Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

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

ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future.</li><li> So, are we now facing a real risk of the UK economy stagnating due to lack of funding?</li><li>If that is the case, who is going to take the initiative and avert such a crisis?</li></ul>

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future. So, are we now facing a real risk of the UK economy stagnating due to lack of funding?If that is the case, who is going to take the initiative and avert such a crisis?

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

Neuberger Private Equity Partners / Equity Bottom-Up

Neuberger Private Equity Partners (NBPE LN)

<ul>
<li>Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.</li>
<li>The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.</li>
<li>In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.</li>
</ul>


Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.
The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.
In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.


NB Private Equity Partners: 2024 - short-term noise over long-term growth

<ul><li>We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.</li><li>In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.</li><li>The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.</li></ul>

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

<ul>
<li>The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth</li>
<li>ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and</li>
<li>iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.</li>
</ul>


The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth
ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and
iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.


NB Private Equity Partners - CM Day: 6 November Fireworks

United Kingdom

Neuberger Private Equity Partners (NBPE) is a London-listed investment company specializing in direct equity investments in private companies, diversifying across industry, vintage year, and underlying private equity manager. The company aims to generate attractive long-term returns by co-investing alongside leading private equity sponsors, primarily focusing on North American and European unquoted companies. NBPE was established in 2009 and is headquartered in Saint Peter Port, Guernsey.

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Neuberger Private Equity Partners (NBPE LN)

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their...

Hardman & Co

NB Private Equity Partners: 2024 - short-term noise over long-term growth

Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed...

Hardman & Co

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique...

Hardman & Co

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

NB Private Equity Partners - CM Day: 6 November Fireworks

The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the...

Hardman & Co

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