Edison issues report on HgT (HGT)
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Edison Investment Research Limited
London, UK, 7 November 2024
Edison issues report on HgT (HGT) Edison issues report on HgT (LSE: HGT). HgT reported sustained healthy earnings momentum across its major holdings (driven primarily by upselling and cross-selling opportunities), contributing 5pp to its NAV performance in Q324. Its top 20 holdings (which make up 76% of its portfolio value) posted last 12-month sales growth of 20% (of which 12% was organic) and 24% EBITDA growth to end-September 2024, achieved at a 34% average EBITDA margin. The positive earnings impact on NAV was offset by adverse currency movements (sterling strengthening) of 3pp, the main contributor to the 0.9% NAV total return (TR) decline in Q324. The negative fx changes partly reversed post quarter-end. Continued positive momentum across HgT’s portfolio, coupled with stable valuation multiples since the start of the year, brought HgT’s year-to-date NAV TR to 5.5%. This was accompanied by an average 16% uplift to previous carrying value for full and partial realisations completed to date. HgT’s five- and 10-year NAV TR remains strong at 17.6% and 18.4% pa, respectively. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Connect with Edison on:
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2025319 07-Nov-2024
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