Hardman & Co Research on NB Private Equity Partners (NBPE) 1H’23 results summary: continued growth

Hardman & Co Research on NB Private Equity Partners (NBPE):

1H’23 results summary: continued growth

We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance. We noted the high-secular-growth and downside-resilient investee companies, the value added by partner GPs, the good co-investing cashflow and return profile and the value added by the manager, NB. The 26 September results confirmed all these trends. The key numbers were i) NAV p/sh $29.24 (£23.00) (Aug $27.93/ £22.04. ii) 4.8% NAV TR at 30 June 2023, iii) portfolio company weighted average LTM 14.9% revenue and 15.4% EBITDA growth, iv) EV/LTM EBITDA 15.4x, and v) debt/EBITDA 5.4x. NBPE’s virtual investor day is on 5 October at 2pm (Registration here).

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