JZ records NAV growth

The firm's NAV total return of 8.8% enabled a distribution of $0.30 per share, implying a dividend yield of 4%, and seeing its share price rise to $10.55 each, up from $9.69 per share in the same period last year.

Over the past 12 months, JZ has invested $29.7m into European micro-cap deals. The company's chairman, David Macfarlane, attributed the firm's strong performance to the increasingly positive macro environment, with Spain, one of its core markets, emerging from a two-year recession. He also cited increased confidence among export and growth companies, while ratings agencies raised their outlook for the country on signs of economic improvement.

The firm has expressed its disappointment in its continued discount to NAV, which now stands at 27%. The discount is wider than average discounts to NAV currently experienced by the majority of UK listed private equity firms, which are now hovering around the 10% level, and are expected to narrow over the coming months.

Click here to read our recent analysis on UK listed private equity.

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• Topics
• Buyouts
• JZ Capital Partners