Edison issues report on HgT (HGT)

Summary by AI BETAClose X

HgT reported a 4.0% NAV total return for FY25, with five- and 10-year returns at 14.1% and 17.0% per year respectively, driven by 17% revenue and 20% EBITDA growth across its portfolio at a 34% EBITDA margin. This performance was impacted by a 7pp decrease from lower public multiples and a 6pp increase in portfolio company debt for M&A. Volatile software valuations in early 2026, influenced by AI fears, widened HgT's discount to NAV to over 30%, though it has since rebounded to 19%, still above its 10-year average of 7%. The company has authorised a share buyback, and its non-executive directors have recently purchased shares.

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