London, UK, 21 June 2018
Edison issues review on Heliad Equity Partners (HPBK)
Heliad Equity Partners (Heliad) achieved a NAV total return of 47.3% in 2017, driven by the strong performance of its listed holdings, including its largest investment, FinTech Group. Diversification continued in 2017, with some of Heliad's listed holdings reduced to fund new investments in Sleepz, Elumeo and Urbanara. In 2018, Heliad has invested in Cyan and merged Cubitabo into Sleepz. The portfolio now comprises seven listed investments and eight private equity investments, all operating within the technology and digital brands market segments. While NAV declined in the first quarter of 2018, Heliad's listed investments have recovered strongly so far in the second quarter, and the manager expects strong growth in the value of portfolio companies to drive NAV higher over the full year.
Based on our estimate of Heliad's end-May 2018 NAV per share, which adjusts the last reported NAV for the subsequent share price moves of its listed investments, Heliad's current share price discount to NAV is 32.6%. This compares to the 25.1%, 33.1% and 41.5% average discounts over one, three and five years. Heliad management remains committed to narrowing the discount.
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