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>AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc).</li><li>By comparison, the five-year total NAV CAGR return was 8.3%.</li><li>Problems in healthcare (no longer a core sector), and one portfolio company in particular, meant the strong average investee company EBITDA growth did not fuel NAV growth.</li></ul>

AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc).By comparison, the five-year total NAV CAGR return was 8.3%.Problems in healthcare (no longer a core sector), and one portfolio company in particular, meant the strong average investee company EBITDA growth did not fuel NAV growth.

Apax Global Alpha (APAX): Jam yesterday, and tomorrow, but not today