Is Private Equity: Directly Invests In Turkish Companies
Edison | Mar 04, 2015 01:36AM ET
NAV stable after large dividend payment
Is Private Equity (IS:ISGSY) aims to achieve capital appreciation and a dividend return by directly investing in Turkish companies. In the year to 31 December 2014 its NAV increased by 1% and it paid a dividend equivalent to 7.9% of the current share price. The fair value of the PE investments was flat during the year and financial income was largely offset by general administrative expenses and the dividend payment. Its discount to NAV at 37% is in line with its long-term average and gives investors some protection from the heightened uncertainty surrounding Turkey and investments in emerging markets.
Full year 2014
At 31 December 2014 ISGSY’s NAV was TRY264.4m, largely unchanged from the restated TRY261.8m at the end of December 2013. Interest income, together with gains on marketable securities, added TRY23.6m and was slightly more than the sum of the TRY0.7m fair value decline from its PE portfolio, the TRY8.2m of administrative costs and the TRY12m dividend paid in April 2014.
Investment flows: Acquisitions and disposals
There were no disposals made in 2014 as local and geopolitical uncertainties combined to make such actions problematic. In previous years ISGSY has been active, with 11 of its 15 investments exited. One new investment was made in Q414 when ISGSY paid TRY17.5m for a 28.5% stake in Radore, which provides data centre services in Turkey. ISGSY aims to increase the data centre capacity of the company and broaden its customer base by entering new markets and offering new value-added services. Two of ISGSY’s five current investments were made towards the end of 2012, indicating the immaturity of the portfolio.
To Read the Entire Report Please Click on the pdf File Below
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.