Hardman & Co Research on Apax Global Alpha: Strong Recovery in 1H'24 Deal Activity

In its latest report, Hardman & Co Research highlights a strong resurgence in deal activity for Apax Global Alpha (APAX) during the first half of 2024. The key factors include a robust rebound in both investments and exits, with consistent announcements pointing towards this trend.

There was notable growth in the EBITDA of investee companies, with organic growth climbing to 12.6% from 12.2% in FY’23. This increase is attributed to the value added by Apax. Additionally, buyback activities using the distribution pool commenced in late June, contributing to positive momentum.

Diversification and liquidity improvements from the debt portfolio continue to be beneficial. The interim dividend, at 5.5 pence, translates to an annual yield of 7.7%, aligning with expectations.