News
First Quarter 2024 Financial Results
Helios Fairfax Partners Corporation
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, May 13, 2024 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three months ended March 31, 2024. All dollar amounts in this press release are expressed in US dollars. unless otherwise indicated. Financial results are derived from the interim consolidated financial statements prepared using the recognition and measurement requirements of the International Financial Reporting Standards issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting, unless otherwise stated.
Management Comment
“In the first quarter of 2024, the fair value of our positions in Helios Managed Investments increased by $8.5 million or 4.3% to $213.2 million. Since the company’s initial investments, fair value has grown nearly 27% as a result of the strong performance of the underlying investee companies. Our focus in 2024 is to complete the orderly exit of our non-core legacy investments and continue to deploy capital in investments that benefit from the long-term secular themes of technology and innovation and demographics and urbanization in African economies. With over $89 million in cash available at the end of the quarter, Helios Fairfax Partners remains well positioned to continue making what we believe are innovative and value-creating investments in Africa, as a trusted partner of choice for businesses and entrepreneurs.”
Highlights from the first quarter of 2024
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Book value per share for the quarter was $4.35 compared to $4.39 in Q4 2023.
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HFP reported a Q1 2024 net loss of $4.7 million compared to a net profit of $7.0 million in Q1 2023.
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Both the decrease in book value per share compared to the fourth quarter and the change from net income in the first quarter of 2023 to net loss in the first quarter of 2024 were due to unrealized losses from the company’s investment in TopCo LP that was driven due to lower cash flow expectations and a decrease in carried interest. These unrealized losses on TopCo LP investments were offset by projected unrealized gains related to Helios Managed Investments, as well as interest and dividend income.
Financial Position and Results of Operations
HFP reported a net loss of $4.7 million in the first quarter of 2024, compared to a net profit of $7.0 million in the comparable period of 2023. The net loss was primarily driven by unrealized investment losses of the company at TopCo. The unrealized losses on the company’s investment in TopCo were primarily driven by the impact of lower anticipated management fees for the Helios Funds, which reduces excess management fees for TopCo’s Class B and a decrease in expected carried interest receive from TopCo Class A. unrealized losses were offset by unrealized gains related to Helios Managed Investments, which increased due to the strong performance of the underlying investments in Helios Fund IV. Results of operations also include $4.5 million in expenses offset by interest and dividend income of $1.8 million.
The story continues
HFP reported a book value per share of $4.35 as of March 31, 2024, compared to $4.39 in the prior quarter.
The contribution to the book value per share from the increase in the fair value of the company’s investment in Helios Managed Investments was offset by the decrease in the book value per share from the unrealized loss on the company’s investment in TopCo, resulting in a nominal impact of the company’s investments .
Included in the book value per share is $89.3 million in cash and cash equivalents as of March 31, 2024, which is available to finance future investments. As of March 31, 2024, HFP had 108,094,107 common shares outstanding, compared to 108,169,817 common shares outstanding as of December 31, 2023.
HFP’s detailed Q1 report can be accessed on its website www.heliosinvestment.com/helios-fairfax-partners.
About Helios Fairfax Partners Corporation
Helios Fairfax Partners Corporation is an investment holding company whose investment objective is to achieve long-term capital appreciation by preserving capital by investing in public and private equity securities and debt instruments in Africa and in African companies or other companies with customers, suppliers or companies primarily conducted in Africa or dependent on Africa.
Contact information
Neil Weber
LodeRock Consultants
neil.weber@loderockadvisors.com
(647) 222-0574
This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the future prospects of the company or a portfolio investment and anticipated events or results and may include statements regarding financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. In particular, statements regarding future results, performance, achievements, prospects or opportunities of the Company, a portfolio investment or the African market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”. “, “predicts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or states that certain actions, events or results “may”, “could”, “would”. , “may”, “will” or “will be taken”, “will occur” or “be achieved”.
Forward-looking statements are based on our opinions and estimates as of the date of this press release and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements to be harmed. . be materially different from those expressed or implied in such forward-looking statements, including, without limitation, the following factors described in greater detail elsewhere in the company’s annual report: geopolitical risks; inflation and rising interest rates; financial market fluctuations; pace of completion of investments; minority investments; dependence on key personnel and risks associated with the Investment Advisory Agreement; concentration risk in Portfolio Investments, including geographic concentration and with respect to interests in Class A and Class B limited partnerships in the Portfolio Advisor; operational and financial risks of portfolio investments; assessment methodologies involve subjective judgments; judicial actions; use of leverage; foreign currency fluctuation; investments may be made in foreign private companies where information is unreliable or unavailable; significant ownership of Fairfax Financial Holdings Limited and HFP Investments Holdings SARL may adversely affect the market price of subordinate voting shares; emerging markets; Economic empowerment of black South Africans; South African gray list; economic risk; climate change, natural disasters and climate risks; tax risks; MLI; and trading price of subordinate voting shares in relation to the book value of the share. Additional risks and uncertainties are described in the Company’s annual information form dated April 2, 2024, which is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.heliosinvestment.com/helios-fairfax-partners. These factors and assumptions are not intended to represent a complete list of factors and assumptions that may affect the company. These factors and assumptions, however, must be considered carefully.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statements contained herein except as required by applicable securities laws.
GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
Management analyzes and evaluates the financial position of the consolidated company in several ways. The measure included in this press release, which has been used consistently and regularly disclosed in the company’s Annual Reports and interim financial reports, does not have a meaning prescribed in IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. This measure is described below.
Book value per share – The company considers book value per share to be a key performance measure in assessing its objective of long-term capital appreciation while preserving capital. Book value per share is a key measure of company performance and is closely monitored. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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