Outpacing the market
PSG plans several listings
Investment company PSG is planning several listings after taking higher education company Stadio to market earlier in October. Stadio, which began its life within Paladin Capital, PSG’s private equity portfolio, was unbundled by Curro private education group. PSG CEO Piet Mouton said energy solutions provider Energy Partners might be listed in the next 24 months, a prospect analysts welcomed. PSG’s overall portfolio has outperformed that of the market, delivering a sum-of-the-parts (SOTP) value more than 27% higher than the previous year. This value reached R262.32 per share in October, compared with R228.32 in 2016. It has outpaced the market return – which PSG uses to value its listed businesses such as banker Capitec and agribusiness group Zeder – which delivered a dividend-adjusted return of 14.7% over the same period, suggesting substantial value in PSG’s unlisted investments.An analysis of the group’s SOTP breakdown shows that growth in PSG Alpha, the "private equity" portfoli...
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