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    NY1   ZAE000282356

NINETY ONE GROUP

(NY1)
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Ninety One launches $600 mln fund targeting South African firms hit by COVID-19

06/08/2020 | 04:18am EDT

Asset manager Ninety One has launched a 10-billion-rand ($597 million) fund, in partnership with a private equity firm, that will target investments in South African businesses struggling due to the coronavirus outbreak.

The fund aims to raise money from institutional investors in two rounds, with the first closing in July, and will comprise a mix of debt and equity, Ninety One said.

It did not specify what type or size of firms it might target, saying many good companies across all sectors would have funding needs that could not be provided by banks or the state.

"The SA Recovery Fund is a market-led, impact initiative to mitigate the negative economic impact of the COVID-19 pandemic, while seeking a commercial return," Ninety One CEO Hendrik du Toit said.

He added that South Africa faced a "once-in-a-generation" economic challenge. The South African Reserve Bank expects the country's economy, which tipped into recession in 2019 even before the pandemic hit, to contract by 7% this year, hurting many already struggling businesses and consumers.

Ninety One is partnering with Ethos Private Equity on the fund.

($1 = 16.7493 rand)

(Reporting by Emma Rumney; Editing by Pravin Char)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.42% 530 Delayed Quote.-0.26%
DOW JONES SOUTH AFRICA(ZAR) 0.00% 1894.8 Delayed Quote.6.93%
NINETY ONE GROUP 0.16% 43.77 End-of-day quote.-0.52%
NINETY ONE PLC 0.46% 220.8 Delayed Quote.-4.01%
S&P AFRICA 40 INDEX 0.35% 171.24 Delayed Quote.-1.34%
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Financials
Sales 2022 633 M 880 M 880 M
Net income 2022 167 M 232 M 232 M
Net Debt 2022 370 M 515 M 515 M
P/E ratio 2022 12,3x
Yield 2022 5,89%
Capitalization 2 006 M 2 789 M 2 792 M
EV / Sales 2022 3,76x
EV / Sales 2023 3,65x
Nbr of Employees 1 174
Free-Float 32,3%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 220,00 GBX
Average target price 262,00 GBX
Spread / Average Target 19,1%
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Managers and Directors
NameTitle
Hendrik Jacobus du Toit Chief Executive Officer & Director
Kim Mary McFarland Finance Director & Director
Gareth Peter Herbert Penny Non-Executive Chairman
Colin Denis Keogh Senior Independent Non-Executive Director
Idoya Fernanda Basterrechea Aranda Independent Non-Executive Director
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