Private equity investment company EPE Capital, better known as Ethos, has reported double-digit growth in both its net asset value per share (NAVPS) and share price in the year to end-June.
Adjusted NAVPS rose 30% to R8.57, while the share price leapt 58% to R6.65, cutting the discount to NAV from 40% to 22%, the company said in statement on Thursday. Reported NAVPS increased 22% year on year.
This performance was supported by the company’s unlisted portfolio, which delivered a 31% return.
Optasia, Ethos Capital’s largest holding and now more than half of its total assets, helped lift earnings before interest, taxes, depreciation and amortisation (ebitda) by 55% over the period.
Other investments, including Vertice, Primedia and e4, also contributed with operating gains.
Ethos said the listed portfolio returned 36%, supported by higher values in Brait exchangeable bonds and MTN Zakhele Futhi.
Ethos Capital realised R606m in cash from its funds, enabling it to slash debt by R440m to R82m and return capital to shareholders. During the year, R27m was spent on share buybacks, while the unbundling of Virgin Active majority owner Brait ordinary shares unlocked R121m in value.
Ethos said the board also approved the unbundling of R175.5m worth of Brait exchangeable bonds, scheduled for November 2025.
According to the company, the results reflected disciplined portfolio management and a clear focus on value creation.
“The past year has been defined by strong delivery against our stated objectives, with tangible outcomes across both our unlisted and listed portfolios,” it said.
“The combination of disciplined portfolio management, successful realisations, and return of capital to shareholders translated into material value creation.”
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