HGCapital Trust (HGT)

Sector:

Investment Firms

Index:

FTSE 250

537.00p
   
  • Change Today:
      7.00p
  • 52 Week High: 548.00
  • 52 Week Low: 391.50
  • Currency: UK Pounds
  • Shares Issued: 457.73m
  • Volume: 548,017
  • Market Cap: £2,458.00m
  • RiskGrade: 124
  • Beta: 1.03

HgCapital reports solid first-half performance

By Josh White

Date: Monday 29 Jul 2024

LONDON (ShareCast) - (Sharecast News) - HgCapital Trust reported a strong first-half performance in its underlying portfolio in an update on Monday, with its estimated net asset value (NAV) per share reaching 524p, representing a total return of 5.6% on an NAV basis.
The London-listed firm said that growth was supported by impressive last 12 months (LTM) revenue and EBITDA increases of 20% and 25%, respectively, among its top 20 companies, which make up 78% of the portfolio.

Its share price return was even more notable at 12.7%, resulting in the discount narrowing from 13% to 7%.

Investment activities in the first half included £310m in new and follow-on investments, with significant allocations to companies such as Visma, IRIS, GGW, CUBE, CINC, and Induver.

Additionally, post-period investments totaling £108m were committed to Focus Group and AuditBoard.

On the realisation front, HgT saw proceeds of £347m from exits and refinancings.

That included the completion of transactions involving Visma, IRIS, GGW, and the full realisation of Argus.

Additionally, the trust anticipated receiving an estimated £71m from post-period realisations of F24, TeamSystem, and team.blue.

Notably, full and partial realisations achieved an average uplift of 13% to their carrying values.

As of 30 June, HgCapital reported available liquid resources of £550m, including a £375m undrawn credit facility.

Pro-forma figures, accounting for transactions announced before Monday, indicated available liquid resources of £508m, factoring in a £67m draw on the credit facility post-period.

Outstanding commitments to Hg funds stood at £847m, adjusted to £725m on a pro-forma basis.

"As reported in the full year results, exit activity has continued within the portfolio, including most recently the full realisations of F24 and TeamSystem and the partial realisation of team.blue," the HgCapital board said in its statement.

"Including these realisations, Hg has achieved 40 liquidity events since the start of 2022, the equivalent of more than one per month, generating proceeds of over $16bn over this period.

"This record of realisations achieved stands out as the industry continues to find generating liquidity events challenging, highlighting the fundamental strengths and attractiveness of the underlying portfolio to both trade and financial buyers."

HgCapital said investment activity increased during 2024, with a continued focus on companies within the end market, mission-critical software and services 'clusters' which the firm had tracked for a number of years.

"In addition to the investments that completed in the first half of the year, in July 2024, Hg completed the investment in AuditBoard.

"The previously announced investment in Focus Group is also expected to close in the coming months."

HgCapital Trust said it would report its interim results for the period ended 30 June on 16 September.

At 1103 BST, shares in HgCapital Trust were down 1.7% at 520p.

Reporting by Josh White for Sharecast.com.

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

Note 2: RiskGrade figures are provided by RiskMetrics.

 

HGCapital Trust Market Data

Currency UK Pounds
Share Price 537.00p
Change Today 7.00p
% Change 1.32 %
52 Week High 548.00
52 Week Low 391.50
Volume 548,017
Shares Issued 457.73m
Market Cap £2,458.00m
Beta 1.03
RiskGrade 124

HGCapital Trust Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
32.96% below the market average32.96% below the market average32.96% below the market average32.96% below the market average32.96% below the market average
47.29% below the sector average47.29% below the sector average47.29% below the sector average47.29% below the sector average47.29% below the sector average
Price Trend
81.81% above the market average81.81% above the market average81.81% above the market average81.81% above the market average81.81% above the market average
94.34% above the sector average94.34% above the sector average94.34% above the sector average94.34% above the sector average94.34% above the sector average
Income
76.18% below the market average76.18% below the market average76.18% below the market average76.18% below the market average76.18% below the market average
76% below the sector average76% below the sector average76% below the sector average76% below the sector average76% below the sector average
Growth
1.98% below the market average1.98% below the market average1.98% below the market average1.98% below the market average1.98% below the market average
12.77% below the sector average12.77% below the sector average12.77% below the sector average12.77% below the sector average12.77% below the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 3
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

HGCapital Trust Dividends

  Latest Previous
  Interim Final
Ex-Div 26-Sep-24 21-Mar-24
Paid 25-Oct-24 21-May-24
Amount 2.00p 4.50p

Trades for 21-Nov-2024

Time Volume / Share Price
16:16 224 @ 536.37p
16:14 332 @ 537.00p
16:08 650 @ 537.00p
16:08 305 @ 537.00p
16:08 847 @ 537.00p

HGCapital Trust Key Personnel

Chair Jim Strang

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