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We reviewed PIN’s results in our note, FY’22 results: it is not just lionesses that roar. In summary, FY’22 was a record year for PIN in terms of NAV growth, cash generation and investment activity, with 31% NAV growth net of all fees. Uplifts on exit averaged 42%, proving the conservatism of the valuation approach. This performance followed outperformance over the previous 34 years through multiple cycles, and NAV has continued to grow since then, despite the recent economic challenges (from 452p NAV per share to 492.5p). NAV and disposal announcements across the PE industry have continued to be robust, which bodes well for PIN.
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