Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

NB Private Equity Partners / Equity Bottom-Up

<ul><li>We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.</li><li>In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.</li><li>The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.</li></ul>

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

<ul>
<li>The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth</li>
<li>ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and</li>
<li>iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.</li>
</ul>


The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth
ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and
iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.


NB Private Equity Partners - CM Day: 6 November Fireworks

<ul><li>In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE.</li><li>Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics.</li><li>In this note, we review how the manager, NB, adds value in this attractive market.</li></ul>

In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE.Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics.In this note, we review how the manager, NB, adds value in this attractive market.

NB Private Equity Partners (NBPE): NB: adding value in attractive co-investment sector

<ul>
<li>We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance.</li>
<li>We noted the high-secular-growth and downside-resilient investee companies, the value added by GPs, the good co-investing cashflow and return profile and the value added by the NB. The 2023 results confirmed all these trends.</li>
<li>The key numbers were i) NAV p/sh $28.07 (£22.02), ii) private portfolio +5.3% in 2023 on a constant currency basis, iii) EV/LTM EBITDA 14.9x, and iv) debt/EBITDA 5.3x.</li>
</ul>


We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance.
We noted the high-secular-growth and downside-resilient investee companies, the value added by GPs, the good co-investing cashflow and return profile and the value added by the NB. The 2023 results confirmed all these trends.
The key numbers were i) NAV p/sh $28.07 (£22.02), ii) private portfolio +5.3% in 2023 on a constant currency basis, iii) EV/LTM EBITDA 14.9x, and iv) debt/EBITDA 5.3x.


Hardman & Co Research on NB Private Equity Partners: Wider operating company EBITDA margins in 2023

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

United States

NB Private Equity Partners is a closed end investment fund incorporated in Guernsey. The fund invests in a diversified portfolio of direct yielding investments, co-investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

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NB Private Equity Partners (NBPE LN)

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique...

Hardman & Co

NB Private Equity Partners - CM Day: 6 November Fireworks

The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the...

Hardman & Co

NB Private Equity Partners (NBPE): NB: adding value in attractive co-investment sector

In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE. Our report underlined why this sector has...

Hardman & Co

Hardman & Co Research on NB Private Equity Partners: Wider operating company EBITDA margins in 2023

We reviewed NBPE’s business model in our initiation, Co-investments generating superior performance. We noted the high-secular-growth and...

Hardman & Co

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

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