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EPE CAPITAL PARTNERS LTDEPE CAPITAL PARTNERS LTDEPE CAPITAL PARTNERS LTD

EPE CAPITAL PARTNERS LTD

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Our opinion on the current state of ETHOSCAP(EPE)Ethos Capital Partners (EPE) is a private equity fund that focuses on long-term capital appreciation by investing in unlisted companies, primarily in South Africa and across Africa. Incorporated in Mauritius, EPE's investment strategy targets growth sectors, with holdings in companies such as Tymebank, Ster Kinekor, and Brait. Like many investment holding companies, Ethos trades at a discount to its net asset value (NAV). EPE has diversified its portfolio to minimize risk, avoiding excessive concentration in any single investment. The company does not distribute dividends; therefore, investors rely on capital gains for returns. In its latest update for the three months ending 30th September 2024, Ethos reported a 5.6% increase in NAV to 695 cents per share. The growth was primarily driven by unrealized revaluation gains in Optasia, which saw a significant value increase due to a performance improvement highlighted in the company's annual report. The stock is fairly liquid, with an average daily trading volume of over R181,000. After hitting a low of 370 cents on 25th March 2020, EPE shares have shown a recovery as its investments rebounded post-COVID-19 and amid recent global economic pressures like the Ukraine crisis. From our perspective, Ethos Capital Partners could be a solid investment at its current levels, especially considering it is still trading below its NAV. However, the potential for returns will depend on the broader trends in global markets and the performance of its key investments.
JSE:EPE
by PDSnetSA
Our opinion on the current state of ETHOSCAP(EPE)Ethos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests in unlisted companies for long-term capital appreciation on behalf of its investors. Like most investment holding companies, Ethos trades at a significant discount to its net asset value (NAV). Fifty-six percent of their assets are in South Africa and 39% in the rest of Africa. It has stakes in Tymebank, Ster Kinekor, and Brait. The risk in this company appears to be minimal since it does not invest a significant proportion of its funds in any one investment, and its investments have performed well in the circumstances. It does not pay dividends, so the investor has to look for a capital gain. In its results for the six months to 31st December 2023, the company reported net asset value (NAV) down 15% at 731c per share. The company said, "The value of the unlisted portfolio was slightly down (3%) over the six-month period, with positive returns from Synerlytic, Crossfin, Gammatek and TymeBank and Twinsaver offset by devaluations in Echo, Kevro and Optasia (which was impacted by the significant devaluation in the Nigerian Naira ('NGN'))." In an announcement on 24th June 2024, the company reported that its NAV on 31st March 2024 was 10,24c and announced the imminent unbundling of its holding of Brait shares. Ethos shareholders will get 0,50857 Brait shares for every Ethos share held on 9th July 2024. EPE is well-traded with an average of over R560,000 worth of shares changing hands every day. It made a low at 370c on 25th March 2020 and has since started to move up as its investments recover from COVID-19 restrictions and more recently from the sell-off due to the Ukraine crisis. In our opinion, this should turn out to be a good investment at current levels where it is still trading well below its NAV, depending on the progress of the current trend in world markets.
JSE:EPE
by PDSnetSA
Our opinion on the current state of EPEEthos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its investors. Like most investment holding companies, Ethos trades at a significant discount to its net asset value (NAV). Fifty-six percent of their assets are in South Africa and 39% in the rest of Africa. It has stakes in Tymebank, Ster Kinekor and Brait. The risk in this company appears to be minimal since it does not invest a significant proportion of its funds in any one investment and its investments have performed well in the circumstances. It does not pay dividends, so the investor has to look for a capital gain. In its results for the six months to 31st December 2023, the company reported net asset value (NAV) down 15% at 731c per share. The company said, "The value of the unlisted portfolio was slightly down (3%) over the six-month period, with positive returns from Synerlytic, Crossfin, Gammatek and TymeBank and Twinsaver offset by devaluations in Echo, Kevro and Optasia (which was impacted by the significant devaluation in the Nigerian Naira ("NGN"))." The share is well-traded with an average of over R325 000 worth of shares changing hands every day. It made a low at 370c on 25th March 2020 and has since started to move up as its investments recover from COVID-19 restrictions and more recently from the sell-off due to Ukraine crisis. In our opinion, this should turn out to be a good investment at current levels where it is still trading well below its NAV - depending on the progress of the current trend in world markets.
JSE:EPE
by PDSnetSA
Our opinion on the current state of EPEEthos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its investors. Like most investment holding companies, Ethos trades at a significant discount to its net asset value (NAV). Fifty-six percent of their assets are in South Africa and 39% in the rest of Africa. It has stakes in Tymebank, Ster Kinekor and Brait. The risk in this company appears to be minimal since it does not invest a significant proportion of its funds in any one investment and its investments have performed well in the circumstances. It does not pay dividends, so the investor has to look for a capital gain. In its results for the six months to 31st December 2022 the company reported attributable sales up 15% and net asset value (NAV) up 1,3% at 1080c per share (using Brait's NAV). The company said, "The portfolio achieved an 8% return (R148 million) over the period, predominantly driven by increases in Optasia following the partial sale transaction, and strong performances from Synerlytic and Gammatak". In a voluntary update fro the 31st March 2023 the company reported NAV of 861c per share - up 1,2% in the quarter. The company said, "...the Board approved a share buyback program that commenced towards the end of March 2023 and was completed in May 2023. In aggregate, Ethos Capital purchased R20 million through this program at an average price of R5.53 per share". On 15th November 2023 the company reported "The NAVPS of Ethos Capital, including the Brait PLC ("Brait") investment at its share price, decreased by 4.3% in the quarter to 30 September 2023, from R8.56 to R8.19". The share is well-traded with an average of over R560 000 worth of shares changing hands every day. It made a low at 370c on 25th March 2020 and has since started to move up as its investments recover from COVID-19 restrictions and more recently from the sell-off due to Ukraine crisis. In our opinion this should turn out to be a good investment at current levels where it is still trading well below its NAV - depending on the progress of the current trend in world markets.
JSE:EPE
by PDSnetSA