Hardman & Co Research on Apax Global Alpha (APAX): Outperformance by adding value to companies

Hardman & Co Research on Apax Global Alpha (APAX):

Outperformance by adding value to companies

The full-year results to Dec’22 reconfirmed the core strengths of AGA, notably i) Apax enhances the operational performance of its investments ‒ revenue and EBITDA growth of 21.5% and 18.5%, respectively, are well ahead of the market, ii) a 15% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a -7.4% NAV return, driven largely by the listed holdings’ rating multiples fall (these companies have already delivered 3.4x money on invested capital return), and iv) the Derived Investments portfolio proved its worth, with diversified, more stable returns, and generating cash to pay the dividend. The NAV should be resilient in uncertain times.

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