ISIN:GG00BWWYMV85

Hardman & Co Q&A on Apax Global Alpha: Hidden gems strategy delivering new investment opportunities

Retrieved on: 
Sunday, December 10, 2023
LON, Investment, Hardman, Interview, Hardman & Co., Renewable energy

Hardman & Co Q&A on Apax Global Alpha: Hidden gems strategy delivering new investment opportunities

Key Points: 
  • Hardman & Co Q&A on Apax Global Alpha: Hidden gems strategy delivering new investment opportunities
    The issuer is solely responsible for the content of this announcement.
  • Apax Global Alpha (LON:APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
  • In this interview Mark discusses his recent report on the company entitled ‘“ Hidden Gems” strategy: green shoots into live deals ’.
  • Apax Global Alpha are a closed-ended investment company that invests in a portfolio of private equity funds advised by Apax, and a focused portfolio of debt and equity.

Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strategy: green shoots into live deals

Retrieved on: 
Thursday, December 7, 2023
Comment, EBITDA, Investment

Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strategy: green shoots into live deals

Key Points: 
  • Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strategy: green shoots into live deals
    The issuer is solely responsible for the content of this announcement.
  • In our view, the most interesting new information from AGA’s 3Q results was the comment “a further five investments post quarter end” with a further one announced since.
  • Market wide, there are comments about encouraging green shoots of activity, but Apax is now completing deals.
  • We explore, here, what is unique about the “Hidden Gems” strategy and why it is creating these opportunities.

Hardman & Co Q&A on Apax Global Alpha (APAX): Confirming strong underlying competitive advantages

Retrieved on: 
Tuesday, October 17, 2023
Interview, LON, EBITDA, Growth, Face, AGA, Security (finance)

Apax Global Alpha is the topic of conversation when Mark Thomas joins DirectorsTalk.

Key Points: 
  • Apax Global Alpha is the topic of conversation when Mark Thomas joins DirectorsTalk.
  • In this interview Mark delves into the key theme of his recent report entitled ' Resilience in the face of rising interest rates '.
  • Mark also discusses AGA's strengths, such as its impressive revenue and EBITDA growth, conservative accounting practices, and stable returns from its debt portfolio.
  • Apax Global Alpha (LON:APAX) is a closed-ended investment company that invests in a portfolio of private equity funds advised by Apax, and a focused portfolio of debt and equity.

Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face of rising interest rates

Retrieved on: 
Monday, September 25, 2023
Debt, Growth, EBITDA, NAV, LTM, Security (finance)

The issuer is solely responsible for the content of this announcement.

Key Points: 
  • The issuer is solely responsible for the content of this announcement.
  • The interim results to June 2023 reconfirmed AGA’s core strengths, notably i) Apax enhances the operational performance of the funds’ investments ‒ LTM revenue and EBITDA growth of 16.0% and 14.1%, respectively, are, we believe, ahead of the market, albeit slowing in 2Q, ii) a 24% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a 2.4% NAV return, with the five-year 12.4% annualised return, and iv) the Debt portfolio proved its worth, with diversified, more stable returns, and generating cash to pay the dividend.
  • Despite rising interest rates, the investee companies, Apax Funds and the trust itself have shown great resilience.
  • Please click on the link below for the full report:
    If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Q&A on Apax Global Alpha (APAX) Capital Markets Day: value added by the manager

Retrieved on: 
Thursday, July 20, 2023
Hardman, PE, Interview, Hardman & Co., Q&A, Capital market, Security (finance)

Hardman & Co Q&A on Apax Global Alpha (APAX) Capital Markets Day: value added by the manager

Key Points: 
  • Hardman & Co Q&A on Apax Global Alpha (APAX) Capital Markets Day: value added by the manager
    The issuer is solely responsible for the content of this announcement.
  • Q&A on Apax Global Alpha (APAX) | Capital Markets Day: value added by the manager
    Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
  • In this interview Mark takes us through his recent report on the company entitled ‘ 2023 Capital Markets Day: accessing hidden gems ’, the key investor comments addressed at the Capital Markets Day, Apax’s thoughts on the PE financing market and any risks associated with investing.
  • Apax Global Alpha are a closed-ended investment company that invests in a portfolio of private equity funds advised by Apax, and a focused portfolio of debt and equity.

Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden gems

Retrieved on: 
Wednesday, July 5, 2023
EBITDA, CMD, NAV, AGA, Weather, Capital market, Security (finance)

Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden gems

Key Points: 
  • Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden gems
    The issuer is solely responsible for the content of this announcement.
  • The key takeaway from AGA’s 27 June Capital Markets Day (CMD) was that 84% of value creation comes from operational improvements that APAX makes in the investee companies.
  • On average, under APAX’s ownership, revenue growth accelerates by 700bps, EBITDA growth 1,500bps and the EBITDA margin 700bps.
  • Please click on the link below for the full report:
    If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Q&A on Apax Global Alpha (APAX): 2022 results adding value to companies leads to outperformance

Retrieved on: 
Tuesday, March 21, 2023
Hardman, NAV, Hardman & Co., Investment, Security (finance)

Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.

Key Points: 
  • Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
  • Mark takes us through his recent report entitled ‘ Outperformance by adding value to companies ’, talks about some of the key numbers, explains why he expressed confidence in the NAV being real, what the unique Derived Investments portfolio brought in 2022 and any risks to be aware of.
  • Apax Global Alpha are a closed-ended investment company that invests in a portfolio of private equity funds advised by Apax, and a focused portfolio of debt and equity.
  • If you are interested in meeting the company, you can register your interest here

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

Retrieved on: 
Thursday, March 16, 2023
AGA, Investment, EBITDA, NAV, Growth, Security (finance)

The issuer is solely responsible for the content of this announcement.

Key Points: 
  • The issuer is solely responsible for the content of this announcement.
  • 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.
  • Please click on the link below for the full report:
    If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Q&A on Apax Global Alpha (APAX): Adding value to private companies

Retrieved on: 
Thursday, February 2, 2023
Hardman, Sale, Oyster, Hardman & Co., Risk, Security (finance)

Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas Analyst at Hardman & Co joins DirectorsTalk Interviews.

Key Points: 
  • Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas Analyst at Hardman & Co joins DirectorsTalk Interviews.
  • Mark talks us through his recent report entitled ‘ Making Pearls out of Oysters ’, explains how the company improves performance, how their sale relative multiple is typically ca.30% higher than on purchase, what Apax the manager and Apax Global Alpha the trust, specifically bring to the party and risk involved.
  • If you are interested in meeting the company, you can register your interest here

Hardman & Co Research on Apax Global Alpha (Initiation of coverage): Making pearls out of oysters

Retrieved on: 
Sunday, January 22, 2023
Acquisition, IPO, Growth, COVID-19, FTSE, NAV, EBITDA, Sale, AGA, Security (finance)

Apax Global Alpha’s (AGA) core is the investment in the Apax Private Equity Funds, which, in turn, target the acquisition of private companies, whose performance is then transformed by Apax’s global insights and operational expertise.

Key Points: 
  • Apax Global Alpha’s (AGA) core is the investment in the Apax Private Equity Funds, which, in turn, target the acquisition of private companies, whose performance is then transformed by Apax’s global insights and operational expertise.
  • On average, investee company EBITDA growth accelerates by 15%, and margins improve by 8%.
  • They become more valuable, and their sale relative multiple is typically ca.30% higher than on purchase.
  • Exit uplifts prove a conservative NAV, and AGA’s strong outperformance through the COVID-19 turbulence proves its resilience.