devonplay
26 Apr 2019
NAV increases by 3.0% in March News Release Guernsey, 26 April 2019 NAV increases by 3.0% in March · Princess Private Equity Holding Limited’s (Princess) net asset value increased by 3.0% to EUR 11.51 per share · Portfolio developments (+3.1%) and currency movements (+0.1%) were positive · Princess received distributions of EUR 11.8 million and invested 9.8 million during the month Princess received distributions of EUR 11.8 million during the month, of which 6.0 million stemmed from the mature legacy fund portfolio. Princess also received EUR 3.2 million of proceeds from a partial divestment of shares in Ceridian HCM, a global human capital management software provider, following Ceridian’s listing on the New York Stock Exchange in April 2018 Princess invested a total of EUR 9.8 million during the month, of which EUR 8.0 million was invested in an add-on investment in Permotio International Learning, an investment vehicle formed to create a leading international schools group through a ‘buy and build’ strategy. The group has a healthy pipeline of acquisitions and is in exclusivity over six transactions. In January 2019, Permotio acquired Colegio Pedro de Valdivia, a Chile-based school group that educates approximately 6’250 students, and Montessori Academy of Broward, a US-based school of over 650 students. With these two additions, Permotio has built a group educating over 30’000 children in 39 schools across Europe, Central America, the US, the Middle East and Asia. The group was one of the top contributors to Princess’ NAV performance during the reporting period. EBITDA for the twelve months ended 31 January 2019 increased by 70.5% to EUR 46.9 million, supported by M&A activity, as well as like-for-like growth from higher student enrolments and fee increases. A number of other investments had a positive impact on NAV performance in March, including Foncia and CPA Global. Foncia, a France-based provider of property management and real estate services, continued to deliver solid financial results. EBITDA increased by 17% to EUR 191m, mainly as a result of Foncia’s acquisition strategy and a robust performance across all service lines. Going forward Partners Group remains focused on working closely with Foncia’s management team to implement a new IT system and aims to digitalize all business functions over the next three years. CPA Global, a Jersey-based legal outsourcing company providing intellectual property management services, was written-up in value following the company’s recent merger announcement with ipan/Delegate Group in January 2019. The combined company will be able to offer customers an expanded range of solutions across a broader geographical footprint, which will help drive CPA’s global growth strategy. The merger is also expected to realize cost synergies and further value creation potential. Further information is available in the monthly report, which can be accessed via: [link] DL
Guitarsolo
26 Nov 2018
Will they have to raise the dividend? PEY has a stated dividend policy to pay out between 5 and 8% of NAV. Last year’s total dividend was 56c but the most recent NAV is stated at EUR 11.44. Even applying their lowest level of 5% would be 57.2c (c’mon call it 58c!). So, by my reckoning they will have to raise the dividend or break their guidance. In fact, being right at the bottom of their 5-8% range means that they might have to keep raising it at the same rate that NAV rises (if is rises of course). I am sure PEY are being conservative and have one eye on potential economic problems across Europe (no-deal Brexit, Italian bonds, German government fractures etc). But they should also be confident of the investments they have made (in my opinion). But I am mostly interested in the dividend (and by extension its connection to the NAV). The fact that the 5-8% range was restated in the half year report to me signals this is still their policy, so if NAV were to rise by say 8% next year (that would be a good year!), then the dividend will have to follow. Guitarsolo
devonplay
19 Jan 2018
Re: Sudden Drop I wouldn't worry. Just start drawing up a shopping list.A US shutdown wish list....just 12 hrs 30 minutes and some.DL
Charityman
19 Jan 2018
Sudden Drop SP down 2.26 % today. Quoted 9.92/10.00 eurosAny particular reason?
devonplay
19 Jan 2018
Re: Keeping well Yes, I'm keeping well thanks Grey.I had pneumonia last year, so since I was made redundant, from my little charity project, I've been taking it easy.I aslo hold Aviva and Lloyds. I last added Lloyds a little time ago, so I'm showing a small profit. Aviva I'm in at an average 383. I buy on any corrections as it always over reacts.In my opinion its a good way of buying the markets, a proxy for the FTSE, when times are bad.I'm waiting to see how PCA develops, I like it, but I've only got a small foot hold. I find putting a little in gets stock off my watchlist and into my portfolio - and that's the point I get more serious. I have many watchlists, but I loose them as quickly as I make them, so skin in the game...how ever thin it might be! LolI'm keen Record for the year and Reits. I added some Rec recently - what was left of December div. income (afer I'd paid off the credit card!!). Luckily, living the quiet life isn't expensive. I was going to leave ii, but I'm thinking it over, they've said i can go for nothing, but from what I can see the process takes months. I'm quite liking the new platform and I still find it's handy having accounts with 2 (in my case 3) brokers. I also experienced an issue with Hargreaves this month. An order I can't remember placing! - still, that might be just an elder moment, but for the life of me I cant remember placing it.I think I remember you mentioning Clig before. A long term holding?I'd like to add the EDIN, but I'm waiting for a greater discount to NAV.VSL, still interests me, but not in any rush.I have to say PEY has done me well. I'm in at an average of 7,80I've been looking over NCYF for my wife's portfolio, but holding off at the moment. I need to do a little more reserach.I'm still buying ISF and IUKD and regular basis for her and IUKP for myself. Cost averaging on them. Otherwise the old watch list is looking a bit underwhelming - NCYFITE - now, that could be interestingand the old fav AV. I'll be buying under 500 or on a good correction....same with NAIT. DL
Charityman
18 Jan 2018
Re: Keeping well It seems that the old TDW and old iii platforms were generally liked but the new combined platform is a disaster.Personally, I had no problems with the old iii.
Greyinvestor
18 Jan 2018
Keeping well Hi Devon, yes, I'm pretty well thanks, you too?I agree on REITs, I'm heavy into NRR and PCA, with a recent addition of an old chestnut, RQIH, in insurance. I'm heavily into AV. and LLOY too. Plus CLIG with a smaller holding.You'll see me posting on NRR and LLOY, but with a heavy heart I've switched my SIPP to A J Bell (which is OK but basic) and I have today signed the forms to switch everything else to Hargreaves Lansdown. TDW were brilliant but iii have been awful; Buying system not working, now I've had a dud Sell. I hate changing, but I feel that I have to.I've been adding PEYS, I'm a bit nervous that it's the top of the cycle but I do like the look of them.All the best, Grey.
devonplay
18 Jan 2018
Re: Dividends I meant PCA.DL
devonplay
18 Jan 2018
Re: Dividends Hi Grey,I hope you are keeping well.I'm much more used to the new ii platform now. I was a little put off initially because of the sites issues with Safari, but I suppose they have their own commercial reasos for not supporting it. Even if I can't see the sense in that. Like everything, putting time in has made it easier to navigate.It remains a tough market to invest if you are value driven. I've recently just added to REC and opened a position in PAC. REITs still catch my interest. Dodging political risk, over paying and avoiding fall-out from Brexit are keeping me on my investing toes.The BBC headlines this morning about PFI caught my attention. It's difficult to see/understand the impact on 3IN and HICL, it may be very limied, but they may become more interesting from a value and income perspective as some investors choose to 'de-risk" what have until recently been touted as low risk investments.DL
Greyinvestor
17 Jan 2018
Dividends Hi Devon, if you see this, it's PEYS that pays in sterling, not PEY.Having said the above, so far A J Bell are receiving the dividend in sterling, whereas TDW/iii are being obstinate and trying to insist upon Euro dividends from PEYS as well. I've told them that they are wrong, and am trying to get them to correct their error.If you buy PEYS, you have to elect to receive a sterling payment. It is this that iii is refusing to do, for no good reason.
Charityman
13 Jan 2018
Re: Dividend I've got 70euros which has popped up in my iii account so that would be the dividend. Not worth converting at the moment but will do so when the next dividend is paid, although I'm not sure how frequently they pay out.
whilstev
03 Jan 2018
Re: Dividend It seems to depend on what type of account you have. If your account allows you to deal in overseas shares then you get your divs in that currency, if your account is set to deal in uk shares only then the div is converted to pounds. It is quite easy to get them converted yourself by going to internal transfers, hope this helps.
Krayl
03 Jan 2018
Re: Dividend The dividend was paid into my Barclays sterling account on 28th Dec, using a conversion fator of 0.886370
devonplay
03 Jan 2018
Re: Dividend Thanks, yes I've found them and USD div's I was waiting on.Does that mean going forward they wont be converted into Sterling? So, overseas dividends will be paid in the local currency and they will in my account in that currency.Was that the normal practice with TDW?DL
devonplay
03 Jan 2018
Re: Dividend Thank you, perhaps I'm just looking in the wrong place.I'll have another trawl through the site and see if it's there, but I've missed it.DL
