Electra Private Equity PLC Edison review on Electra Private Equity (ELTA)
02 Diciembre 2021 - 7:20AM
RNS Non-Regulatory
TIDMELTA
Electra Private Equity PLC
02 December 2021
London, UK, 3 December 2021
Edison issues review on Electra Private Equity (ELTA)
On 2 November and 2 December 2021, Electra Private Equity (ELTA)
reiterated its corporate strategy for moving its listing from the
Main Market of the London Stock Exchange to AIM, and provided
updates on current trading for its remaining corporate investment,
Hotter Shoes. With respect to trading, there was ongoing strength
in Hotter's revenue growth. Management's medium-term guidance for
Hotter suggests a revenue CAGR of 12% and EBIT CAGR of c 86% in
FY22-25e. This guidance excludes incremental revenue from potential
new brand partnerships as Unbound seeks to leverage its core target
demographic, which management believes could double profits again
in the medium term. Applying the median EV/sales multiple of UK
online consumer peers to Hotter's FY22 and FY23 guidance suggests
an equity value of GBP22-33m, an average of GBP27.5m, versus its
last reported (30 September 2021) adjusted net asset value (NAV) of
GBP33.5m, before any incremental revenue and profit from the new
brand partnerships. Unbound's equity value will likely be enhanced
when it is listed on AIM by the transfer of residual cash from
Electra. Our estimated NAV for ELTA is GBP36.1m compared to the
current market cap of GBP24.8m.
Electra Private Equity's (ELTA) investment objective has been to
follow a realisation strategy to crystallise value for shareholders
by balancing the timing of returning cash to shareholders with
maximisation of value. Following the demerger of Hostmore in
November 2021, Hotter Shoes is ELTA's only corporate investment. It
is expected to relist on AIM as Unbound Group.
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