Apax Global Alpha Limited (APAX)

Sector:

Investment Firms

Index:

FTSE 250

 142.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 165.20
  • 52 Week Low: 136.20
  • Currency: UK Pounds
  • Shares Issued: 488.98m
  • Volume: 114,719
  • Market Cap: £694.35m
  • RiskGrade: 195
  • Beta: 0.61

Apax Global Alpha updates NAV, announces Thoughtworks privatisation

By Josh White

Date: Tuesday 06 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Apax Global Alpha (AGA), a London-listed investment company providing access to Apax private equity funds, updated the market on its portfolio on Tuesday, announcing the privatisation of Thoughtworks and its estimated adjusted net asset value as of the end of June.
The FTSE 250 company revealed that Thoughtworks, a global technology consultancy and a portfolio company of the Apax IX Fund, would be taken private by Apax funds.

It said the deal was valued at $4.40 per share, translating to a total enterprise value of $1.75bn.

The transaction represented an approximate 55% increase in AGA's last unaffected valuation of its stake in Thoughtworks, resulting in an estimated uplift of €9m in AGA's adjusted net asset value.

It said the deal was expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Thoughtworks, founded in 1993, had been part of Apax IX's portfolio since 2017.

Under Apax's ownership, the company saw a significant increase in its EBITDA and margin, leading to a partial exit through an initial public offering in 2021.

AGA initially committed around $350m to Apax IX in 2016.

As of 30 June, AGA's estimated adjusted net asset value stood at about €1.237bn, translating to €2.52 per share.

That marked a slight decline from the net asset value figure at the end of the 2023 financial year, of €1.288bn.

The company's estimated total net asset value return for the first half of 2024 was -1.4%, with a second quarter return of -1.0%.

AGA put the negative performance largely down to writedowns in Vyaire, an Apax VIII portfolio company, which impacted both private equity and debt portfolios.

Excluding the Vyaire writedowns, AGA's total net asset value return for the first half would have been 1.5%.

The portfolio remained heavily weighted towards private equity, accounting for 80% of investments, with the remainder in debt instruments.

AGA also highlighted its new capital allocation framework, which includes regular dividends and the establishment of a €30m 'distribution pool' for share buybacks.

The board said the initiative was designed to capitalise on the current investment opportunity presented by the wide discount on its shares.

It said it planned to release its detailed 2024 interim results on 5 September.

At 1240 BST, shares in Apax Global Alpha were up 1.41% at 144p.

Reporting by Josh White for Sharecast.com.

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.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

APAX Market Data

Currency UK Pounds
Share Price 142.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 165.20
52 Week Low 136.20
Volume 114,719
Shares Issued 488.98m
Market Cap £694.35m
Beta 0.61
RiskGrade 195

APAX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
42.48% above the market average42.48% above the market average42.48% above the market average42.48% above the market average42.48% above the market average
13.36% above the sector average13.36% above the sector average13.36% above the sector average13.36% above the sector average13.36% above the sector average
Price Trend
30.72% below the market average30.72% below the market average30.72% below the market average30.72% below the market average30.72% below the market average
71.7% below the sector average71.7% below the sector average71.7% below the sector average71.7% below the sector average71.7% below the sector average
Income
83.20% above the market average83.20% above the market average83.20% above the market average83.20% above the market average83.20% above the market average
45.00% above the sector average45.00% above the sector average45.00% above the sector average45.00% above the sector average45.00% above the sector average
Growth
55.89% above the market average55.89% above the market average55.89% above the market average55.89% above the market average55.89% above the market average
47.52% above the sector average47.52% above the sector average47.52% above the sector average47.52% above the sector average47.52% above the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

APAX Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Sep-24 14-Mar-24
Paid 03-Oct-24 04-Apr-24
Amount 5.50p 5.64p

Trades for 21-Nov-2024

Time Volume / Share Price
16:01 5,981 @ 142.08p
16:01 1,017 @ 142.40p
15:46 3,200 @ 142.08p
15:45 422 @ 142.00p
15:42 2,823 @ 142.13p

Top of Page