Our opinion on the current state of UPARTNERS(UPL)Universal Partners (UPL) is an investment holding company with listings in Mauritius and on the Alt-X of the JSE. Since its inception in 2013, the company has diversified its portfolio with five strategic investments:
1. Dentex Healthcare Group: This investment focuses on dental care, with ownership of 56 dental practices in the UK.
2. Yasa: Initially a distributor of controllers for high power density electric motors. This company was later sold to Mercedes Benz for GBP 42.8 million, generating significant returns.
3. SC Lowy: A market-maker specializing in distressed and high-yield debt, particularly in the Asian markets.
4. Propelair: A supplier of water-efficient toilets in the UK, catering to the growing need for sustainable water solutions.
5. JSA Services: Provides personal service companies, payroll, and umbrella services to temporary workers in the UK, addressing the gig economy’s administrative needs.
In its financial results for the year ending 30th June 2024, Universal Partners reported a reduced loss of 0.383 pence per share compared to a loss of 4.21 pence in the previous year, indicating some recovery. For the quarter ending 30th September 2024, the company reported a net asset value (NAV) of 128.2 pence per share, though it still faced a headline loss of 0.97 pence per share.
However, despite its diversified portfolio and strategic investments, the share is very thinly traded, making it impractical for private investors looking for liquidity.
UPL trade ideas
Our opinion on the current state of UPARTNERS(UPL)Universal Partners (UPL) is an investment holding company with a robust portfolio, primarily listed in Mauritius and secondarily on the Alt-X of the Johannesburg Stock Exchange (JSE). Since its inception in 2013, Universal Partners has strategically invested in diverse businesses across various sectors, demonstrating a keen eye for value and growth opportunities.
The company's investments include:
1. Dentex Healthcare Group - An entity that owns 56 dental practices in the UK, reflecting UPL's focus on the healthcare sector.
2. Yasa - Originally a distributor of controllers for high power density electric motors. Yasa was notably sold to Mercedes Benz for GBP 42.8 million, marking a significant exit for UPL.
3. SC Lowy - A firm specializing in market-making for distressed and high-yield debt, primarily in Asia, indicating UPL's inclination towards financial services with high-risk, high-reward potentials.
4. Propelair - A company that supplies water-efficient toilets in the UK, aligning with global trends towards sustainability and resource conservation.
5. JSA Services - A provider of personal service companies, payroll, and umbrella services to temporary workers in the UK, suggesting UPL's investment in essential business services.
In the financial results for the six months ending 31st December 2023, Universal Partners reported a net asset value (NAV) of GBP 1,267 and headline earnings per share (HEPS) of 0.09 pence, a significant improvement from a loss of 2.25 pence in the previous corresponding period. The company highlighted its successful track record with six investments made since listing and two successful exits, demonstrating its effective investment strategy and execution.
However, by the end of the three months to 31st March 2024, UPL reported a headline loss of 0.37 pence per share with an NAV of 1293 pence per share, indicating some fluctuations in performance. Such volatility is not uncommon in investment holding companies, especially those dealing in varied markets and sectors.
Despite its strategic diversification and active management, Universal Partners is described as too thinly traded to capture the interest of private investors, primarily due to the limited liquidity which might hinder buying and selling shares at desired times or prices. For investors who do not require high liquidity and are interested in a diversified investment holding company with exposure to international markets and sectors, UPL might still present a noteworthy opportunity. However, for those requiring more liquid investments, it may be less appealing.
Our opinion on the current state of UPLUniversal Partners (UPL), an investment holding company, is primarily listed in Mauritius and holds a secondary listing on the Alt-X of the Johannesburg Stock Exchange (JSE). Since its inception in 2013, Universal Partners has engaged in five notable investments, showcasing a diversified portfolio that spans various sectors and geographies. These investments include:
1. Dentex Healthcare Group in the UK, which owns 56 dental practices, indicating Universal Partners' interest in the healthcare sector.
2. Yasa, involved in distributing controllers for high power density electric motors, a venture that culminated in a sale to Mercedes Benz for GBP42.8 million, reflecting the company's successful exit strategy and focus on high-growth potential businesses.
3. SC Lowy, a market-maker specializing in distressed and high-yield debt, particularly in Asia, showcasing Universal Partners' interest in financial services and its global investment approach.
4. Propelair, a UK-based supplier of water-efficient toilets, demonstrating the company's investment in sustainable and environmentally friendly technologies.
5. JSA Services in the UK, providing personal service companies, payroll, and umbrella services to temporary workers, indicating an investment in the burgeoning gig economy and service sector.
For the six months ending on 31st December 2023, Universal Partners reported a significant net asset value (NAV) of GBP 1,267 and a transition from a previous loss to headline earnings per share (HEPS) of 0.09 pence. This financial turnaround signifies the company's strategic investment decisions and its capability to manage a diversified investment portfolio effectively. Universal Partners noted that it has made six investments since its listing and successfully concluded two exits, highlighting its active management and exit strategy.
Despite these positive developments, the share's limited trading volume on the stock exchange suggests it may not be suitable for private investors looking for liquidity. The thin trading volume can pose challenges for buying or selling shares without affecting the market price, thereby limiting its appeal to private investors seeking readily tradable assets.
Our opinion on the current state of UPLUniversal Partners (UPL) is an investment holding company with a primary listing in Mauritius and a secondary listing on the Alt-X of the JSE. It listed in 2013 and has made five investments: (1) Dentex Healthcare Group, which owns 56 dental practices in the UK; (2) Yasa, a distributor of controllers for high power density electric motors. This company was sold to Mercedes Benz for GBP42,8m. (3) SC Lowy, a market-maker in distressed and high-yield debt especially in Asia; (4) Propelair, a supplier of water-efficient toilets in the UK; (5) JSA Services, a provider of personal service companies, payroll and umbrella services to temporary workers in the UK. In its results for the year to 30th June 2023 the company reported a net asset value (NAV) of GBP1,296 compared with GBP 1,438 in the previous year. The company made a headline loss of 4,21 pence per share compared with a profit of 19,25 pence in the previous year. The company said, "The Company recognised a fair value loss of £792,690 on the remeasurement of investments at fair value through profit or loss and an impairment loss of £836,745". In the 3 months to 30th September 2023 the company reported an NAV of GBP 1,296 compared with GBP1,452 a year before. Headline earnings per share (HEPS) fell to GBP,04 - down from GBP1,44 in the previous period. This share is far too thinly traded to be of interest to private investors.
Our opinion on the current state of UPLUniversal Partners (UPL) is an investment holding company with a primary listing in Mauritius and a secondary listing on the Alt-X of the JSE. It listed in 2013 and has made five investments: (1) Dentex Healthcare Group, which owns 56 dental practices in the UK; (2) Yasa, a distributor of controllers for high power density electric motors. This company was sold to Mercedes Benz for GBP42,8m. (3) SC Lowy, a market-maker in distressed and high-yield debt especially in Asia; (4) Propelair, a supplier of water-efficient toilets in the UK; (5) JSA Services, a provider of personal service companies, payroll and umbrella services to temporary workers in the UK. In its results for the year to 30th June 2023 the company reported a net asset value (NAV) of GBP1,296 compared with GBP 1,438 in the previous year. The company made a headline loss of 4,21 pence per share compared with a profit of 19,25 pence in the previous year. The company said, "The Company recognised a fair value loss of £792,690 on the remeasurement of investments at fair value through profit or loss and an impairment loss of £836,745". This share is far too thinly traded to be of interest to private investors.