London, UK, 12 June 2017
Edison issues initiation on Heliad Equity Partners (HPBK)
Heliad Equity Partners (Heliad) is a DACH-focused (Germany, Austria and Switzerland) closed-ended fund investing in the tech, e-commerce and lifestyle sectors. It is managed by Heliad Management GmbH, a company wholly owned by Heliad's largest shareholder, FinLab (A7A). Stakes in listed tech companies FinTech Group (FTK) and MagForce (MF6) account for 69% of the portfolio value and their value currently exceeds Heliad's market cap, having appreciated 36% and 82%, respectively, in 2017 to date. The performance of these holdings and the diversification offered by Heliad's 12 other investments may make it an attractive way to access the German tech, e-commerce and lifestyle sectors at a discount.
Heliad reported NAV per share of EUR8.92 at 31 March, when the value of its shares in the four listed investments it held on that date was EUR5.05 per share. Those four investments have since risen in value to EUR6.81 per share, only slightly less than the current share price. Including the investment in bmp Holdings made on 8 May, the listed portfolio is worth EUR6.67 per share, 3% below the current price, implying that the market ascribes no value to the private investments.
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