In our opinion, H1’24’s modest NAV TR (+0.8%) is an artifact of reporting timelines (85% of the valuation is as of 31 March) not the underlying performance. FY24 YTD announced exits have already exceeded FY23’s total exits with exit premiums around 30%. Investee’s trading remains healthy. Reflecting this, our expectation is for NAV TR to accelerate in H2’24 with earnings growth and exits increasingly translating into the NAV. Trading at a 36% discount to NAV and yielding 6.3%, CTPE is trading wi ....
