Edison review on Standard Life Private Equity Trst

RNS Number : 5491U

Standard Life Private Eqty Trst PLC

06 December 2021

 

London, UK, 6 December 2021

Edison issues review on Standard Life Private Equity Trust (SLPE)

Standard Life Private Equity Trust (SLPET) recorded a NAV total return of 11.7% in the quarter ended 30 June 2021 (last date of portfolio valuations). SLPET benefited from improving public market multiples, driving unrealised portfolio gains to £72.2m (representing c 8.2% return), as well as strong realisations. The average uplift on exits in the quarter reached 29.3%, translating into an average multiple on invested capital of 3.2x. Based on the last reported NAV estimate as at end-October 2021, reflecting end-June 2021 portfolio valuations adjusted for subsequent FX movements and dividend payments, SLPET reported a one-year NAV TR of 36.7%, above the 35.4% return posted by the FTSE All-Share index and 25.6% by the LPX Europe NAV index, used as a broad PE market reference.

SLPET's investment activity has picked up in the recent months, with a notable volume of co-investments of £53m in the second half of the financial year 2021 (ended 30 September 2021), or c 25% of new commitments/investments in the period. As a result, its overcommitment ratio reached 33% at end-October 2021 (versus 25% and 28% at end-March 2021 and end-June 2021, respectively), which is already in line with management target of 30-75% (although closer to the lower bound). At end-October 2021, SLPET held liquid resources amounting to £37.6m. Together with the fully undrawn £200m syndicated credit facility, it represents a robust coverage ratio of outstanding commitments of 44%. On 29 October 2021, SLPET made its third interim dividend payment for FY21, amounting to 3.4p per share, which constitutes an annualised yield of 2.6%, assuming a dividend for the year of 13.6p. 

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: E dison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

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:

Milosz Papst [phone] [e-mail]

Learn more at   www.edisongroup.com and connect with Edison on: 

LinkedIn  https://www.linkedin.com/company/edison-group-/

Twitter    www.twitter.com/Edison_Inv_Res  

YouTube  www.youtube.com/edisonitv

 

END

 

 

NRAUPGGUPUPGGPW