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

Neuberger Private Equity Partners / Equity Bottom-Up

Neuberger Private Equity Partners (NBPE LN)

<ul>
<li>NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation</li>
<li>ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period.</li>
<li>NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.</li>
</ul>


NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation
ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period.
NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.


Neuberger Private Equity Partners | 1H’26 results: foot on the accelerator