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...The increasing prevalence of discounts on secondary markets stands in contrast to previous years when low interest rates boosted the values of private equity-owned companies, giving sellers more bargaining...
...Across the European sector, most airlines are trading at a discount to historic multiples. Flag carriers are particularly unappreciated, points out Bernstein analyst Alex Irving....
...Remarkably, that wasn’t even a banner year: Reed notched up $193,449 in merchandise discounts in 2022, and $46,778 in 2021 — the year the company IPO’d....
...trust companies.”...
...One of the oldest and best-known hedge fund strategies has suffered nearly $150bn in client withdrawals over the past five years, as investors tire of their inability to capitalise on bull markets or protect...
...The goal is to persuade the stock market to revalue their shares upwards and try to close the discount with their US peers. “These stocks are obviously not growth stocks. This is a cash sector....
...Portfolios of private assets are being dumped by so-called defined benefit pension schemes — funds offering members a set amount in retirement — as they try to prepare themselves for a buyout by an insurance company...
...Some UK companies have pointed to higher valuations when choosing to list in New York rather than London....
...The good news, for Galderma, is that the company comes with an interesting pedigree....
...These include Greencoat UK Wind, which traded at an average discount to NAV of 10.5 per cent last year. An average discount of 10 per cent over 12 months triggers a vote....
...As well as foreign takeovers and take-private deals, more companies contemplated switching their listings stateside. The common factor was the UK’s seemingly immovable valuation discount....
...The ordeal has already cost the company $800mn in lost revenue and passenger compensation. The regulatory action related to violations of consumer protections laws....
...If 3i is excluded, the sector discount has shrunk by just 3 percentage points since October to 16 per cent....
...But the recent turnaround still owes most to a steep and persistent valuation discount....
...Thanks to its South Africa exposure and conglomerate structure, Anglo has traded at a mid-teens discount to its peers on enterprise value to trailing ebitda over the past decade....
...Lots of readers wrote in to say that UK tobacco companies and banks were at an unreasonable discount to their US brethren....
...Action is a Dutch discount store chain majority owned by 3i, the UK-listed private equity fund. Action is bigger by implied market cap than Tesco....
...Companies....
...Companies would have no easier ride convincing them stateside....
...UK investors can only ponder the domestic market’s enduring discount as US markets again soar on mounting tech frenzy....
...Investment trusts make up 27 per cent of the companies in the FTSE 350 index....
...So if a discount has been placed on these companies, global companies within the UK market, that just doesn’t make very much sense....
...Global, flexible investment, infrastructure, UK equity income and UK smaller companies were the most popular sectors among those who did buy....
...Its 50 per cent market value discount to book value is far greater than those for local rivals Lloyds and NatWest....
...Scottish Mortgage is trading at a roughly 8 per cent discount to its net asset value, according to the Association of Investment Companies....
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