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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 the NAV has continued to grow since then, despite the recent economic challenges (from 452p to 478p). Notwithstanding this, PIN, and the rest of the PE sector, are trading at near-record discounts to NAV.
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