+44(0)203 693 & Co Research can still be accessed for free after MiFID II. If you are interested in meeting the company, you can register your interest by clicking on the above link Please click on the link below for the full report: The NAV should be resilient in uncertain times. The full-year results to Dec’22 reconfirmed the core strengths of AGA, notably i) Apax enhances the operational performance of its investments ‒ revenue and EBITDA growth of 21.5% and 18.5%, respectively, are well ahead of the market, ii) a 15% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a -7.4% NAV return, driven largely by the listed holdings’ rating multiples fall (these companies have already delivered 3.4x money on invested capital return), and iv) the Derived Investments portfolio proved its worth, with diversified, more stable returns, and generating cash to pay the dividend. Outperformance by adding value to companies Hardman & Co Research on Apax Global Alpha (APAX):
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