Hardman & Co Research on Apax Global Alpha (APAX):

CM day: further proof of value added by Apax

The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is above 23%) (€30m has been seeded into pool and buybacks started); ii) the value added by the four-sector “hidden gems” strategy of buying businesses with unrealised potential at discount to peers (average 24%), improving them (average 15% increase in EBITDA growth during Apax Funds ownership), then selling at a premium (11%); and iii) the stock of exit-able businesses is rebuilding after above-normal exits in 2020-21.

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