Actively driving portfolio resilience

Princess Private Equity Holding 11 March 2020 Review
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Princess Private Equity Holding

Actively driving portfolio resilience

Investment trusts
Private equity

11 March 2020

Price

€9.66

Price (PEYS)

904.0p

Market cap

€668.0m

NAV

€870.6m

NAV*

€12.59

Discount to NAV

23.3%

*As at end-January 2020

Yield**

6.0%

**based on last two interim payments

Ordinary shares in issue

69.2m

Code

PEY/PEY

Primary exchange

LSE

AIC sector

Private Equity

Share price/discount performance

Three-year performance vs index

52-week high/low

€12.25

€9.16

€12.59

€11.18

**Including income.

Gearing

Gross*

3.0%

Net*

2.3%

*As at end-September 2019.

Analyst

Milosz Papst

+44 (0) 20 3077 5700

Princess Private Equity Holding is a research client of Edison Investment Research Limited

Princess Private Equity (PEY) delivered a robust NAV TR increase in FY19 of 21.1% on the back of good earnings momentum and progress with the ‘buy and build’ strategy for key portfolio holdings. The company remains fully invested, with most of its €50m credit facility drawn at end-January 2020. It plans to repay this on receipt of proceeds from the Action exit, which was agreed in FY19. Looking ahead, PEY remains committed to its strategy of creating resilience in portfolio companies aimed at mitigating downside risks from a potential economic downturn.

PEY’s solid performance ahead of the European-listed PE universe

Source: Princess Private Equity, Edison Investment Research

The market opportunity

In the current late-cycle environment, PEY offers exposure to a private equity portfolio of high-conviction ideas, where it continues to focus on actively enhancing defensive attributes rather than simply buying defensive assets. It aims to achieve this through leveraging secular transformative tailwinds; pursuing a ‘buy and build’ strategy; driving operational improvement through its industry value creation (IVC) team; emphasising governance; and extending holding periods and underwriting a decline in market multiples. PEY’s higher weighting to less cyclical sectors vs the broader equity market may provide some downside protection if the coronavirus outbreak triggers an economic recession.

Why consider investing in Princess Private Equity?

Strong emphasis on portfolio defensiveness and resilience of cash flows.

Investment manager’s extensive experience (more than 20 years).

Well-resourced team and global platform.

Portfolio diversified across industries and vintages.

Attractive dividend policy with targeted pay-out of 5–8% of opening NAV.

Trading at narrower discount and attractive yield

PEY’s discount to NAV narrowed to c 5% at mid-February 2020 (vs a five-year average at 13.6%) following a strong share price appreciation, assisted by a significant NAV progression over the last 12 months. That said, the discount widened to 20.2% at end-February 2020 amid a negative broad market reaction to the coronavirus outbreak. The trust offers an attractive LTM dividend yield of 6.0%, well ahead of the peer average of 3.1%.

Exhibit 1: Company at a glance

Investment objective and fund background

Recent developments

Princess Private Equity Holding is an investment holding company domiciled in Guernsey that invests in private equity and private debt. Its portfolio may include direct, primary and secondary fund investments. Princess aims to provide shareholders with long-term capital growth as well as an attractive dividend yield. The shares are traded on the Main Market of the London Stock Exchange.

26 February 2020: January monthly report. NAV TR +0.2%.

27 January 2020: December monthly report. NAV TR 5.7%, full-year 21.1%.

23 December 2019: November monthly report. NAV TR 0.5%, ytd 14.5%.

26 November 2019: October monthly report. NAV TR -0.4%, ytd 14.0%.

20 November 2019: Q319 report.

Forthcoming

Capital structure

Fund details

AGM

May 2020

Ongoing charges

1.8%* (LTM as at Q319)

Group

Partners Group

Interim results

13 August 2020

Net gearing

2.3% (end-September 2019)

Manager

Team-managed

Year end

31 December

Annual mgmt fee

1.5%

Address

Tudor House, PO Box 477,
Guernsey, GY1 1BT

Dividend paid

June, December

Performance fee

See our previous note (p. 14)

Launch date

1999 (listed since 2006)

Company life

Indefinite

Phone

+44 (0) 1481 730 946

Continuation vote

None

Loan facilities

€50m

Website

www.princess-privateequity.net

Dividend policy and history (financial years)

Share buyback policy and history (financial years)

PEY intends to pay a total annual dividend equivalent to c 5–8% of NAV per share, in two instalments.

Under an authority granted in 2010, PEY’s directors may buy back up to 14.99% of shares or allot shares up to c 10% of the share capital, each year. However, no shares have been issued or repurchased since FY14.

Shareholder base (at 2 March 2020)

Portfolio exposure by asset type (at 31 January 2020)

Top 10 holdings (at 31 January 2020)

Portfolio weight %

Company

Region

Sector

31 January 2020

31 January 2019

Permotio International Learning

Western Europe

Consumer discretionary

12.3

7.5

Action

Western Europe

Consumer discretionary

11.1

8.4

GlobalLogic Inc.

North America

Information technology

5.3

3

Foncia

Western Europe

Financials

4.9

3.6

KinderCare Education

North America

Consumer discretionary

4.9

3.2

Fermaca

Rest of World

Energy

3.3

3.6

Ammega

North America

Industrials

3.3

N/A**

Techem Metering

Western Europe

Industrials

3.1

N/A**

PCI Pharma Services

North America

Healthcare

3

N/A**

Form Technologies

North America

Materials

3

4.6

Top 10 (% of portfolio)

54.2

42.0

Source: Princess Private Equity Holding, Edison Investment Research, Bloomberg. Note: *Including management fee and excluding incentive fee. **Not in top 10 holdings at end-January 2019.

Strong performance from PEY’s core strategy

PEY delivered a solid NAV TR of 21.1% in 2019 and the five-year NAV TR is 13.8% per year. Performance in 2019 was supported by significant portfolio valuation developments, which in total contributed 25.5pp to the NAV progression. In the period, NAV per share increased by €1.66 to €12.56, with the top 10 largest value drivers contributing €2.23 per share to this growth (Exhibit 2). This also accounts for the full-year dividend payment of €0.58 per share.

Exhibit 2: Top 10 NAV drivers in FY19 ( per share)

Source: Princess Private Equity Holding, Edison Investment Research. Note: As per number of shares at end-December 2018 (69.2m; unchanged during FY19).

Write-ups were driven by continuous execution of the ‘buy and build’ strategy coupled with strong operational progress of several companies, including Permotio International, GlobalLogic, KinderCare Education and Foncia. Other portfolio holdings also saw solid earnings momentum, including PCI Pharma Services, Vishal Mega Mart and Techem Metering. The most notable exit agreed in the period was Action, PEY’s second largest portfolio holding at end-December 2019 (c 11% of its NAV). The fund has also fully exited Vermaat and Agiliti, while making a partial exit from Global Blue and Ceridian HCM (more details can be found below).

Solid NAV progression in FY19 triggered a 37.4% share price return, with the discount narrowing to 13.2% from 22.9% during the year. In January 2020, NAV increased by a slight 0.2% and the discount narrowed further to 11%. On 10 March 2020, PEY traded at a 23.3% discount to NAV after its share price declined 13.8% since end-January 2020. We believe this is related to the broad market uncertainty amid the coronavirus outbreak, as illustrated by the 14.8% drop in the MSCI World Index since end-January 2020.

Remaining fully invested despite several exits

Investments in FY19 totalled €69.3m and included two consumer care companies (Blue River PetCare and Schleich), two healthcare holdings (Confluent Health and Nestle Skin Health -rebranded to Galderma) as well as one company from each of the IT, financial and industrial sectors (Idera, Project Fox, and BCR Group, respectively). The company has also invested in Convex Group, an international speciality insurer and reinsurer. Moreover, PEY made an €8.0m follow-on investment in Permotio to support the company's ongoing 'buy and build' strategy. For more details on the above transactions, please see our previous review note.

PEY’s investments since we last published include an €0.7m add-on-investment in SHL, a global psychometric testing provider, in November 2019, as well as €9.2m invested in Axel Springer as part of a voluntary tender offer in December 2019, along with KKR and other investors. The company is a Germany-based publishing house, which offers a portfolio of online classified portals as well as print and digital content in over 40 countries.

Post FY19, PEY acquired a stake in Eye Care Partners (ECP) for €10.1m. The company provides medical vision services across 13 states in the US. It has medical optometry and ophthalmology practices in more than 450 locations and employs 500 optometrists, 85 ophthalmologists and over 4.4k clinic staff. Partners Group will become ECP’s majority shareholder and will work with the company’s management on its organic and M&A growth. ECP will increase PEY’s exposure to the healthcare sector and North America, which represented 14% and 32% of its NAV at end-December 2019, respectively. Partners Group expects to close the transaction in Q120.

PEY was quite active on the investment front at the start of the year, investing €27.9m in January 2020. This includes an €11.2m investment in eResearch Technology, a provider of integrated online software application services for pharmaceutical, biotechnology and medical device industries. PEY also advanced €9.9m to Allied Universal, a US-based provider of facility and security services. Finally, the trust made a €6.8m follow-on investment in AMMEGA, a belt technology company, which will use the funds to finance the acquisition of Midwest Industrial Rubber, a US-based provider of facility and security services.

Exhibit 3: Investments, realisations and net liquidity* since 2015 until end-January 2020

Source: Princess Private Equity Holding, Edison Investment Research. Note: *Net liquidity calculated as liquid resources to NAV.

Realisations in FY19 were €104.1m. Of this amount c 39% was related to PEY’s third-party fund portfolio, which represented c 7% of PEY’s NAV at end-December 2019 (vs 13% at end-December 2018). The largest equity realisation was the full exit of Vermaat, a Dutch market leader in premium outsourced catering and hospitality services. This transaction generated €18.0m proceeds, representing a return of 2.75x cost over a holding period of around four years, which translated into a gross IRR of more than 30%. Since PEY entered Vermaat in 2015, the company increased its EBITDA by 1.7x, assisted by expansion of its locations to 360 from 188, five add-on acquisitions and market entry into Germany. Moreover, PEY’s exit from Agiliti at a multiple of 2.63x (since investment in 2007) generated proceeds of €10.8m. The company also received €8.0m from the ongoing sale of its shares in Ceridian HCM, a global provider of human resources software and services, following its listing on the New York Stock Exchange in April 2018.

Post period-end realisations include €97.7m proceeds from the full exit from Action. PEY states the transaction represented a solid multiple of 35.7x since the investment in 2011. The company has also agreed a partial exit from Global Blue, a tourism shopping tax refund company headquartered in Nyon (Switzerland), following its merger with Far Point Acquisition Corporation. This transaction valued Global Blue at €2.3bn, representing a modest uplift to the carrying value as at 31 December 2019. PEY anticipates it will receive €8.0m proceeds on completion of the transaction, which is expected in Q220. In January 2020, PEY received €10.2m realisations, mostly from its legacy fund portfolio, which further reduced its share in NAV to 6% at end-January 2020.

High exposure to focus sectors

At end-January 2020, the 10 largest portfolio holdings represented 54.2% of NAV versus 42.0% a year earlier. This results from significant valuation uplifts of the largest holdings throughout the year, in particular Permotio and Action, which has also led to an increase in the share of consumer discretionary sector in the portfolio (35% at end-January 2020 vs 30% at end-December 2018). We note, however, that this will change following the completion of the Action exit. Investments from Partners Group/co-lead increased to 71% of NAV at end-December 2019 from 62% at end-December 2018 at the expense of legacy third-party funds, which represented 7% of NAV at end-December 2019 and decreased to 6% at end-January 2020 (Exhibit 4).

Exhibit 4: Investments by asset type

Exhibit 5: Investments by industries

Source: Princess Private Equity Holding, Edison Investment Research. Note: Data at 31 December 2019 (last available).

Source: Princess Private Equity Holding, Edison Investment Research. Note: Data at 31 January 2020.

Exhibit 4: Investments by asset type

Source: Princess Private Equity Holding, Edison Investment Research. Note: Data at 31 December 2019 (last available).

Exhibit 5: Investments by industries

Source: Princess Private Equity Holding, Edison Investment Research. Note: Data at 31 January 2020.

Despite the broader economy slowdown recently, portfolio companies delivered solid growth in sales and EBITDA in the 12 months ending December 2019 (Exhibit 6).

Exhibit 6: Sample* valuation and performance metrics for direct portfolio

End-December 2019

End-September 2019

End-December 2018

US buyout average**

Valuation metrics

EV/EBITDA

14.0x

14.2x

13.0x

11.9x

Net debt/EBITDA

5.1x

5.1x

5.4x

6.6x

Weighted average leverage

38.6%***

38.3%***

43.2%***

Weighted average EV

€2.5bn

€3.1bn

€2.5bn

Performance metrics (12m)

Weighted average revenue growth

9.6%

11.7%

10.2%

Weighted average EBITDA growth

12.4%

14.1%

11.5%

Weighted average revenue

€0.8bn

€1.3bn

€1.1bn

Source: Princess Private Equity Holding, Edison Investment Research. Note: *Valuation metrics are based on a sample of all direct equity investments, which constituted 77.9% of NAV at end-December 2019, 84.3% of NAV at end-September 2019 and 73.9% at end-December 2018. Performance metrics are based on sample of all companies where comparable data are available and not driven mainly by M&A (57.7% of NAV at end-December 2019, 69.1% of NAV at end-September 2019 and 55.8% at end-December 2018). **2019 average US buyout multiples according to McKinsey A new decade for private markets report. ***Defined as debt as a % of enterprise value.

Outlook: Creating instead of buying defensiveness

The investment manager remains wary of the current late-cycle environment with increasing downside risks from low growth and geopolitical uncertainties. It intends to mitigate these through proactively facilitating growth, creating resilience/defensiveness and building out cash flows in its portfolio companies rather than simply buying defensive assets, which currently exhibit demanding valuations/limited yields and in some instances vulnerability to disruption (eg, some large-cap consumer companies). This shall be achieved through:

Leveraging secular transformative tailwinds in a five- to 10-year horizon, such as digitalisation, aging of society/health awareness, automation, sustainability etc., supporting organic growth.

Displaying a preference for highly fragmented sectors allowing pursuit of a ‘buy and build’ strategy.

Implementing operational improvement (leading, among others, to margin enhancement) by the investment manager’s IVC team.

Placing emphasis on governance and designing an optimal board of directors in the companies it invests in.

Extending holding periods and running winners for longer

Conservative underwriting which assumes a decline in market multiples during the holding period.

PEY will continue focusing on ‘thematic sourcing’, namely high-conviction ideas within selected subsectors of consumer, healthcare, industrials, financial and business services and TMT industries. It targets the global middle and upper-middle buyout market where pricing is somewhat less demanding in comparison to large and megadeals. Moreover, it will shy away from highly competitive bidding processes and look to pre-empt a sales process and leverage its industry expert network to find opportunities ahead of other potential investors.

Although PEY is looking for attractive new investments, we note it is currently fully invested and had a net negative liquidity at €73.2m (8.4% of NAV) at end-January 2020 (vs a positive €6.1m at end-January 2019), with €48.5m of its €50m credit line drawn to fund new investments and the December dividend pay-out. In FY19, PEY’s unfunded commitments decreased by €14.1m to €79.6m at end-December 2019, largely due to a reduction in commitments to legacy funds (down €11.2m). After adding PEY-calculated net gearing and subtracting the undrawn part of its credit facility from total unfunded commitments, we arrive at an overcommitment ratio (as a percentage of NAV) of c 17.4% at end-January 2020 (vs 10.0% at end-October 2019 and 7.8% at end-January 2019).

However, PEY intends to pay down the credit facility with the proceeds from Action following the closure of the transaction in May 2020. PEY should receive a total of €97.7m, of which €88.6m will be paid on closure of the deal (the remaining €9.1m will be due in May 2023). We estimate that, when adjusted for the €88.6m proceeds, pro forma net liquidity and PEY’s overcommitment ratio at end-January 2020 would be a positive €15.4m (1.8% of NAV) and c 7%, respectively. Moreover, we note the balance of unfunded commitments is somewhat overstated as legacy funds represented c 34% of these at end-December 2019 (vs 41% at end-December 2018) but they are out of their investment period and are unlikely to be called in full.

Peer group comparison

In Exhibit 7, we show a group of the larger funds in the Association of Investment Companies’ private equity sector, of which PEY is a member, all in sterling terms. The peers are geographically diverse and follow a variety of investment strategies, from wholly or largely funds-of-funds to wholly or largely direct, and may also include secondary investments, co-investments and private debt.

After a strong NAV progression in the 12 months ended January 2020, PEY’s NAV total return performance is above the peer group average. The trust also slightly outperformed the peer group average for NAV total returns over three and five years (in sterling terms). Share price return was also solid compared to its peers, particularly over the 12 months ending January 2020. PEY’s discount to NAV has widened to 23.3% from 11% at end-January 2020, following the broad market sell-off in late February 2020 amid the coronavirus outbreak. However, PEY’s discount is still in line with the average for its peers, which also suffered significant share price depreciation in this period. PEY’s dividend yield at 6.0% is the second highest among its peers and well ahead of the 3.1% average.

Exhibit 7: Listed private equity investment companies peer group, at 10 March 2020*

% unless stated

Country focus

Market cap (£m)

NAV TR 1 year

NAV TR 3 years

NAV TR 5 years

Price TR 1 year

Price TR 3 years

Price TR 5 years

P/NAV premium/
(discount)

Dividend yield (%)

Princess Private Equity

Global

552.8

16.0

39.6

108.2

23.6

40.7

140.0

(23.3)

6.0

Apax Global Alpha

Global

761.2

16.1

34.5

N/A

9.4

18.5

N/A

(15.4)

6.2

BMO Private Equity Trust

Global

260.3

5.1

25.1

70.9

5.5

33.3

95.7

(9.0)

4.1

Deutsche Beteiligungs

Europe

384.1

8.5

37.4

97.6

11.4

37.7

99.5

(0.2)

5.0

HarbourVest Global Priv Equity

Global

1,285.8

14.7

38.8

97.6

28.8

53.6

117.3

(21.0)

0.0

HgCapital Trust

UK

955.4

24.1

71.4

140.7

22.2

65.7

152.8

(7.0)

2.0

ICG Enterprise Trust

UK

589.6

10.1

41.1

88.0

7.3

36.5

76.2

(24.6)

2.6

JPEL Private Equity

Global

184.6

(4.5)

10.4

64.5

(7.7)

(1.4)

73.7

(28.8)

0.0

Oakley Capital Investments

Europe

467.7

24.5

55.9

82.9

28.8

61.6

57.1

(31.7)

1.9

Pantheon International

Global

1,171.0

9.2

32.4

82.9

3.3

26.7

65.5

(21.8)

0.0

Standard Life Private Eq

Europe

499.7

7.2

36.4

95.9

22.0

47.8

122.1

(24.6)

3.9

Symphony International Hldg

APAC

186.1

11.2

2.2

22.5

(20.6)

(25.4)

18.2

(52.1)

5.3

Peer group average

608.2

12.2

35.4

86.5

11.2

32.9

92.6

(21.6)

3.1

PEY rank in group (11 funds)

6

4

4

2

3

5

2

7

2

Source: Morningstar, Edison Investment Research. Note: *Performance data to 31 January 2020. TR: total return. All returns expressed in sterling terms.

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This report has been commissioned by Princess Private Equity Holding and prepared and issued by Edison, in consideration of a fee payable by Princess Private Equity Holding. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

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General disclaimer and copyright

This report has been commissioned by Princess Private Equity Holding and prepared and issued by Edison, in consideration of a fee payable by Princess Private Equity Holding. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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