Event in Progress:
Discover the latest content that has just been published on Research Tree
After losing more than 10% over 2022, Investor closed the Q2-23 with a record adjusted NAV of SEK 773bn or SEK 252 per share, corresponding to an increase of 9% over Q2 and 17% YTD. The Swedish HoldCo outperformed its benchmark SIXRX, posting a modest 2% increase qoq. Despite healthy performances across all business areas, Investor remains cautious on the macroeconomic environment, given the lingering inflation, high interest rates likely to weigh on consumer spending, and China’s weaker-than-ex
Companies: Investor
AlphaValue
While the environment is not particularly favorable for holding companies with the tightening of central bank monetary policies, Investor did record a good first quarter marked by a 7% increase in its NAV and a total shareholder return in line with its benchmark, the SIXRX. Aside from EQT, both listed and unlisted companies experienced positive developments during the quarter.
Weak stock markets did not spare Investor in FY 2022, which saw its NAV decline by 10% yoy. Q4, however, turned the tide, with an 7% qoq increase in NAV per share from SEK 204 to SEK 220. The increase was driven by the listed asset portfolio up 12% in Q4 and the value of EQT’s investments up 2%, while Patricia Industries’ unlisted assets declined by 4%. To cut to the chase, the results were above our expectations.
Investor reported a somewhat encouraging set of Q3 results within a challenging environment with NAV up 3%. This slight increase was driven by all entities with a total return of 2% for the listed assets, 2% in EQT and 5% for Patricia Industries. While the group is beginning to see a glimmer of hope on the back of strong order books and exposure to resilient sectors i.e. medtech and pharmaceuticals, soaring inflation, interest rates and energy prices should continue to weigh on the portfolio.
Investor reported Q2 2022 results posting a 9% decline in NAV qoq, mainly driven by the poor performance of its listed assets (-8%) heavily impacted by the current supply chain disruptions, soaring inflation, rising interest rates and, more recently, the lockdowns in China. On the unlisted companies side, Patricia Industries registered a modest 2% increase on the back of revenue and EBITDA growth. Simply put, Q2 still suggests a downbeat outlook for Investor’s portfolio.
Investor posted a 10% decrease in NAV over Q1, mainly driven by the poor performance of its listed assets (-10%) impacted by the current Ukraine-Russia war. On the unlisted companies side, Patricia Industries also fell by 5% due to the normalization of Mölnlycke’s post-Covid activity. In view of the unfavorable economic and geopolitical environment, as well as the current supply chain disruptions, the HoldCo has a cautious outlook for 2022.
Investor posted a subdued Q3 in terms of NAV progression, as the timid rise of the listed portfolio (driven by the share price performances of SEB and Sobi) was partly offset by a 2% valuation decline of Patricia Industries. The unlisted portfolio was affected by contractions of multiples and lower earnings, particularly from Mölnlycke. Supply-chain woes and high raw material prices paint a less upbeat outlook for Investor’s portfolio, probably explaining the widening discount to NAV.
Investor posted a modest NAV increase over Q2, mainly driven by its listed portfolio thanks to a good start to the year for many of the high quality companies that compose it. Investment-wise, Q2 was rather quiet with the HoldCo opting to support its existing holdings, as management warns of the current level of valuations as a potential short- to medium-term risk.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Investor. We currently have 20 research reports from 2 professional analysts.
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
In the most difficult market conditions in more than a decade, Foxtons after adopting new strategic priorities, delivered an impressive turnaround in performance, and regained its position as London’s leading Estate Agent. Our analysis recognises the logic which underlies current consensus, see scope for upgrades and justifies valuations materially above current values.
Companies: Foxtons Group Plc
Zeus Capital
Companies: PMG DUKE CMCL BOOM
Cavendish
Companies: Gore Street Energy Storage Fund PLC
Shore Capital
Companies: Duke Capital Limited
Canaccord Genuity
Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p
Companies: Jarvis Securities plc
WHIreland
Companies: Vanquis Banking Group PLC
Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). A recent sharp decline in gas prices, a ‘disappointing’ start to the Energy System Operator’s (ESO’s) new energy trading platform and systemic delays connecting completed projects to the national grid have raised concerns about the revenue generating capacity of the BESS sector. This has placed significant downward pressure on the share prices of GRID and others in th
Companies: Gresham House Energy Storage Fund Plc GBP
Edison
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l
Companies: ENI XOM ADX AXL ITH BCOW EME CASP MEN PHAR ENQ CNE CORO I3E ZPHR PMG CRCL TETY GENL CNE XOM ENI TETY VLE BCOW EGY
Auctus Advisors
The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms, and implies that medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be boosted if the sales market stabilises in 2024. We have modestly raised forecasts and our valuation to 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our fo
Companies: Real Estate Investors plc
Liberum
Companies: Secure Trust Bank Plc
ATT offers significantly discounted exposure to the technology sector…
Companies: Allianz Technology Trust PLC
Kepler | Trust Intelligence
Murray International Trust’s (MYI’s) managers are transitioning smoothly from a team of three to two, ahead of Bruce Stout’s retirement at the end of June 2024. The two remaining managers, Martin Connaghan and Samantha Fitzpatrick, have worked closely with Stout since 2001, so MYI’s shareholders can have confidence that it will be ‘business as usual’ in H224 and beyond. Regardless of the market environment, the managers strive to fulfil their objectives of generating income and capital growth hi
Companies: Murray International Trust PLC
HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively. This has been mostly driven by robust earnings momentum across its portfolio. HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23. Moreover, it has a healthy commitment coverage ratio of 73% (based on current pro forma
Companies: HGCapital Trust PLC
Share: