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Pin to quick picksHgCapital Trust plc Regulatory News (HGT)

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Edison issues update on HgCapital Trust (HGT)

16 Nov 2022 07:00

RNS Number : 5051G
HgCapital Trust PLC
16 November 2022
 

London, UK, 16 November 2022

 

Edison issues update on HgCapital Trust (HGT)

HgCapital Trust (HGT) posted a 2.3% increase in NAV per share total return (TR) in Q322, as positive earnings growth across the portfolio over the last 12 months (LTM) again outweighed multiple contraction. Despite the latter, the average EV/LTM EBITDA across HGT's top 20 holdings stands at 28.8x vs 27.4x at end-2021 (see our previous note for a discussion on HGT's valuations). The weaker global economy and tightening credit conditions weigh on both HGT's near-term portfolio performance outlook and private equity deal activity. Still, the secular digitalisation trend remains intact with, as Gartner forecasted in October 2022, growth in global software and IT services spending of 11.3% and 7.9% in 2023, respectively. HGT's shares trade at a 18% discount to NAV, while they traded close to NAV in 2021.

 

HGT closed £221m of new investments in Q322 (mostly related to IFS/Workwave and Ideagen). A further £231m was invested post period-end, though we note that most of it is the refinancing of Access (see our previous note for details) completed in October 2022, which overall resulted in net realisation proceeds (before carried interest) of c £84.0m for HGT. We calculate that HGT's net investment from the remaining transactions post end-September 2022 was c £66.5m. Except for the £9m investment in TrustQuay, a technology provider to the trust, corporate and fund services industry (completed in October 2022), all the other deals were already made public at the time of the H122 results release in September 2022. Meanwhile, HGT also announced the merger of Ideagen and ProcessMAP, two of its portfolio companies, resulting in a combined uplift of 6% to end-August 2022 valuations.

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NRAFLFIRLILELIF
Date   Source Headline
15th Apr 20247:00 amRNSHg announces investment in Focus Group
22nd Mar 20243:08 pmEQSEdison issues update on HgCapital Trust (HGT): Strong earnings growth and realisations in FY23
20th Mar 202412:30 pmRNSHg announces investment in CUBE
15th Mar 202411:00 amRNSHgCapital Trust results summary with Doceo
11th Mar 20247:00 amRNSAnnual Results for the Year Ended 31 December 2023
11th Mar 20247:00 amRNSAnnual Financial Report
4th Mar 20247:00 amRNSInduver and Clover join forces alongside Hg
5th Feb 202412:02 pmEQSEdison issues flash on HgT (HGT): Preliminary FY23 NAV total return of 10.7%
5th Feb 20247:00 amRNSHgCapital Trust - 2023 Preliminary Trading Update
2nd Feb 20247:00 amRNSHg invests in GGW Group
22nd Jan 20247:00 amRNSHg announces sale of Argus Media
27th Dec 20237:00 amRNSHg announces partial sale of IRIS Software Group
21st Dec 202312:54 pmRNSVisma attracts new investors for expansion
14th Dec 202312:00 pmRNSHg announces strategic investment in CINC Systems
8th Dec 20234:21 pmRNSHg announces sale of GGW Group
23rd Nov 20237:00 amRNSDirectorate Change
21st Nov 20237:00 amRNSDirectorate Change
15th Nov 20232:00 pmRNSDirector/PDMR Shareholding
14th Nov 202310:30 amRNSBlock listing Interim Review
8th Nov 20237:00 amRNS3rd Quarter Results
12th Oct 20237:00 amRNSHg announces investment in JTL
27th Sep 202312:30 pmRNSHolding(s) in Company
25th Sep 202311:00 amRNSHg announces sale of Silverfin to Visma
20th Sep 20232:44 pmRNSHgCapital Trust update with Doceo
18th Sep 20237:00 amRNSHGT Half-Year Report
18th Sep 20237:00 amRNSHalf-year Report and Dividend Declaration
5th Sep 20238:00 amRNSHg agrees to sale of Commify to ECI Partners
17th Aug 20238:00 amRNSHg agrees to partial sale of TeamSystem
4th Aug 20237:15 amRNSEdison issues review on HG Capital Trust (HGT)
20th Jul 20237:00 amRNSHg announces investment in Nomadia
19th Jun 20237:00 amRNSAzets Group secures investment from PAI to join Hg
18th May 20239:00 amRNSHg announces investment in GTreasury
17th May 20235:21 pmRNSResult of AGM
15th May 20237:00 amRNSQ1 2023 Report to 31 March 2023
12th May 20234:53 pmRNSBlock listing Interim Review
4th Apr 202310:04 amRNSDirector/PDMR Shareholding
3rd Apr 20233:51 pmRNSUpdate on HGT's Commitment to Hg's Saturn 3 Fund
3rd Apr 20237:00 amRNSDirector/PDMR Shareholding
29th Mar 202310:35 amRNSDirector/PDMR Shareholding
28th Mar 202312:24 pmRNSDirector/PDMR Shareholding
16th Mar 20232:14 pmRNSHgCapital Trust results summary with Doceo
15th Mar 202310:55 amRNSDirector/PDMR Shareholding
13th Mar 202310:51 amRNSUpdate on Silicon Valley Bank
13th Mar 20237:00 amRNSAnnual Results & Notice of Annual General Meeting
13th Mar 20237:00 amRNSAnnual Financial Report
31st Jan 20234:50 pmRNSBlock listing Interim Review
13th Dec 20227:00 amRNSHg agrees to sale of Transporeon
16th Nov 20227:00 amRNSEdison issues update on HgCapital Trust (HGT)
14th Nov 20227:00 amRNS3rd Quarter Results
1st Nov 202210:10 amRNSTotal Voting Rights

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