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Alliance News - ICG Enterprise Trust PLC - London-based investor in "profitable, cash-generative" private companies, primarily in Europe and the US - Net asset value at October 31 is up 2.9% to 1,959 pence from 1,904p at July 31. NAV total return for the third quarter is 3.3%, outperforming the FTSE all-share index total return of negative 4.8% the previous year. Lifts interim dividend by 14% to 8p from 7p a year before. Aims for a minimum total dividend of 32p for the financial year ending January 31, up 6.7% from 30p in financial 2023.
Current stock price: 1,215.00 pence, up 1.8%
Chewy now half the price it was in June at ~$18, hope ICGT lightened up holdings!
CHWY at $36 today up 23% market cap $15.5B
The largest holding in ICGT portfolio is PetSmart (Chewy) at 3.6%.
Chewy released upbeat Q1 earning last night and are up 17% pre-market (NYSE) just now.
Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for pet parents and partners everywhere, has released its financial results for the first quarter of fiscal year 2023 ended April 30, 2023, and posted a letter to its shareholders on its investor relations website at https://investor.chewy.com.
Fiscal Q1 2023 Highlights:
Net sales of $2.78 billion improved 14.7 percent year over year
Gross margin of 28.4 percent expanded 90 basis points year over year
Net income of $22.2 million, including share-based compensation expense and related taxes of $53.8 million
Net margin of 0.8 percent remained flat year over year
Basic and diluted earnings per share of $0.05, an increase of $0.01 year over year
Adjusted EBITDA(1) of $110.2 million, an increase of $49.7 million year over year
Adjusted EBITDA margin(1) of 4.0 percent expanded 150 basis points year over year
Adjusted net income(1) of $87.2 million, an increase of $41.6 million year over year
Adjusted basic and diluted earnings per share(1) of $0.20, an increase of $0.09 year over year
Continued increase in NAV and just realised 2.8% of the portfolio on top of that at a "STRONG RETURN" on the original investment.
ICG Enterprise Trust realising Endeavor Schools
ICG Enterprise Trust plc (ICGT) is pleased to announce the realisation of Endeavor Schools (Endeavor). At 31 October 2022, Endeavor was ICGT’s 2nd largest company exposure and accounted for 2.8% of the Portfolio value. The deal represents a strong return on investment for ICG Enterprise Trust,
Agree with that Danger_Mouse. The board of ICGT will be puzzled with that kind of discount for as you say non-racy businesses.
As a comparison Dundein Enterprise IT is similar but a lot smaller as they are in process of winding down and return cash to shareholders. Currently there is tender offer for 58% of the shares at 1% discount to NAV, imagine if ICGT did that!
"DNE Q3 NAV as of 30th Sept is 576p
Dividend of 34p to be paid ex-div on 4th Nov
Tender offer set at 537p
Tender 537 + Divi 34 = 571p and you buy these on the market for 540p"
ICGT NAV 1852p shares available for less than £10.50 today!
Discounts have been touching 44% for what is an ungeared portfolio of buyout companies with non of the wild racy holdings that do not have earnings. The holdings in ICGT are very resilient but the performance YTD has not matched this resilient sadly for holders but a genuine opportunity for those looking to add listed private equity for the long run.
Buybacks happening.
10th Nov 22 - "The Company announces that on 9 November 2022 it bought back 10,000 of its own shares, to be held as treasury shares, at an average price of 1016 pence per share."
Highlights NAV per Share of 1,852p (31 January 2022: 1,690p)
NAV per Share Total Return of 10.9% in the period (H1 FY22: 11.1%)
24.2% over the last twelve months (‘LTM’)Portfolio delivering strong performance: Portfolio Return on a Local Currency Basis of 7.4% (Sterling return 12.4%)
99.6% of Portfolio has a valuation date of 30 June 2022 or later
Realisation Proceeds of £106.8m, including £73.2m from 30 Full Exits at an average Uplift To Carrying Value of 25.2%
New Investments of £143.7m, including £30.1m direct and £49.2m in Secondary Investments, focussing on investments with enhanced downside protection
New Commitments to funds of £164.1m, including £65.9m to Secondary funds
Second quarter dividend of 7p per share, taking total dividends for the period to 14p (H1 FY22: 12p). Reaffirmed intended
FY23 dividend of at least 30p per share, an increase of 11.1% on FY22
Long-term share buyback programme approved by the Board
ICG Enterprise Trust plc (the "Company") 5 July 2022
Notification of Share Transaction
The Company has received notification that on 5 July 2022 Oliver Gardey, Head of Private Equity Fund Investments at ICG, bought 2,332 ordinary shares in the Company at a price of 1,065.8 pence per share.
As a result of this transaction Oliver Gardey and his connected persons hold a total of 49,583 ordinary shares, being 0.07% of the ordinary share capital of the Company (excluding treasury shares).
£10.90 share price a 38% discount to NAV £17.71
Highlights NAV per Share of 1,761p (31 January 2022: 1,690p), NAV per Share Total Return of 4.5% during the quarter; 27.9% during the last twelve months
Portfolio Return on a Local Currency Basis during the quarter of 2.0% (Sterling return: 5.2%); 30.2% during the last twelve months. Portfolio valued at £1,244m on 30 April 2022
Disciplined transaction activity: new Investments of £59.1m and Realisation Proceeds of £48.8m during the quarter, including 17 Full Exits executed at an average of 23% Uplift to Carrying Value and 2.7x Multiple to Cost First quarter dividend of 7p per share; progressive dividend policy maintained Revolving Credit Facility increased to €240m in May, and maturity extended to February 2026
Board strengthened further by the appointment of two additional Non-Executive Directors
Hardman & Co Research on ICG Enterprise Trust (ICGT):
FY’22: you couldn’t ask for more
ICGT reported another strong year, with an NAV per share total return of 24.4%, its 13th consecutive year of double-digit NAV growth. It materially outperformed the UK public market index, with a five-year CAGR of 16.4% (post all fees), three times the FTSE All-Share index total return. The portfolio generated a 29.4% return on a local currency basis to January 2022. Total proceeds and new investments were a record £342.9m and £303.7m, respectively, generating net proceeds of £39.2m. ICGT’s 36% uplift on exits is in line with historical averages. Investment is focused on businesses with good risk-adjusted returns and defensive growth characteristics.
Please click on the link below for the full report:
https://hardmanandco.com/research/corporate-research/fy22-couldnt-ask-for-more/
Preliminary Results for the twelve months ended 31 January 2022
Highlights NAV of £1.2bn, equal to NAV per Share of 1,690p (31 January 2021: 1,384p)
NAV per Share Total Return of 24.4% in the year (FY21: 22.5%)
Portfolio delivering strong performance:
Portfolio Return on a Local Currency Basis of 29.4% (Sterling return 27.6%)
Realisation Proceeds of £333.5m, including £210.5m from 54 Full Exits at an average Uplift To Carrying Value of 36.3%
Executed on an attractive investment pipeline: £303.7m of investments in the year, 61.1% into High Conviction Investments
Fourth quarter dividend of 9p per share brings full year dividend to 27p, an increase of 12.5% on FY21
Focus on investing in companies with defensive growth characteristics positions ICG Enterprise Trust well to navigate uncertain market conditions.
Surprised this hasn't moved the needle today.
IRI to merge with NPD - ICG Enterprise Trust plc (“ICGT”) is pleased to announce that New Mountain Capital has entered into a definitive agreement to merge Information Resources Inc. (“IRI”), a portfolio company of ICGT, with The NPD Group (“NPD”), a portfolio company of Hellman & Friedman (the “merger”). IRI is a provider of mission-critical data and predictive analytics to consumer goods manufacturers via an industry-leading data management platform.
ICGT co-invested $15m (c. £12m) into IRI in 2018 alongside New Mountain Capital, and at 31 October 2021, IRI represented c. 2.9% of ICGT’s portfolio value. The merger represents a strong return on invested capital for ICGT.
The merger is expected to close in the second half of 2022, subject to standard antitrust and international approvals, and other customary closing requirements.
The number one holding CHWY (chewy) is on track to break out of its downward trend to claw back the 3% drop to ICGT's 30% discount. It's a quality debt-free business in a great sector that's been hit by inflation, supply issues and staffing.
In advance of the April update I have added at 1137 which is a 30% discount to NAV last reported 6 months ago
Two reasons this is cheap today. A seller has held this down at 30% discount vs other generalists like HVPE, PIN, NBPE on 25% but has also late reporting of NAV uplift due that could add around 8%.
Good amount in industrials and consumer and suitably diverse. Short-term should do well, otherwise will do well in the long-run and certainly out perform peers in the short and mid-term.
Other than commodity plays I cant see anything better than ICGT.
risk off trading ICGT now on sale at 1155
I like to see this, one of the senior team investing £28K to bringing his total holding in ICGT up to £466K.
RNS 14th Feb22 - The Company has received notification that on 10 and 11 February 2022 Oliver Gardey, Head of Private Equity Fund Investments at ICG, bought a total of 2,294 ordinary shares in the Company at an average price of 1,231.7 pence per share.
As a result of this transaction Oliver Gardey and his connected persons hold a total of 38,231 ordinary shares, being 0.05% of the ordinary share capital of the Company (excluding treasury shares).
1st Feb 2022 - ICG Enterprise Trust Plc: Q3 Update for the three months ended 31 October 2021 - NAV £16.28
Now on sale at £12.32 which is a 24% discount to the NAV reported 3 months ago!
If you invest and hold for 1 year every year this out performs total return on FTSE All Share.
This message is 5 minutes in, as short Vimeo worth a listen IMHO
https://vimeo.com/637759524
That's a question for Halifax I buy this in my SIPP & ISA via Hargreaves Lansdown.
Couldn't see these on Halifax is it listed as a fund or company?
Yes £15.23 NAV is a compelling 23% discount, then you see an RNS about a non-exec director buying £23K worth to hold £173K worth in total makes me think this one to buy more off when possible!
7 October 2021
Notification of Transactions of Persons Discharging Managerial Responsibilities
This announcement is made pursuant to Article 19 of the Market Abuse Regulation.
The Company wishes to announce that it received notification on 6 October 2021 that Gerhard Fusenig, a Non-Executive Director of the Company, bought 2,000 ordinary shares in the Company at a price of 1155 pence per share.
NAV reported 1523. Bought for my ex 12 months ago, and for my granddaughter starting 9 years ago.
I wish I'd bought some myself. :-(
Still looks a bargain at 1180, but am broke!