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In our note, FY’21: 20% NAV growth; right place at right time (19 August 2021), we noted PIP's buyout company sample reported FY’21 weighted average revenue and EBITDA growth of 13% and 20%, respectively, outperforming the MSCI World Index by 23% and 41%. Picking the right managers and co-investments (with the operational and financial support that PE provides) in resilient sectors generated this vastly superior growth. It has also led to higher valuation ratings, although PIP’s average rating has moved from being 2.4% above the MSCI World Index level to 4.2% below. The balance sheet is strong and well positioned to fund new opportunities. The shares trade at a 21% discount to NAV.
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