Edison issues report on HgT (HGT)
Idag, 09:41
Edison Investment Research Limited
London, UK, 12 May 2026 Edison issues report on HgT (HGT) Edison issues report on HgT (LSE: HGT) HgT reported an NAV total return (TR) decline of 5.4% in Q126, resulting from a 9% impact from a contraction in multiples used to value its holdings, driven by an indiscriminate sell-off in public software stocks. This was partly offset by a 5% contribution from strong earnings growth across its portfolio, which historically has been the key return driver. Last-12-month (LTM) revenue and EBITDA increased by 16% and 19%, respectively (of which 10% and 17% were organic), similar to 2025 figures. This brought the trust’s five- and 10-year NAV TRs to 10.9% per year and 16.1% per year, respectively. The average EBITDA margin across HgT’s portfolio remains healthy at 34%, with potential further upside from AI-driven reductions in R&D and customer support costs. The discount to NAV at which HgT’s shares trade has widened significantly this year to c 30% currently, much wider than its 2021–25 average of 9%. Hg (HgT’s manager) estimates that this implies a look-through EV to LTM EBITDA ratio of c 17x. We calculate this to be below the current c 20x weighted average multiple for US SaaS businesses based on their earnings for their last financial year. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: +44 (0)20 3077 5700 Connect with Edison on: LinkedInwww.linkedin.com/company/edison-group-/ YouTubewww.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
|
End of Announcement - EQS News Service
2325984 12-May-2026
Edison issues report on HgT (HGT)
Idag, 09:41
Edison Investment Research Limited
London, UK, 12 May 2026 Edison issues report on HgT (HGT) Edison issues report on HgT (LSE: HGT) HgT reported an NAV total return (TR) decline of 5.4% in Q126, resulting from a 9% impact from a contraction in multiples used to value its holdings, driven by an indiscriminate sell-off in public software stocks. This was partly offset by a 5% contribution from strong earnings growth across its portfolio, which historically has been the key return driver. Last-12-month (LTM) revenue and EBITDA increased by 16% and 19%, respectively (of which 10% and 17% were organic), similar to 2025 figures. This brought the trust’s five- and 10-year NAV TRs to 10.9% per year and 16.1% per year, respectively. The average EBITDA margin across HgT’s portfolio remains healthy at 34%, with potential further upside from AI-driven reductions in R&D and customer support costs. The discount to NAV at which HgT’s shares trade has widened significantly this year to c 30% currently, much wider than its 2021–25 average of 9%. Hg (HgT’s manager) estimates that this implies a look-through EV to LTM EBITDA ratio of c 17x. We calculate this to be below the current c 20x weighted average multiple for US SaaS businesses based on their earnings for their last financial year. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: +44 (0)20 3077 5700 Connect with Edison on: LinkedInwww.linkedin.com/company/edison-group-/ YouTubewww.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
|
End of Announcement - EQS News Service
2325984 12-May-2026
Analys
Analys
Marknadsöversikt
1 DAG %
Senast
1 mån
