Last checked at 
30 Nov 2021 08:00
London, UK, 30 November 2021
Edison issues review on NB Private Equity Partners (NBPE)
NB Private Equity Partners (NBPE) continues its strong performance driven by exits and valuation uplifts in existing portfolio holdings. In the 12 months ending October 2021, it delivered a NAV total return of 57.8% in US dollar terms, with 5.4pp from the recent IPO of the warehouse automation business AutoStore. The performance was also supported by growth in the remaining portfolio companies. The realisations have left NBPE with increased dry powder, while the investment level remained within the target range. Despite the strong returns and a one-layer fee structure, NBPE trades at a wide discount (21% versus the peer average of 14%).
The 2021 year-to-date realisations (supported by strong M&A and IPO markets) underline the manager's expertise (with 3.7x invested capital exit multiple) and conservative approach to valuation; the average uplift stood at 100% to end-FY20 carrying values. NBPE's announced exits of US$365m year to date allowed the manager to repay its credit facility and leaves NBPE with ample resources to pursue new investments. This has also reduced the investment level to 111% which, while at the lower end of the target range, leaves NBPE with a solid capital structure ahead of the ZDPs maturing in 2022. At the same time, NBPE still sees exit opportunities in its portfolio, of which 61% is from 2018 and earlier investments. NBPE also maintained its dividend payout policy throughout the pandemic and the last 12-month dividends imply a c 3.1% yield.
Click here to view the full report or here to sign up to receive research as it is published.
All reports published by Edison are available to download free of charge from its website
www.edisongroup.com
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information, please contact Edison:
Milosz Papst +44 (0) 20 3077 5700 investmenttrusts@edisongroup.com
Michal Mordel +44 (0) 20 3077 5700 investmenttrusts@edisongroup.com
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-group-/
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv