Hardman & Co Research / GG00BWWYMV85
30.01.2025 - 16:40:03Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising
| Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising 30-Jan-2025 / 15:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): AGA passed inflexion point with deal activity rising As noted in our reports, CM day: further proof of value added by Apax and 1H’24: deal activity coming back strongly, the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have turned the corner, and both exit and investment activity is steadily rebuilding to more normal levels. In this note, we analyse the likely impact of the exit trend on i) NAV, with an expected greater correlation between EBITDA growth and NAV growth, ii) cashflows, iii) sentiment, and iv) the discount to NAV. In our view, the growing investment, with the operational improvements that Apax then delivers, are key drivers to long-term outperformance. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/apax-aga-passed-inflexion-point-with-deal-activity-rising/ If you are interested in meeting the company, you can register your interest by clicking on the above link.
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