Q3 2024 Partners Group Private Equity Ltd Earnings Call Transcript
Key Points
- Partners Group Private Equity Ltd (LSE:PEY) reported a positive NAV total return of 3.1% year-to-date as of September 2024.
- The company's share price total return for the period was 5.9%, reflecting an expansion in the company's discount to NAV.
- The liquidity position remains healthy with a fully undrawn EUR140 million revolving credit facility and EUR5.4 million in cash and cash equivalents.
- The portfolio is diversified across global developed markets and resilient industries, providing exposure to a variety of sectors and regions.
- The company has achieved double-digit annual returns for both share price and NAV total return over the last decade, showcasing long-term value creation.
- The share price is trading at a 26% discount to NAV, which is a significant gap that may concern investors.
- The company has not generated enough free cash flow to conduct share buybacks, despite the current discount to NAV.
- There is a 180-day lockup period for the KinderCare IPO, meaning no immediate liquidity was generated for Partners Group Private Equity Ltd (LSE:PEY).
- The impact of rising interest rates has offset positive earnings growth for pre-2020 assets, limiting their contribution to overall portfolio returns.
- The company faces challenges in accurately distinguishing between organic growth and growth from M&A activities, complicating performance analysis.
Good morning and welcome everyone to PGPE Limited results call. My name is Andreea Mateescu. And with me today are my colleagues Cyrill Wipfli and Federica Cazzaniga. Today we'll provide an update on the NAV developments and the portfolio highlights as of September 30, 2024.
Now, before we dive in, I want to address some housekeeping items. If you would like to ask any questions during the webcast, please use the Q&A tool which you can find on your screen. We will answer the questions at the end of the presentation. In the interest of time, we will group similar questions and answer in one go. And if we run out of time or you have additional questions, please don't hesitate to send us an email at [email protected] or through the contact form available on the website.
Now, before diving into the presentation, just few words on PGPE Limited. PGPE Limited provides shareholders with exposure to Partners Group direct private equity investment strategy participating in transactions
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