Company search
London, UK, 8 September 2020
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) reported a 5.8% decline in NAV total return (TR) in H120 (based on June NAV estimate), driven mainly by the COVID-19 induced market downturn in March 2020. While macro factors may trigger further declines, the quality of general partners (GPs) chosen by SLPET coupled with good portfolio diversification by region, sector and vintage are key mitigating factors. SLPET's capacity to fund future capital calls is supported by its liquid position (£45.3m at end-July 2020) and the £100m undrawn credit facility, with an overcommitment ratio of 48.1% (close to the mid-point of the targeted 30-75%). SLPET maintains its dividend policy and the shares currently offer an LTM yield of 4.1%.
While SLPET's share price dropped sharply in March amid the broader COVID-19 market sell-off, the fact that its NAV is updated with a time lag (based on underlying valuations shared by GPs) resulted in its share price discount widening to a record of close to 60% in March 2020. Subsequently, the discount narrowed to c 24%, close to its 10-year average of c 23% and current peer group average (c 24%).
Click here to view the full report.
Subscribe to Edison's content to receive reports by email.
All reports published by Edison are free-to-access and available on the website.
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact Edison:
Milosz Papst, +44 (0)20 3077 5700
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-group-
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Private Policy.
