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

NB Private Equity Partners / Equity Bottom-Up

<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