Redeploying funds after strong realisations

Princess Private Equity Holding 26 November 2021 Update
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Princess Private Equity Holding

Redeploying funds after strong realisations

Investment trusts
Private equity

26 November 2021

Price

€13.7

Price (PEYS)

1,154p

Market cap

€947m

NAV

€1,091m

NAV per share*

€15.77

Discount to NAV

13.1%

Yield

4.6%

Shares in issue

69.2m

Code

PEY/PEYS

Primary exchange

LSE

AIC sector

Private Equity

52-week high/low

€14.3

€10.7

€15.77

€12.96

Gearing

Gross*

7.3%

Net cash*

6.4%

*At 31 October 2021

Fund objective

Princess Private Equity Holding is an investment holding company domiciled in Guernsey that invests in private equity and has a minor private debt position. Its portfolio consists mostly of direct investments but may also include primary and secondary fund investments. It aims to provide shareholders with long-term capital growth and an attractive dividend yield.

Bull points

Strong NAV performance in 2021 so far, underpinned by solid uplifts on exits and exposure to resilient sectors.

Attractive dividend policy.

Operational performance of portfolio holdings returning to pre-COVID-19 growth rates.

Bear points

Ample dry powder in the market translating into strong competition for quality assets.

Continuously high valuations in the more resilient sectors.

High level of PEY’s liquidity after recent large realisations.

Analyst

Milosz Papst

+44 (0)20 3077 5700

Anna Dziadkowiec

+44 (0)20 3077 5700

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

Princess Private Equity (PEY) reported a c 21% NAV TR from January to end-October 2021 driven by exits (most notably GlobalLogic in Q121) and revaluations of existing portfolio holdings. PEY’s realisations outpaced new private equity investments in the period, which has led to an increase in net current assets. That said, PEY has temporarily allocated part of them in senior loans to mitigate the risk of cash drag and announced several new direct private equity investments that are still in the closure period. PEY’s investment manager is confident in its investment pipeline and expects PEY to be close to fully invested in H222.

Record high realisations in 2021 to end-October 2021

Source: Refinitiv. Note: Net liquidity calculated as net current assets to NAV. *Includes realisations and investments completed to end-October 2021.

Why consider PEY now?

The manager’s focus remains on the prudent selection of new investments aligned with secular transformative growth themes (eg digitalisation, ageing society/health awareness, automation and sustainability). Moreover, it aims to create defensiveness in PEY’s holdings through a focus on resilient growth rather than simply buying defensive companies. This results in PEY’s high exposure to businesses in the technology, education and healthcare sectors. Average last 12-months (LTM) EBITDA growth across its major holdings (c 60% of its NAV) was a strong 28% at end-September 2021 (versus c 16% LTM to end-Q221) after some of its holdings returned to a pre-pandemic level of activity (in the consumer sector in particular).

The analyst’s view

Following a period of strong realisations, PEY has significant dry powder and its investment manager expects further realisations from PEY’s mature portfolio in the coming quarters. Having said that, the investment manager has a rich near-term (c six-month) pipeline of new investment opportunities: 37 deals with a total volume of c US$20bn, including 12 live investment opportunities in services, 10 in goods and products, eight in technology and seven in the health and life sectors. Meanwhile, given that PEY will remain selective in its new investments, it has decided temporarily to invest part of its excess liquidity in a diversified portfolio of senior loans (c 13% of NAV at present, according to management), which offer a c 4.2% yield.

Strong NAV TR of c 20% in 9M21

PEY’s net asset value (NAV) total return (TR) was 19.8% in the first nine months of 2021 (9M21), attributable, most notably, to a €48m uplift on the exit from GlobalLogic in Q121 (see our last review note for more details). In Q321 alone, PEY posted an NAV TR of c 2.6%, with its NAV up by c €27m, supported in particular by the revaluation of KinderCare (+€13m or c 26%) and Form (+€7m or c 28%). The revaluation of KinderCare (4.6% of PEY’s NAV at end-September 2021) results from the improving outlook for early childhood education in the United States, which has broadly returned to a pre-pandemic state recently. Form, a global manufacturer of customised, small, highly engineered metal components, has benefited from the recent economic recovery, in particular in the automotive and oil & gas sectors. The revaluation of KinderCare and Form follows write-downs of these holdings after the pandemic outbreak by c €6.6m between end-FY19 and end-Q221 for the former and €8.3m for the latter over the same period. Of PEY’s 10 largest portfolio holdings, only Foncia and Fermaca contributed negatively to PEY’s NAV growth in Q321, although their impact on NAV TR was small (c €4m or c 8% of the previous carrying value and c €2m or c 7%, respectively).

The LTM EV/EBITDA ratio of 15.4x at end-Q321 (based on a sample of 45 companies, representing c 66% of its NAV) was only slightly down versus 15.7x at end-FY20 and end-Q221. PEY’s portfolio companies continue to deliver solid operating performance, with average LTM revenue growth of c 16% to end-Q321 (versus c 7% LTM to end-Q221), an EBITDA rise of c 28% over the same period (c 16%) and EBITDA margin of c 19% at end-Q321 (versus c 21% at end-FY20). Having said that, management highlights that sales and EBITDA growth in the period was from a relatively low base in some cases, affected by disruptions during the pandemic, in the consumer sector in particular.

PEY’s NAV TR was c 21% in 2021 to end-October 2021, compared with c 26% for the MSCI World Index and c 31% for the private equity index LPX Europe NAV. Over a three- and five-year period, PEY delivered an NAV TR of c 17% pa and c 14% pa respectively, in line with the MSCI World Index and compared to c 14% in both periods for the LPX Europe NAV Index.

Exhibit 1: PEY’s performance to 31 October 2021

Price, NAV and index total return performance, three-year rebased

Price, NAV and index total return performance (%)

Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.

PEY’s shares are trading at a discount to NAV of c 13% at 24 November 2021, only slightly higher than c 11% over the three years to end-February 2020 (pre-COVID-19 pandemic). Its discount to NAV is in line with the peer group average at 24 November 2021 (see Exhibit 3 and related comments below).

Exhibit 2: Share price discount to NAV over five years (%)

Source: Refinitiv, Edison Investment Research

Offering an attractive dividend yield

In October 2021, PEY declared its second interim dividend for FY21 of €0.335 per share (payable in December 2021). Consequently, the 2021 total dividend stands at €0.67 per share, in line with its guidance to distribute 5% of opening NAV for each financial year via semi-annual payments. This implies a yield of 4.6% compared to 2.4% on average for its peers. While PEY’s one-, three- and five-year NAV TR to end-October 2021 is somewhat below the peer group averages, its three- and five-year performances are broadly in line with the MSCI World Index and the private equity index LPX Europe NAV. PEY is trading at a similar discount to NAV as its peers. Two companies from PEY’s peer group are trading at a premium to NAV, including HgCapital Trust (which we believe is a function of its tech-focused portfolio) and Deutsche Beteiligungs (reflecting its asset management segment generating regular fee income).

Exhibit 3: Listed private equity investment companies peer group, at 24 November 2021* in sterling terms

% unless stated

Country focus

Market cap (£m)

NAV TR 1 year

NAV TR 3 years

NAV TR 5 years

Latest discount

Ongoing Charge

Perform. Fee

Net gearing

Dividend yield (%)

Princess Private Equity

Global

796.2

20.2

50.3

83.8

(13.1)

1.9

Yes

100

4.6

Apax Global Alpha

Global

1,119.7

37.6

76.0

96.0

(12.0)

1.5

Yes

100

4.9

BMO Private Equity Trust

Global

347.9

48.7

73.2

111.6

(14.8)

1.3

Yes

112

3.7

Deutsche Beteiligungs

Europe

621.0

32.9

24.4

85.0

14.9

0.3**

No

100

2.0

HarbourVest Global Priv Equity

Global

2,152.2

45.3

82.0

124.5

(16.6)

1.3

Yes

100

0.0

HgCapital Trust

UK

1,875.3

40.4

113.0

193.0

1.4

1.6

Yes

100

1.2

ICG Enterprise Trust

UK

877.1

37.5

57.2

111.3

(16.0)

1.5

Yes

100

2.0

NB Private Equity Partners

Global

846.5

48.8

72.4

110.6

(18.5)

2.2

Yes

108

2.9

Oakley Capital Investments

Europe

685.8

25.6

77.0

117.4

(13.7)

2.5

Yes

100

1.2

Pantheon International

Global

1,793.3

31.0

51.3

89.2

(15.8)

1.2

Yes

100

0.0

Standard Life Private Equity Trust

Europe

796.4

36.7

62.0

100.4

(15.5)

1.1

No

100

2.6

Symphony International

APAC

175.0

17.2

-11.8

-25.2

(44.3)

3.0

No

101

5.4

Peer group average

1,026.4

36.5

61.5

101.3

(13.7)

1.7***

102

2.4

PEY rank in group (12 funds)

8

11

10

11

4

4

5

3

Source: Morningstar, Refinitiv, Edison Investment Research. Note: *12-month performance based on latest available ex-par NAV (end-October for Princess Private Equity, NBPE, HarbourVest Global Private Equity, Pantheon International and Standard Life Private Equity; end-September for Apax Global Alpha and HgCapital Trust; end-July for ICG Enterprise Trust; end-June for BMO Private Equity Trust, Deutsche Beteiligungs, Oakley Capital and Symphony International). **Calculated as opex less fee income divided by total AuM. ***Excluding DBAG. TR: total return. All returns expressed in sterling terms.

Record high realisations in 9M21

Realisations reached a record-high c €394m in 2021 to end-October 2021 (versus c €178m in 2020 and €158m on average between FY16 and FY20), driven largely by the partial exit from International School Partnerships (ISP, €121m) as well as the full exits from GlobalLogic (€108m) and Cerba HealthCare (€27m). We described these transactions in more detail in our previous review note. The investment manager has signed and has been closing the exits we list in Exhibit 4. Management highlights that its portfolio is mature (c 80% of its holdings had a vintage of 2018 or earlier at end-September 2021, the last available data) and it expects high activity both in terms of new investments and realisations in the near term. We note that KinderCare Education, America’s largest private provider of early childhood education and childcare services by centre capacity, announced its plans to go public in November 2021, but recently decided to postpone its listing plans indefinitely, citing regulatory delays.

Exhibit 4: Realisations announced and not yet completed

Announcement date

Company

Description

Type

Last carrying amount (local ccy m)

Valuation of PEY's stake implied by the transaction (local ccy m)

Uplift to last carrying amount

August 2021

Hortifruti

Brazil's largest fresh food retail chain

Full

BRL60.6

BRL67.0

11%

October 2021

Foncia

Provider of property management services

Partial

€52.4

€48.9

(7%)

November 2021

Pacific Bells

Leading franchisee of the Taco Bell brand in the US

Full

US$18.4

US$18.6

1%

Source: Princess Private Equity, Edison Investment Research

Temporary cash allocation and new direct investments

Meanwhile, PEY has been gradually deploying funds into new and existing portfolio holdings. Its investments totalled c €253m in 2021 to end-October 2021. However, this amount comprises a €135m fund investment in a portfolio of senior loans (including €75m invested in August 2021 and €60m in October 2021), which represent c 13% of PEY’s NAV currently (ie including realisation and investments in October 2021), according to management. Management highlights this is only a temporary allocation aimed at reducing the cash drag, and the capital will be gradually redeployed in direct private equity investments. The portfolio of senior loans includes c 400 loans (primarily first lien and floating rate) and currently offers a c 4.2% yield, according to management. PEY deployed funds into several direct portfolio holdings, which we describe in Exhibit 5.

Management expects investment activity to increase in coming months and PEY to become close to fully invested in H222. Its near-term pipeline (c six months) comprises 37 live investment opportunities with a volume of c US$20bn, including 14 in Europe (with total volume of c US$10bn), 14 in Asia-Pacific (US$4.7bn) and nine in the United States (US$6.3bn). PEY’s focus remains on resilient businesses from the services (12 live investment opportunities), goods and products (10), technology (eight) and health and life (seven) sectors.

Exhibit 5: Major investments in Q321 and post quarter end

Investment date

Company

Investment type

Amount (€m)

Description

July 2021

International Schools Partnership

Re-investment

13.3

International private schools group

August 2021

Apex Logistics

New

7.7

Globally integrated logistics solutions provider

August 2021

Reedy

New

6.6

Provider of commercial heating, ventilation and air conditioning services

August and October 2021

Senior loans

New

135**

Temporary investment in floating rate senior loans for liquidity management purposes

October 2021

BluSky Restoration Contractors

New

9.4

US provider of restoration services for commercial, industrial, healthcare and multifamily real estate

July 2021*

Pharmathen

New

not disclosed

European pharmaceutical company

October 2021*

Breitling

New

not disclosed

Swiss watchmaker

August 2021*

Atria Convergence Technologies (ACT)

New

not disclosed

India's largest provider of high-speed fibre-optic broadband

October 2021*

Foncia

Re-investment

not disclosed

European provider of property management services

Source: Princess Private Equity. Note: *Transactions signed and in closing. **Including €75m in August 2021 and €60m in October 2021.

Strong balance sheet to assist new investments and dividends

PEY’s investment plans and dividend policy should be supported by the robust balance sheet position. In Q321, it fully repaid its €80m credit line from the proceeds from realisations, and the credit line remained undrawn at end-October 2021. Following strong realisation activity in 9M21 coupled with investments in senior loans and private equity holdings, net current assets reached c €70m at end-October 2021 and unfunded commitments stood at c €124m. We note the company expected that only c €77m of its end-September 2021 commitments (c €121m) will be called over the next three years, with the remaining balance attributable to mature funds and not anticipated to be called in full. Consequently, PEY’s coverage ratio (calculated as the sum of net current assets and undrawn credit facility divided by unfunded commitments) increased to 121% from c 28% at end-June 2021 and 94% at end-December 2020.


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Frankfurt +49 (0)69 78 8076 960

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United States of America

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This report has been commissioned by Britvic and prepared and issued by Edison, in consideration of a fee payable by Britvic. Edison Investment Research standard fees are £60,000 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.

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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 2021 Edison Investment Research Limited (Edison).

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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.

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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.

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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.

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Schumannstrasse 34b

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