio now based on end-June
values received so far from lead sponsors. The resulting 2% fair
value reduction in private company positions compares favourably
with a c 20% fall in the MSCI World Index in TR terms in Q222. We
also note that NBPE expects its five full or partial exits
announced in 2022 ytd (c US$110m of expected proceeds) to be closed
at a 7% uplift to end-2021 carrying values, suggesting a prudent
valuation approach. Its ytd NAV TR decline of 7.3% (vs the MSCI
World Index's 14.0%) was largely driven by its listed holdings (14%
of portfolio), primarily those floated in 2021 at an average
valuation uplift of 125%, on whose partial exits NBPE has already
realised a multiple of invested capital of over 1.6x.
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September 14, 2022 02:15 ET (06:15 GMT)
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