Petershill Partners (PHLL)

Sector:

Financials

Index:

FTSE 250

269.00p
   
  • Change Today:
      0.50p
  • 52 Week High: 284.50
  • 52 Week Low: 168.60
  • Currency: UK Pounds
  • Shares Issued: 1,081.71m
  • Volume: 294,280
  • Market Cap: £2,909.79m
  • Beta: 0.00

Petershill updates guidance after beating IPO expectations

By Josh White

Date: Wednesday 20 Apr 2022

LONDON (ShareCast) - (Sharecast News) - Petershill Partners reported maiden results that were ahead of its IPO expectations on Wednesday, with IFRS profit after tax coming in at $248m (£190.67m), equalling pro forma earnings per share of 21 cents.
The FTSE 250 company said that for the period from 24 March to 31 December, APM revenues from partner-firms totalled $122m, and adjusted EBIT came in at $106m, with an adjusted ΕΒΙΤ margin of 87%.

IFRS Investments at fair value totalled a gross $6bn, and on an APM basis a net $5.5bn.

Book value per share totalled 458 cents (339p) at period end on 31 December, while the company raised $720m net of share issue costs at its initial public offering.

The Petershill board said it would propose a final dividend of 2.6 cents per share, in-line with guidance, adding that it intended to launch a share buyback programme of up to $50m.

During the year, the company completed five acquisitions worth a combined $458m, adding $20bn of aggregate partner-firm assets under management.

The company said it expected investments would be 9% accretive to its consensus earnings forecast by 2023.

Looking ahead, Petershill reported a "strong start" to 2022 fundraising activity for partner-firms, in a "nuanced" fundraising environment.

It updated its guidance to between $40bn and $45bn of gross fee-paying asset raises at partner-firms in 2022, on an organic basis.

"We have delivered a strong set of maiden results and achieved a great deal during our first quarter as a public company, surpassing expectations set at the time of our IPO," said chairman Naguib Kheraj.

"The exceptional quality of our partner-firms has driven a 57% increase in full year partner distributable earnings with highly visible and dependable fee-related earnings at the core of our operating income, underlining our ability to generate sustainable returns for our investors.

"Despite the current geopolitical uncertainty and the expectation of rising interest rates, the operating environment for our business remains positive and we are confident that our partner-firms are well-placed to grow."

Kheraj said the company had "no direct exposure" to Ukraine or Russia, adding that its partner-firms, their funds, assets under management and strategies were mostly focussed on North America.

"We expect in excess of $40bn of fee-paying assets under management to be raised by our partner-firms in the private capital markets during 2022.

"In light of our strong performance in 2021, the visibility we have over fee-related income and our updated guidance for organic assets under management growth, we look to the future with confidence and are pleased to propose a maiden dividend as well as the launch a share buyback programme of up to $50m alongside our continued acquisition strategy."

At 0845 BST, shares in Petershill Partners were up 2.44% at 270.97p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

PHLL Market Data

Currency UK Pounds
Share Price 269.00p
Change Today 0.50p
% Change 0.19 %
52 Week High 284.50
52 Week Low 168.60
Volume 294,280
Shares Issued 1,081.71m
Market Cap £2,909.79m
Beta 0.00

PHLL Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.41% above the market average61.41% above the market average61.41% above the market average61.41% above the market average61.41% above the market average
43.40% above the sector average43.40% above the sector average43.40% above the sector average43.40% above the sector average43.40% above the sector average
Price Trend
89.70% above the market average89.70% above the market average89.70% above the market average89.70% above the market average89.70% above the market average
80.36% above the sector average80.36% above the sector average80.36% above the sector average80.36% above the sector average80.36% above the sector average
Income
11.11% above the market average11.11% above the market average11.11% above the market average11.11% above the market average11.11% above the market average
31.25% below the sector average31.25% below the sector average31.25% below the sector average31.25% below the sector average31.25% below the sector average
Growth
47.09% below the market average47.09% below the market average47.09% below the market average47.09% below the market average47.09% below the market average
28.71% below the sector average28.71% below the sector average28.71% below the sector average28.71% below the sector average28.71% below the sector average

PHLL Dividends

  Latest Previous
  Special Interim
Ex-Div 21-Nov-24 26-Sep-24
Paid 20-Dec-24 31-Oct-24
Amount 17.50¢ 5.00¢

Trades for 10-Feb-2025

Time Volume / Share Price
16:35 102,061 @ 269.00p
16:35 1 @ 269.00p
16:35 57 @ 269.00p
16:35 58 @ 269.00p
16:35 603 @ 269.00p

Top of Page