The data released as part of KKR’s Kolbalt Fund II securitisation provides strong evidence that Hipgnosis Songs Fund’s (SONG) portfolio valuation is undemanding. FTI Consulting (a different 3rd party valuer to SONG’s) has valued the Kolbalt portfolio on 23.9x historic revenues and a 6.25% discount rate. SONG’s portfolio is valued at 19x revenues and uses an 8.5% discount rate. In light of this information, SONG’s recent de-rating from a modest premium to a 7-8% discount feels unjustified. As the ....
11 Feb 2022
KKR Kobalt securitisation read across
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KKR Kobalt securitisation read across
Hipgnosis Songs Fund Limited Shs GBP (SONG:LON) | 92.6 20.5 31.3% | Mkt Cap: 1,120m
- Published:
11 Feb 2022 -
Author:
Charles Murphy -
Pages:
3
The data released as part of KKR’s Kolbalt Fund II securitisation provides strong evidence that Hipgnosis Songs Fund’s (SONG) portfolio valuation is undemanding. FTI Consulting (a different 3rd party valuer to SONG’s) has valued the Kolbalt portfolio on 23.9x historic revenues and a 6.25% discount rate. SONG’s portfolio is valued at 19x revenues and uses an 8.5% discount rate. In light of this information, SONG’s recent de-rating from a modest premium to a 7-8% discount feels unjustified. As the ....