Our opinion on the current state of UPARTNERS(UPL)Universal Partners (UPL) is an investment holding company with listings in Mauritius and on the Alt-X of the JSE. Since its inception in 2013, the company has diversified its portfolio with five strategic investments:
1. Dentex Healthcare Group: This investment focuses on dental care, with ownership of 56 dental practices in the UK.
2. Yasa: Initially a distributor of controllers for high power density electric motors. This company was later sold to Mercedes Benz for GBP 42.8 million, generating significant returns.
3. SC Lowy: A market-maker specializing in distressed and high-yield debt, particularly in the Asian markets.
4. Propelair: A supplier of water-efficient toilets in the UK, catering to the growing need for sustainable water solutions.
5. JSA Services: Provides personal service companies, payroll, and umbrella services to temporary workers in the UK, addressing the gig economy’s administrative needs.
In its financial results for the year ending 30th June 2024, Universal Partners reported a reduced loss of 0.383 pence per share compared to a loss of 4.21 pence in the previous year, indicating some recovery. For the quarter ending 30th September 2024, the company reported a net asset value (NAV) of 128.2 pence per share, though it still faced a headline loss of 0.97 pence per share.
However, despite its diversified portfolio and strategic investments, the share is very thinly traded, making it impractical for private investors looking for liquidity.