NESE GUNER | CITI
Very strong earnings growth of underlying portfolio. We expect 3i’s strength in realisations to continue, which should result in continued net asset value growth and healthy capital returns. Today’s statement supports our investment thesis. We rate the stock Buy.
CHARLES CADE | NUMIS
3i’s interim results highlight the continued progress that has been made since Simon Borrows took over as chief executive in mid-2012. The private equity portfolio is performing strongly and the group has taken advantage of favourable exit markets to sell a number of small/non-core positions.
IAIN SCOULLER | ORIEL SECURITIES
Following these results, we are setting a net asset value estimate of 375p to 385p (including dividend) at March 2015, with earnings growth and realisations expected to continue to be helpful to returns.