Edison Investment Research

Latest research

Patria Private Equity Trust

High liquidity and solid long-term track record

Update | Investment trusts | 20/12/2024

Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private equity (PE) deal activity. Its portfolio valuations continue to be validated by uplifts upon exits, which in the nine months to end-June 2024 averaged 23.3% (in line with the long-term average of 25%). Valuations and liquidity were also assisted by the successful £180m secondary sale in October 2024 at a limited 5% discount to carrying…

MoneyHero

Emphasis on driving margin

Update | Consumer Support Services | 20/12/2024

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform,…

Deutsche Beteiligungs

Strengthened balance sheet for new opportunities

Review | Investment trusts | 18/12/2024

Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples, which offset the negative impact from changes in earnings and the higher net debt of portfolio companies. DBAG’s portfolio remains affected by the subdued macroeconomic environment in Germany, although its continued portfolio shift away from more traditional industrial holdings likely provided a cushion. Following the convertible bond and…

Templeton Emerging Markets Investment Trust

Solid upward performance trend is encouraging

Update | Investment trusts | 12/12/2024

Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers, Chetan Sehgal (lead manager) and Andrew Ness, are encouraged by a solid improvement in the trust’s performance, which is a result of successful stock selection rather than sector or geographic asset allocation. They reiterate how the prospects for emerging markets look particularly favourable in terms of above-average growth potential and attractive absolute and relative valuations. Sehgal and Ness consider that…

Wheaton Precious Metals

Closing in on 1Moz GEO pa

Update | Mining | 11/12/2024

After the bell on 5 December, Wheaton Precious Metals (WPM) announced that it had entered into a definitive Precious Metals Purchase Agreement (PMPA, or stream) with Allied Gold regarding the Kurmuk gold project in Ethiopia. Under the terms of the stream, WPM will pay US$175m to acquire 6.7% (subject to conditions – see below) of the payable gold produced from Kurmuk at 15% of the spot price of gold until 220koz has been delivered, at which point, the percentage will drop to 4.8%.

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