Investment research on quoted companies and funds

Hardman & Co

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.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

<ul><li>As noted in our reports, 'CM day: further proof of value added by Apax' and '1H’24: deal activity coming back strongly', the stock of exit-able businesses is rebuilding at a time when market demand is returning.</li><li>Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels.</li><li>In this note, we analyse the likely impact of the exit trend on i) NAV, with an expected greater correlation between EBITDA growth and NAV growth, ii) cashflows, iii) sentiment, and iv) the discount to NAV.</li></ul>

As noted in our reports, 'CM day: further proof of value added by Apax' and '1H’24: deal activity coming back strongly', the stock of exit-able businesses is rebuilding at a time when market demand is returning.Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels.In this note, we analyse the likely impact of the exit trend on i) NAV, with an expected greater correlation between EBITDA growth and NAV growth, ii) cashflows, iii) sentiment, and iv) the discount to NAV.

Apax Global Alpha - AGA passed inflexion point with deal activity rising