Investment Companies Daily 3i final results, UZNF IPO results, BSIF March NAV, AER breakdown of asset sale negotiations with investment adviser

Research evidence excerpt

Investment Companies Daily 3i final results, UZNF IPO results, BSIF March NAV, AER breakdown of asset sale negotiations with investment adviser

d 18.5x LTM run-rate Golden Prospect Precious Metal 7.6

Baillie Gifford Shin Nippon 7.8

EBITDA multiple, with underlying LPs buying and selling at that multiple, and JPMorgan EMEA Emg Mkts 8.0

its KPIs sector leading. The PE portfolio ex Action performed well, with Royal BlackRock World Mining Trust 8.1

Sanders called out (return of 36% over the year), and the consumer and private Manchester & London 13.9

label businesses doing well, with other sectors remaining resilient. 96% of -15 -10 -5 0 5 10 15 20

companies grew earnings. 3i increased the multiple for one portfolio company Source: LSEG Datastream

in the year, but adjusted multiples downwards across six, recognising a net Largest movers over the last month (%)

£40m unrealised value reduction. At 31/3/26, the weighted average post- Home REIT -75.8

discount multiple (excluding Action) was 13.0x vs 13.4x a year ago, but this LMS Capital -17.1

Aquila European Renewables… -12.7

was more than offset by a net £552m of earnings growth ex Action; we estimate 3i -12.3

underlying earnings growth was around 9% ex Action. FX was a 77pps RM Infrastructure Income -11.3

tailwind net of hedges, but this was almost all in H1. Portfolio cash flow has Polar CapitalPacificTechnologyHorizon 21.822.4

been strong, with £1.9bn across the portfolio, driven by realisation proceeds of Golden Prospect Precious Metal 22.8

£1,517m (21% of opening portfolio, with three full PE exits at MOICs well Parvus Energy Efficiency Trust 26.7

above target 2x), resulting in year-end net debt of £547m, gearing of just 2% Manchester & London 33.2

-100 -80 -60 -40 -20 0 20 40 60

of NAV vs 3% at H1.