Pantheon International Factsheet May 2022

Pantheon International Plc (PIN): Financing entrepreneurship, innovation and growth

On 4 May 2022, Helen Steers, Partner and Manager of PIN, joined Hardman & Co for an open forum discussion about the role of private equity (PE) in financing entrepreneurship, innovation and growth. The presentation highlighted that, even in a difficult period, PE is well-positioned because it adds value to its investee companies, with hands-on operational and sector-specific expertise, exercised with good governance and aligned interests. It is much more than capital support. PIN gives privilege

The Hardman & Co Monthly: May 2022

Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.

Hardman & Co Monthly: April 2022

An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff

PIP Factsheet February 2022

Pantheon International Plc (PIN) - 1H strong performance, actively managed portfolio

We believe a key message from these strong results is that Pantheon’s platform (and so PIN’s investments) gives it the opportunity to capture the best PE opportunities wherever they arise. With ca.45% of the portfolio now made directly into companies, and an increasingly selective choice of manager, PIN offers investors a focused, but global, exposure to what has been a very strong PE market The NAV per share grew 22% in six months. Portfolio valuation gains of 19.7% were achieved, with 16%+ gai

The Hardman & Co Monthly: March 2022

Feature article: Directors’ dealings - A legal way to do insider trading One of the first things that a junior analyst learns is to keep an eye on directors’ dealings, but sometimes this is more complicated than meets the eye. In this article, I look at some less obvious tricks to study directors’ dealings. It’s worth prefacing these remarks with a comment that, although investors want company CEOs and CFOs to have skin in the game, individuals shouldn’t have all their chips in one bask

Hardman & Co Monthly: February 2022

Feature article: Streamers vs. broadcasters - Broadcasters fight back Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while

Pantheon International PLC - Factsheet November 21

THE MONTHLY January 2022

The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sales and profitability. Despite this, some companies can still make

Primary platform + active management = value add

In this note, we demonstrate how the strength of PIN’s primary platform and the active management of its portfolio add value in the attractive secondary (30% of the portfolio) and co-investment (33%) strategies. PIN’s key competitive advantages come from leveraging its often decades-long relationships with highquality PE managers, its scale and expertise (including due diligence of managers and direct investments), a focus in the mid-market (where PE can add the most value to underlying companie

THE MONTHLY November 2021

In recent months, spot prices of UK gas have soared, from ca.30p per therm during the summer to well over £2 per therm by October; they have, though, fallen back from their peak over the last few days. As the soaring prices imply, availability of gas during the coming winter is also a major issue, especially if prolonged periods of cold weather arise.

THE MONTHLY October 2021

The world of entertainment has been through a revolution, with catch-up TV and new ways to watch programmes, such as via the PC, tablet or mobile phone. We are at the start of a similar change in investment research, and research providers have a steep learning curve to climb.

Pantheon International PLC - Factsheet August 21

Stable 4Q22

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Sustained execution drives value opportunity

Urban Logistics REIT (ULR) has deployed a further £48m selectively into attractively priced assets (~6% NIY) with strong covenants and rent reversion opportunities. Further asset management efforts enhanced passing rents and WAULTs. Development activity has also bolstered the rental base. MSCI has made a material upward rerating (A from CCC) on enhanced disclosure. We make no changes to forecasts. We continue to see attractive value here with the shares trading on a 30% discount to EPRA NAV with

LIBERUM: Ramsdens Holdings* - Another upgrade

FY22 TU – Strong Upgrades on Better Performance

Argentex has issued a trading update for the 9M22 period this morning, with revenue and earnings performance ahead of expectations. FY22 revenues are up 54% yoy to £50.4m (+7.5% vs. SCM estimates) and operating margins are ahead of management expectations. This was driven by growth in the number of corporate clients as well as good progress across its growth strategy, with robust trading across all products and geographies. Another strong update from Argentex, as the Group continues to deliver o

Equals Group (EQLS LN) - Pre-close prompts upgrade

Equals Group confirms its 2022 results are “ahead of market expectations”:

AuM grows in Q3 on performance, reduced outflows

Liontrust posted +3% AuM growth in Q3. Although net outflows persisted, redemption trends improved (£0.6bn vs £1.6bn Q2). There was a considerable boost from performance. Cashflow Solution funds posted good inflows and Economic Advantage funds saw neutral flows. Although the £32.6bn AuM was a little below our £33.7bn estimate, this number was achieved only thirteen days later on positive performance in the first weeks of 2023. We take a cautious view leaving FY23e all but unchanged (reducing out

Cenkos; Marlowe Plc -- Building the software offering

Marlowe hosted a well-attended CMD last week in which it provided a deep dive into its burgeoning software business, which from a standing start in 2018, has grown to represent c25% of group Adj EBITDA today, driven by a combination of targeted acquisitions and strong organic growth (mid-high teens in FY22A). Multiple macro drivers underpin growth in the global GRC market, which is expanding at a c8% CAGR. With the share price having nearly halved over the past 12-months, Marlowe now trades mate

FLASH: Strong realisation proving the model

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Exit of Intechnica signals quality & further progress

MERC has announced the sale of Intechnica Holdings for a total enterprise value of £14.5m (25.5% holding from MERC), driving cash proceeds of £3.7m and equating to a 27% IRR and 1.7x multiple on its current holding value. Additionally, MERCs third-party funds collectively held a further 27.9%, for which the exit generated a 32% blended IRR (2.6x MOIC). The Groups exit of Intechnica marks another successful exit from its balance sheet portfolio and underpins once again the high quality inherent t

Hybridan Small Cap Feast - 23 Jan 23

23 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

LIBERUM: NewRiver* - Trading update shows continued resilience of business model

Hybridan Small Cap Feast - 19 Jan 23

19 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object