25 Feb 2021 07:00
London, UK, 25 February 2021
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) reported an 11.7% NAV TR in FY20 (ending 30 September 2020), driven by its resilient portfolio weighted towards technology, healthcare and consumer staples (c 51% of NAV at end-FY20). Over the period, the company received a healthy £140m from realisations at an average exit multiple of 3.5x (supported by the partial exit from Action). SLPET is well-placed to pursue new deals in 2021, which it expects to be skewed more towards secondaries and co-investments than in the past.
SLPET's total FY20 dividend of 13.2p (up c 3% y-o-y) translates into an attractive 3.3% yield, while the current 16.4% discount to NAV is slightly narrower than the five-year average (c 20%), but also broadly in line with the peer group average (17.2%).
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