Hardman & Co Research on Apax Global Alpha (APAX):

Outperformance by adding value to companies

The full-year results to Dec’22 reconfirmed the core strengths of AGA, notably i) Apax enhances the operational performance of its investments ‒ revenue and EBITDA growth of 21.5% and 18.5%, respectively, are well ahead of the market, ii) a 15% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a -7.4% NAV return, driven largely by the listed holdings’ rating multiples fall (these companies have already delivered 3.4x money on invested capital return), and iv) the Derived Investments portfolio proved its worth, with diversified, more stable returns, and generating cash to pay the dividend. The NAV should be resilient in uncertain times.

Please click on the link below for the full report:

https://hardmanandco.com/research/corporate-research/outperformance-by-adding-value-to-companies/

If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.