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Hardman & Co

Research from Hardman & Co

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Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul>
<li>The key messages from AGA’s 1H’24 results were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from 12.2% in FY’23) ‒ widening margins reflect the value added by Apax, iii) buybacks utilising the distribution pool started at end-June, and iv) continued diversification and liquidity benefits from the debt portfolio.</li>
<li>As noted in our July note, CM day: further proof of value added by Apax, the stock of exit-able businesses is rebuilding.</li>
<li>The as-expected interim dividend (5.5p) generates an annual yield of 7.7%.</li>
</ul>


The key messages from AGA’s 1H’24 results were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from 12.2% in FY’23) ‒ widening margins reflect the value added by Apax, iii) buybacks utilising the distribution pool started at end-June, and iv) continued diversification and liquidity benefits from the debt portfolio.
As noted in our July note, CM day: further proof of value added by Apax, the stock of exit-able businesses is rebuilding.
The as-expected interim dividend (5.5p) generates an annual yield of 7.7%.


Apax Global Alpha (APAX) - 1H’24 Deal Activity Coming Back Strongly

<ul>
<li>The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is above 23%) (€30m has been seeded into pool and buybacks started); ii) the value added by the four-sector “hidden gems” strategy of buying businesses with unrealised potential at discount to peers (average 24%), improving them (average 15% increase in EBITDA growth during Apax Funds ownership), then selling at a premium (11%); and iii) the stock of exit-able businesses is rebuilding after above-normal exits in 2020-21.</li>
</ul>


The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is above 23%) (€30m has been seeded into pool and buybacks started); ii) the value added by the four-sector “hidden gems” strategy of buying businesses with unrealised potential at discount to peers (average 24%), improving them (average 15% increase in EBITDA growth during Apax Funds ownership), then selling at a premium (11%); and iii) the stock of exit-able businesses is rebuilding after above-normal exits in 2020-21.


Hardman & Co Research: Apax Global Alpha - CM day: further proof of value added by Apax

United Kingdom

Apax Global Alpha Limited operates as an investment company. The Company focuses on private equity and derived investments in debt and equity. Apax Global Alpha serves clients in Guernsey.

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Apax Global Alpha (APAX LN)

Apax Global Alpha (APAX) - 1H’24 Deal Activity Coming Back Strongly

The key messages from AGA’s 1H’24 results were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean...

Hardman & Co

Hardman & Co Research: Apax Global Alpha - CM day: further proof of value added by Apax

The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend...

Hardman & Co

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52-week Range

Market Cap (USDm)

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