Q3 2023
Please refer to www.naxs.se and the company's financial reports for exhaustive information
Q3 2023
An investment company focusing on the Nordic private equity market
NAXS is an investment company listed on NASDAQ Stockholm, focusing primarily on private equity funds with a Nordic focus.
NAXS can also make direct investments or co-investments alongside private equity funds.
2
Q3 2023
NAXS offers a diversified exposure to the private equity market through a listed share
NAXS also provides an exposure to selected direct investments:
- 12 active private equity funds from 7 managers
- exposure to large, mid and small cap segments
- 66 portfolio companies at Q3 2023
- since inception, underlying funds have acquired 182 portfolio companies, 116 of which have been fully exited, generating an average IRR of 18%
Attractive distribution policy:
For FY 2022, NAXS has paid a dividend of SEK 3.75/share representing 4.3% of NAV
and a dividend yield of 6.3%
- 5 listed equity investments (Nasdaq, Nasdaq First North, Nasdaq Copenhagen, Euronext Growth Oslo)
- 3 unlisted equity investments
3
Q3 2023
Fund portfolio (Q3 2023)*
Apax Europe VII LP
Fund size: MEUR 11.000
Segment: large cap
Vintage: 2007
Geographic focus: Europe/Global
NAXS initial commitment: MEUR 15 www.apax.com
Valedo Partners Fund II AB | Mimir Invest AB |
Fund size: MEUR 2.000 | Fund size: |
Segment: small cap | Segment: small cap |
Vintage: 2011 | Vintage: 2017 |
Geographic focus: Sweden | Geographic focus: Primarily Nordic |
NAXS initial commitment: MSEK 65 | NAXS initial commitment: MSEK 50 |
www.valedopartners.com | www.mimirinvest.com |
JAB Consumer Fund GCB II
Fund size: MUSD 5.000
Segment: large cap
Vintage: 2018
Geographic focus: Global
NAXS initial commitment: MUSD 5 www.jabholdco.com
Nordic Capital CV1 LP
Fund size: MEUR 2.500
Segment: large cap
Vintage: 2018
Geographic focus: Primarily Nordic
NAXS intial commitment: MEUR 14.6 www.nordiccapital.com
Equip Capital Fund I LP
Fund size: MNOK 1.900
Segment: small cap
Vintage: 2020
Geographic focus: Norway/Nordic
NAXS initial commitment: MNOK 20 www.equip.no
JAB Consumer Fund GCB III | Nordic Capital Fund X LP | Nordic Capital Evo I LP |
Fund size: MUSD 3.800 | Fund size: MEUR 6.100 | Fund size: MEUR 1.200 |
Segment: large cap | Segment: large cap | Segment: mid cap |
Vintage: 2020 | Vintage: 2020 | Vintage: 2021 |
Geographic focus: Global | Geographic focus: Northern Europe/US | Geographic focus: Northern Europe |
NAXS initial commitment: MEUR 5 | NAXS initial commitment: MEUR 2 | NAXS initial commitment: MEUR 1 |
www.jabholdco.com | www.nordiccapital.com | www.nordiccapital.com |
Mimir Industries AB | JAB Consumer Fund JCP V | Celero Capital Fund E AB |
Fund size: | Fund size: MEUR 4,000 | Fund size: n/a |
Segment: small cap | Segment: large cap | Segment: small cap |
Vintage: 2022 | Vintage: 2022 | Vintage: 2023 |
Geographic focus: Nordics | Geographic focus: Global | Geographic focus: Nordic |
NAXS initial commitment: MSEK 75 | NAXS initial commitment: MEUR 5 | NAXS initial commitment: MEUR 1.5 |
www.mimirinvest.com | www.jabholdco.com | www.celerocapital.com |
- In addition, NAXS' portfolio comprises 3 funds that are either in dissolution process or have divested all their portfolio companies (FSN Capital III, Herkules Private Equity III and Nordic Capital Fund VII)
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Q3 2023
Direct investment portfolio (Q3 2023)
Scout Gaming Group AB | Awilco Drilling PLC | Jacktel AS | Keurig Dr Pepper | Pret Panera Company |
Sector: iGaming | Sector: Oil & Gas | Sector: Oil & Gas | Sector: beverage/non-alcoholic | Sector: Fast casual dining |
Type of instrument: listed share | Type of instrument: listed share | Type of instrument: unlisted shares | Type of instrument: 2020 | Type of instrument: unlisted shares (co- |
(Nasdaq First North) | (Euronext Growth Oslo) | (registered on Euronext NOTC) | Year of initial investment: 2020 | investment with JAB Holding) |
Year of initial investment: 2017 | Year of initial investment: 2018 | Year of initial investment: 2018 | Reported value: MSEK 22.4 | Year of initial investment: 2020 |
Reported value: MSEK 0.1 | Reported value: MSEK 4.9 | Reported value: MSEK 10.7 | www.keurigdrpepper.com | Reported value: MSEK 2.8 |
www.scoutgaminggroup.com | www.awilcodrilling.com | www.macro-offshore.com | www.panerabread.com | |
www.pret.com |
Krispy Kreme Doughnuts | Chr. Hansen Holding | Reledo |
Sector: Fast food casual | Sector: bioscience | Sector: facility management |
Type of instrument: listed shares | Type of instrument: listed share | Type of instrument: unlisted shares (co- |
(Nasdaq, co-investment with JAB | (Nasdaq Copenhagen) | investment with Celero Capital Fund |
Holding) | Year of initial investment: 2022 | (E) AB |
Year of initial investment: 2021 | Reported value: MSEK 2.2 | Year of initial investment: 2023 |
Reported value: MSEK 5.8 | www.chr-hansen.com. | Reported value: MSEK 5.7 |
www.krispykreme.com | www.reledo.se |
Panera Brands
Sector: Fast casual dining
Type of instrument: unlisted shares (co- investment with JAB Holding)
Year of initial investment: 2023
Reported value: MSEK 11.0 www.panerabread.com
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Q3 2023
NAV development Q3 2019 - Q3 2023
115 | ||||||||||||||||
105 | 3.5 | 3.5 | 3.75 | |||||||||||||
3.5 | 3 | 3 | 3.5 | |||||||||||||
3.5 | 3 | 3 | 3 | 3 | ||||||||||||
3 | 2.78 | 2.78 | 3 | |||||||||||||
3 | ||||||||||||||||
95 | 3 | 2.78 | 2.53 | 2.53 | 2.78 | |||||||||||
3 | 3 | 3 | 2.53 | 2.53 | ||||||||||||
2.78 | 7.7 | 7.7 | ||||||||||||||
2.78 | ||||||||||||||||
3 | 2.53 | |||||||||||||||
3 | 2.53 | 7.7 | 7.7 | |||||||||||||
85 | 2.78 | |||||||||||||||
3 | 3 | |||||||||||||||
3 | 2.53 | 7.7 | 7.7 | |||||||||||||
3 | 2.78 | |||||||||||||||
75 | 2.78 | 2.78 | 3 | 3 | 3 | 3 | 2.78 | 2.53 | 7.7 | |||||||
2.78 | 2.78 | 2.53 | ||||||||||||||
2.53 | 2.53 | 2.53 | 3 | 2.78 | 2.78 | 2.53 | 7.7 | |||||||||
7.7 | 7.7 | 2.53 | 2.53 | 7.7 | ||||||||||||
65 | 7.7 | 2.78 | 7.7 | 7.7 | ||||||||||||
2.53 | 7.7 | |||||||||||||||
7.7 | 83.38 | 86.59 | 86.95 | 83.5 | ||||||||||||
78.71 | ||||||||||||||||
55 | 73.78 | 78.12 | ||||||||||||||
64.16 | 65.66 | 68.49 | ||||||||||||||
63.63 | 63.13 | 63.04 | ||||||||||||||
60.58 | 60.87 | |||||||||||||||
45 | 55.42 | |||||||||||||||
35 | ||||||||||||||||
Q3 19 | Q4 19 | Q1 20 | Q2 20 | Q3 20 | Q4 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | |
NAV | Dividend paid 2012-2017 | Dividend paid 2018 | Dividend paid 2019 | Dividend paid 2020 | Dividend paid 2021 | Dividend paid 2022 | Dividend paid 2023 |
3.75
3.5
3
3
2.78
2.53
7.7
84.52
Q3 23
The NAV per share
increased by 1.2% during Q3 2023 and by 5.9% over 12 months (incl. dividend paid)
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Q3 2023
NAXS: on a street near you…
Q3 2023
- and in the press
8
Q3 2023
Key figures Q3 2023
Equity (NAV) | NAV 12-month change |
936 | +5.9 |
MSEK | Percent |
SEK 84.52/share | (incl. dividend) |
Net cash | Share price |
226 | 68.4 |
MSEK | SEK |
24 percent of equity | (at 30.09.2023) |
Private equity fund investments
and Other investments
707
MSEK
76 percent of equity
Discount (+) / Premium (-)
18.1
Percent
(compared to NAV at
30.09.2023)
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Q3 2023
Investment policy & Company facts
Investment criteria | Legal form | Listing |
Investments in private equity funds, which have one or more of the Nordic countries | A public limited liability company | Nasdaq OMX Stockholm |
(Denmark, Finland, Norway and Sweden) as their investment focus | incorporated under Swedish law | |
Investment alongside private equity funds and other alternative assets funds | Ticker | |
Up to 40% of NAV may be invested in any securities or assets in any jurisdiction | Number of shares | NAXS SS in Bloomberg |
11,007,585 share (single share class) | NAXS.ST in Reuters | |
Investment size and diversification | ||
NAXS intends to hold a diversified portfolio of investments | Advisory service fee | Auditor |
However, based on market conditions, up to 40% of NAV may be placed in a single | 1% of reported NAV up to SEK 1.0bn, and | Ernst & Young |
investment | 0.5% over SEK 1.0bn | |
Reporting | ||
Dividend policy | Aggregate NAV reported on | |
50-75% of profit after tax, excluding unrealized income and costs | Performance fee | a quarterly basis |
5.0%, after a 5.0% preferred return to | ||
Financing & management of net cash | investors | |
Fund investments are financed through equity | ||
Liquid assets/net cash are invested in secure short-terminterest-bearing instruments | ||
or bank accounts only |
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Disclaimer
NAXS AB published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 18:31:34 UTC.