Brait’s pain, but no gains
Investors have been waiting for a value boost for a long time and Virgin Active may yet be it
Investment counter Brait just can’t catch a break. All indications at the recent investor presentation, covering full-year results to end-March, are that the last value-unlock triggers should be pulled in the next 12 to 18 months. Yet at the time of writing the shares had dribbled down about 7% since the financials were published.
The discount remains dismissive too. Last stated NAV — made up of Brait’s 60-million shares in recently listed consumer brands conglomerate Premier Group and the controlling stake in a markedly stronger health and fitness chain Virgin Active, as well as the leftover stake in revamped UK-based fashion retailer New Look — is 706c a share. On a fully diluted basis, assuming a sizeable exchangeable bond is converted into shares, NAV is 593c a share...
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