Q1 2025 Apax Global Alpha Ltd Earnings Call Transcript
Key Points
- Apax Global Alpha Ltd (LSE:APAX) declared a dividend of 5.5p per share, equating to a dividend yield of 9.4% against the March 31, 2025 share price.
- The private equity portfolio demonstrated steady growth with an average last 12 months EBITDA growth of 16%.
- The take private of Paycor closed post quarter end, resulting in a 21% uplift to the December valuation and a total gross money multiple of 3.1 times.
- AGA's balance sheet remains robust with liquidity requirements for the next 12 months well covered, and expected capital calls covered 1.8 times.
- The portfolio is relatively insulated from the recently announced US tariffs, with no first order impact expected on 90% of NAV.
- Total NAV return per share for the quarter was down 2.5% in euro terms, impacted by the weakening US dollar.
- The Board expressed concern over the weak share price performance and is prioritizing addressing the discount to ensure shareholder benefit.
- The debt investments were affected by the depreciating US dollar, resulting in a total return of minus 0.8% despite strong returns on a constant currency basis.
- The private equity transaction momentum remains below the peak seen in 2020 and 2021, with 2025 expected to be a slower year for market deal activity.
- Second and third order impacts of the US tariffs, which could be more significant, remain uncertain and are being actively monitored.
Good morning, ladies and gentlemen, and welcome to Apax Global Alpha Q1 2025 results. (Operator Instructions) I would like to remind all participants that this call is being recorded.
I will now hand over to Ralf Gruss to start the presentation.
Thanks, and good morning, everyone. Thanks for joining Apax Global Alpha's Q1 2025 results presentation.
My name is Ralf Gruss. I'm a partner at Apax and a member of AGA's Investment Committee. I will take you through the presentation today and look forward to answering any questions you may have at the end.
Starting with the key highlights for the quarter. At March 31, 2025, AGA's net asset value was approximately EUR1.16 billion, translating into EUR2.38 or GBP 2 per share. AGA has declared a dividend of 5.5p per share around March 4, 2025, so the NAVs per share I just mentioned are post payment of that dividend.
In euro terms, total NAV return per share for the quarter was down 2.5%, but positive at 0.5% on a constant
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