The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: David McCann - Numis - Analyst
: Morning or afternoon everyone, depending on where you are. Just one question for me, really. I mean, if these fee offsets were sort of known about,
given that the high transaction volumes were in the numbers last year, why wasn't this in your guidance?
Question: Luke Mason - BNP Paribas - Analyst
: Yeah. Good morning, guys. Just three questions. Firstly, on fundraising, you mentioned the congestion in the market of things. I mean, 2022, you
had a number of large fundraisers in the market. So I'm just wondering if you can give any indication for 2023. Have you got any larger fundraisings
in the pipeline? How should we think about that?
And then just secondly on M&A, just can you give any detail on valuation expectations when new purchases of these come down in terms of new
valuations? I think the 6% increase seems to imply like a single-digit forward PE multiples so I'm just wondering if you can comment on that.
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NOVEMBER 22, 2022 / 12:00PM, PHLL.L - Q3 2022 Petershill Partners PLC Trading Statement Presentation
And then thirdly, just on follow-up on the fee credit, just in terms of the accounting treatment, I get what's happened, but just in terms of why and
the timing of that, why is it taken a number of quarters for that fee offset to come through basically? Thank you very much.
Question: Luke Mason - BNP Paribas - Analyst
: Okay. Thanks, guys.
Question: Mike Werner - UBS - Analyst
: Thank you very much for the call, guys. And yeah, just one question from me, and again, it goes back to the offset. Just thinking about -- I know Q3
had a -- last year which was very lumpy when it came to the transaction advisory fees. How should we think about these offsets going forward?
And do you expect any -- I know from a timing perspective you can't forecast, but is there any quantum that you can provide in terms of these fee
offsets as we look at over the next, say, 12 months or so? Thank you.
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NOVEMBER 22, 2022 / 12:00PM, PHLL.L - Q3 2022 Petershill Partners PLC Trading Statement Presentation
Question: Mike Werner - UBS - Analyst
: Thank you.
Question: Hubert Lam - Bank of America - Analyst
: Hi, guys. A couple of questions. Firstly, on fundraising for this year. You increase your guidance for this year. Is there a particular fund or partner-firm
driving this uplift? And can you also talk about the types of products out there that are doing well? Any color on that would be appreciated.
And a final question is on capital allocation. Given that you said that M&A, the market's probably a bit slower and you're being more selective. Does
this leave more room for potential buybacks now that the existing one is completed? How should we think about that and also how you balance
that versus the dividend? Thank you.
Question: Hubert Lam - Bank of America - Analyst
: Great. Thank you.
Question: Angeliki Bairaktari - JP Morgan - Analyst
: Good afternoon. Just a couple of follow-ups from me, please. First of all, on fundraising, you mentioned $55 billion fee-eligible AuM raised this
year. And your guidance, I think is for $55 billion, the updated guidance you provided this morning. So just to double-check that you don't really
expect anything to come in the fourth quarter. Just wanted to check that.
And in terms of the management fee movement, even if I add back the management fee offsets, the management fees in Q3 would be $81 million,
which compares to $86 million in Q2. If I am looking at the right numbers, so that's 6% down, even though the fee-paying AuM have actually
Question: Angeliki Bairaktari - JP Morgan - Analyst
: Thank you.
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NOVEMBER 22, 2022 / 12:00PM, PHLL.L - Q3 2022 Petershill Partners PLC Trading Statement Presentation
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