3i net asset rise in Q3 on higher returns in private equity portfolio

Thu, 28th Jan 2021

Private equity group 3i reported an increase in the third-quarter net asset as higher returns in its private equity portfolio helped offset the impact of a stronger sterling. For the quarter ended 31 December, net asset value per share increased to 936 pence from 905 pence quarter-on-quarter and total returns grew 18.7% Provisional earnings before interest, taxes, depreciation and amortisation, or EBITDA, in 2020 was €616 million, 14% ahead of 2019. 3iN's share price closed up 6% at 307.5 pence, valuing 3i's 30% stake at £828 million, up from £778 million seen in the September quarter. 'Both our private equity and infrastructure teams have continued to perform well,' the company said. 'Our private equity portfolio continues to benefit from secular growth trends, with 92% of our top 20 investments by value growing LTM earnings to September 2020, with particularly strong performances in our high growth investments,' it added. Story provided by StockMarketWire.com

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