In FY21, BPET delivered an exceptionally strong result (35.8% TR) on the back of an on-going COVID recovery and high levels of exit activity. The fund’s 10 year NAV TR is 14.1%pa. At 12.2x EV/EBITDA, the portfolio’s valuation multiple have expanded but are undemanding and unlikely to be under-pressure in the current market environment. Trading on a c25% discount to the December NAV (640.3p) versus a 3 year average of 15%, BPET is undervalued relative to its history and the wider sector (current ....
