Investment Companies Daily: III model update, RCP tender results, HVPE/GCP June NAVs, HOME dispute with Smith Square Partners, LWI co-manager to retire, LWDB interim results/co-manager to retire

Research evidence excerpt

Investment Companies Daily: III model update, RCP tender results, HVPE/GCP June NAVs, HOME dispute with Smith Square Partners, LWI co-manager to retire, LWDB interim results/co-manager to retire

from today. Should the discount to NAV narrow to zero BlackRock Energy and Resources… 4.1

(the long term average is a 16% premium) then the implied TSR over the same Tufton Oceanic Assets 4.2

period would be 25.7% pa. We estimate that the implied EV/Run Rate EBITDA Baker Steel Resources 5.0

ICG-Longbow Senior Sec. UK… 6.7

estimate for Action is 17.2x vs the NAV multiple of 18.5x. 3i has a strong -15 -10 -5 0 5 10

balance sheet with only 3.4% proforma net debt (% of NAV), while Action is Source: LSEG Datastream

strongly cash generative. But we will have to wait a while for the next Action

Largest movers over the last month (%)

update. This would usually be towards the end of September when 3i holds a

non-Action capital markets seminar, but it is not holding one this year so the Gabelli MergerGeigerPlus+CounterTrust -15.1-13.2

next scheduled update will be at the interim results in November. While the Schiehallion Fund -12.6

discount has narrowed materially from ~29% after the final results in May, we Partners Group Private Equity -12.4

Golden Prospect Precious Metal -11.7

reiterate our Overweight recommendation. This summary is copied from our RTW Venture 11.4

separate model update note which you can find in full here. NextEnergy Solar 11.7

Gresham House Energy Storage 14.6

• RIT Capital Partners (RCP, Overweight) - Result of Tender Offer - RCP 3i 17.5

today announced that 20.5% (27.8m) of its shares were validly tendered, with SDCL Energy Efficiency Income 19.4

11.2m (8.2%) accepted for purchase for an aggregate £300m cost at the -20 -15 -10 -5 0 5 10 15 20 25