PRINCESS PRIVATE EQUITY HOLDING LIMITED P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 0 N o v e m b e r 2 0 2 1
Princess publishes November NAV
- Princess Private Equity Holding Limited's (Princess or the Company) net asset value decreased by 0.4% to EUR 15.38 per share
- Portfolio developments were flat (-0.0%) while currency movements were positive (+0.1%)
- Princess received distributions of EUR 26.8 million and invested EUR 13.8 million
In November, Princess received distributions of EUR 26.8 million, of which EUR 16.4 million was received from the sale of Pacific Bells, a leading fran- chisee of the Taco Bell brand in the US. Since Partners Group acquired Pacific Bells in 2015, it has worked with the Company's management team to meaningfully grow EBITDA and headcount, as well as almost triple the number of stores from 86 at the time of investment. In the last six years, Pacific Bells has also entered new markets, including in Wisconsin, California, Mississippi, Tennessee, and Alabama, introduced new energy efficiency projects, and optimized operating processes.
EUR 9.8 million was received from the sale of Hortifruti Natural da Terra ("Hortifruti"), Brazil's largest fresh food retail chain. Over the last five years, Partners Group has employed its entrepreneurial governance approach at Hortifruti to support the implementation of several transformational value creation initiatives and drive the company's strong growth. Partners Group helped the business almost double its store base through both organic expansion and add-on acquisitions, created and expanded its online capabilities, and optimized its delivery of fresh products to homes, ensuring the same high level of service and product quality that shoppers are accustomed to when buying in person.
Princess invested EUR 13.8 million, of which EUR 8.1 million was invested in a large grocery retailer in the UK. The company has several hundred stores, which are primarily located in city centers and suburban areas, and a portfolio of petrol stations. The company benefits from a vertically integrated supply chain, with food manufacturing sites and distribution centers, and has a growing online presence. EUR 1.2 million was invested in EyeCare Partners, a leading clinically integrated network of ophthalmology and optometry providers in the US, and EUR 4.6 million was invested in a confidential investment.
Princess declared a second interim dividend of EUR 0.335 per share in November, with the shares trading ex-dividend during the month. In aggregate with the first interim dividend of EUR 0.335 per share, this represents a total dividend for FY 2021 of EUR 0.67 per share, in-line with previous guidance to distribute 5% of opening net asset value for each financial year, via semi-annual payments.
Key figures
In EUR | 31.10.2021 | 30.11.2021 |
NAV per share | 15.77 | 15.38 |
Share price | 13.70 | 13.40 |
Discount to NAV | -13.1% | -12.9% |
Portfolio (in million) | 1'020.31 | 1'042.58 |
Net current assets (in million) | 70.23 | 20.72 |
Net asset value (in million) | 1'090.54 | 1'063.30 |
Unfunded commitments (in million) | 123.73 | 157.17 |
Undrawn credit facility (in million) | 80.00 | 80.00 |
Dividend LTM | 0.625 | 0.67 |
Dividend yield | 4.6% | 5.0% |
Key figures in GBP
In GBP | 31.10.2021 | 30.11.2021 |
NAV per share | 13.32 | 13.11 |
Share price | 1'177.50 | 1'155.00 |
NAV performance since inception (total return)
400 | 50% |
300 | 25% |
200 | |
100 | 0% |
0 | -25% |
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 |
- Princess ■ MSCI World TR ■ Performance (RHS)
Total return in EUR (%)
YTD | 1 year | 3 years | 5 years | |
Princess NAV | 20.4 | 24.1 | 57.8 | 93.8 |
Princess share price | 19.9 | 22.8 | 55.5 | 104.6 |
MSCI World TR | 26.9 | 29.4 | 60.6 | 86.3 |
Largest ten direct investments
% of NAV | |||||
1. | Foncia | WEU | Financials | 4.6 | |
2. | Ammega (Megadyne - Ammeraal Beltech) | WEU | Industrials | 3.8 | |
3. | KinderCare Education | NAM | Consumer | 3.7 | |
discretionary | |||||
4. | SRS Distribution, Inc. | NAM | Materials | 3.6 | |
5. | Vishal Mega Mart | APC | Consumer | 3.5 | |
discretionary | |||||
6. | Techem Metering GmbH | WEU | Industrials | 3.3 | |
7. | Fermaca | ROW | Energy | 3.2 | |
8. | PCI Pharma Services | NAM | Healthcare | 2.5 | |
9. | EyeCare Partners | NAM | Healthcare | 2.4 | |
10. | Civica | WEU | Information | 2.4 | |
technology | |||||
Monthly NAV performance (total return)
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
2016 | -1.1% | 0.1% | 1.2% | 2.0% | 2.1% | 1.3% | -0.0% | 2.1% | 1.8% | 0.3% | 0.6% | 1.8% | 12.9% |
2017 | 1.0% | 2.1% | 2.7% | 1.1% | -0.0% | 1.6% | -0.4% | -0.2% | 1.8% | 0.4% | -0.5% | 1.1% | 11.2% |
2018 | 0.2% | 1.0% | 0.7% | 0.8% | 0.2% | 2.7% | 1.1% | 0.2% | 2.1% | -0.6% | -0.2% | -1.6% | 6.8% |
2019 | 0.7% | 1.8% | 3.0% | 0.6% | 0.8% | 2.3% | 0.4% | -0.2% | 4.2% | -0.4% | 0.5% | 5.7% | 21.1% |
2020 | 0.2% | -1.0% | -14.1% | 5.6% | 3.0% | 2.9% | 2.3% | 3.1% | 3.8% | -0.8% | 3.1% | 3.1% | 10.0% |
2021 | 0.1% | 0.9% | 7.3% | 1.5% | 1.2% | 4.8% | 0.6% | 1.1% | 0.9% | 0.8% | -0.4% | 20.4% |
P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D
M o n t h l y r e p o r t a s o f 3 0 N o v e m b e r 2 0 2 1
Princess Private Equity Holding Limited (Princess or the Company) is an investment holding company listed on the London Stock Exchange. The Company's investment objective is to provide shareholders with long-term capital growth and an attractive dividend yield by investing in a global portfolio of private companies. Princess is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 119 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure.
Information
For further information please visit:
www.princess-privateequity.net
Key facts
Stock exchange | London |
Reuters Euro Quote | PEY.L |
Reuters Sterling Quote | PEYS.L |
Bloomberg Euro Quote | PEY LN |
Bloomberg Sterling Quote | PEYS LN |
ISIN (Euro and Sterling Quote) | GG00B28C2R28 |
Sedol Euro Quote | B28C2R2 |
Sedol Sterling Quote | BF012D4 |
Product life start date | 12.05.1999 |
Shares outstanding | 69'151'168 |
Investor Relations
Portfolio composition
Phone: +44 (0) 1481 711 690
Fax: +44 (0) 1481 730 947 | Investments by regional focus | |||||
princess@partnersgroup.com | ||||||
A | North America | 50% | ||||
Registered Office | D | B | Europe | 36% | ||
C | C | Asia-Pacific | 8% | |||
Princess Private Equity Holding Limited | D | Rest of World | 6% | |||
Tudor House | ||||||
P.O. Box 477 | A | |||||
Guernsey, GY1 6BD | B | |||||
Investments by financing category | ||||||
A | Buyout Small/Mid-cap | 56% | ||||
D | B | Special situations | 20% | |||
C | Buyout Large/Mega-cap | 20% | ||||
C | D | Venture capital | 4% | |||
A | ||||||
B | ||||||
Investments by transaction type | ||||||
A | Direct | 95% | ||||
B | B | Primary | 5% |
A
Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance since inception (total return) Indexed to 100. Since inception of Princess Private Equity Holding Limited. Princess: based on monthly total return valuations. MSCI World TR: Bloomberg NDDUWI Index in EUR. Largest ten direct investments Based on net asset value. Portfolio composition Based on total value of investments.
This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided. Please consult the constituent documents for a more complete description of the terms.
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Princess Private Equity Holding Limited published this content on 24 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 December 2021 06:56:01 UTC.
