Investment research on quoted companies and funds

Hardman & Co

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.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

NB Private Equity Partners / Equity Bottom-Up

<ul><li>In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs.</li><li>Long-term target returns for new deals on the NB platform are unchanged, despite the short-term interest rate noise.</li><li>This note builds on the drivers of historical superior EBITDA (see 2023 CMD: value creation from growing companies).</li></ul>

In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs.Long-term target returns for new deals on the NB platform are unchanged, despite the short-term interest rate noise.This note builds on the drivers of historical superior EBITDA (see 2023 CMD: value creation from growing companies).

NB Private Equity Partners (NBPE): Value creation in a higher-rate environment