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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.
Companies: Investor.bg AD
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.
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Companies: Kape Technologies Plc
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
Companies: Time Out Group PLC
Companies: M&C Saatchi plc
Third Quarter Key Observations
Escalating inflation continued to cut further into consumers' discretionary income, impacting demand across the consumer sector. The systemic rise in input costs significantly impacted companies' bottom lines, testing the resilience of even the strongest in the sector, as businesses balanced the long-term need to maintain relevance to their customer base (in terms of pricing & quality) whilst also seeking to navigate immediate economic challenges.
Companies: TAST OMIP TND JWNG BBSN PIER XLM ADF
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
Companies: RCH VLX WIN MTW HSP ADT INHC GFRD YGEN MERC G4M ART
Singer Capital Markets
The July full year trading update showed that FY22 has been a good year for Wilmington with a full year outcome ahead of expectations. The final results did not disappoint with the added benefit of a final dividend well ahead of expectations (+37% YoY) as a clear signal of Board confidence in the outlook.
Companies: Wilmington plc
Radnor Capital Partners
Dish of the day
Cooks Coffee Company Limited (NZX:CCC) has joined the Access Segment of has dual listed joining the Access Segment of the AQSE Growth Market under the ticker COOK. Cooks Coffee has a total of 111 outlets in the UK, Ireland and across its international markets. It is the 4th largest coffee chain in the UK (behind Starbucks, Costa and Caffè Nero). The company currently owns the Esquires Coffee and Triple Two Coffee Brands. Esquires was founded nearly 30 years ago and Cooks
Companies: MLVN AAZ ROCK I3E BONH AXS
Reach’s update reveals encouraging underlying performance, with Q3 sales decline of -2% y/y decelerating from Q2 (-3%) even inclusive of a advertising blackout in September. Underlying growth was in-line with SCMe forecasts, as Digital revenue growth accelerated to +6% y/y (Q2: +0%) reflecting: 1) user engagement initiatives and returns on focused editorial investment driving traffic (Digital page views: +6% y/y); and 2) stabilised Digital yields as a greater share of inventory was allocated to
Companies: Reach plc