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.

Thematic (Sector/Industry)

<ul>
<li>Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets.</li>
<li>The measurement of liquid asset availability to a market or company is a way of gauging a market’s health.</li>
<li>This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space.</li>
</ul>


Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets.
The measurement of liquid asset availability to a market or company is a way of gauging a market’s health.
This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space.


<ul>
<li>Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology.</li>
<li>Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport.</li>
<li>The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth.</li>
</ul>


Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology.
Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport.
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth.


Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

NB Private Equity Partners / Equity Bottom-Up

<p>During NB Private Equity Partners’ (NBPE) capital markets day (CMD) on 5 October 2022, its management team highlighted that, despite the recent tough macro conditions, NBPE’s track record remains strong, as its direct co-investments delivered a gross IRR and multiple of invested capital (MOIC) at 18.5% pa and 2.6x over the five years to end-August 2022, respectively. With a sustained strong deal flow generated by the Neuberger Berman (NB) Private Markets platform (in which NBPE can invest on a case-by-case basis) and liquidity of US$281m at end-September 2022 (c 21% of current investment portfolio), NBPE is well-placed to seize new opportunities as they arise.</p>

During NB Private Equity Partners’ (NBPE) capital markets day (CMD) on 5 October 2022, its management team highlighted that, despite the recent tough macro conditions, NBPE’s track record remains strong, as its direct co-investments delivered a gross IRR and multiple of invested capital (MOIC) at 18.5% pa and 2.6x over the five years to end-August 2022, respectively. With a sustained strong deal flow generated by the Neuberger Berman (NB) Private Markets platform (in which NBPE can invest on a case-by-case basis) and liquidity of US$281m at end-September 2022 (c 21% of current investment portfolio), NBPE is well-placed to seize new opportunities as they arise.

NB Private Equity Partners - Key takeaways from the CMD 2022

<p>NB Private Equity Partners’ (NBPE) latest NAV (as at end-July 2022) reflects an update on most private valuations from end-March to end-June 2022, which led to a very limited 2% fall in NBPE’s private portfolio fair value. This impressive resilience allowed NBPE to deliver a strong three- and five-year NAV TR to end-July 2022 of 18.6% and 15.3%, respectively (c 2x the return of MSCI World Index), led by co-investments. Despite its strong track record, NBPE’s shares still trade at a c 31% discount to NAV, wider than the average for its direct peers (although it also has a single-layer fee structure but a more diversified portfolio), which we find hard to justify. Its shares now offer an attractive 5.0% annualised yield (versus an average of 2.5% for peers).</p>

NB Private Equity Partners’ (NBPE) latest NAV (as at end-July 2022) reflects an update on most private valuations from end-March to end-June 2022, which led to a very limited 2% fall in NBPE’s private portfolio fair value. This impressive resilience allowed NBPE to deliver a strong three- and five-year NAV TR to end-July 2022 of 18.6% and 15.3%, respectively (c 2x the return of MSCI World Index), led by co-investments. Despite its strong track record, NBPE’s shares still trade at a c 31% discount to NAV, wider than the average for its direct peers (although it also has a single-layer fee structure but a more diversified portfolio), which we find hard to justify. Its shares now offer an attractive 5.0% annualised yield (versus an average of 2.5% for peers).

NB Private Equity Partners - Track record yet to be fully rewarded

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)

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of...

Hardman & Co

The Hardman & Co Monthly: March 2024

Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based...

Hardman & Co

NB Private Equity Partners - Key takeaways from the CMD 2022

During NB Private Equity Partners’ (NBPE) capital markets day (CMD) on 5 October 2022, its management team highlighted that, despite the recent...

Edison Investment Research

NB Private Equity Partners - Track record yet to be fully rewarded

NB Private Equity Partners’ (NBPE) latest NAV (as at end-July 2022) reflects an update on most private valuations from end-March to end-June 2022,...

Edison Investment Research

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