EPE CAPITAL PARTNERS LIMITED - Quarterly update as at 30 September 2019

Quarterly update as at 30 September 2019

EPE CAPITAL PARTNERS LTD 
(Incorporated in the Republic of Mauritius) 
(Registration number: C138883 C1/GBL) 
ISIN: MU0522S00005 
Share Code: EPE 
(“Ethos Capital” or “the Company”) 
 
QUARTERLY UPDATE AS AT 30 SEPTEMBER 2019 
 
Ethos Capital is an investment holding company, registered and incorporated in Mauritius.  It is listed on 
the Johannesburg Stock Exchange and offers shareholders long-term capital appreciation by making 
commitments and investments into Funds or co-investments that are actively managed by Ethos Private 
Equity (Pty) Limited (“Ethos”), providing the Company with exposure to a diversified portfolio of unlisted 
private equity type investments (“Portfolio Companies”).  “The Group” refers to the consolidated results of 
the Company and a deemed controlled entity. 

Below is a voluntary financial update of the Company since the audited annual results announcement made 
in September 2019.  
 
NAV 
As at 30 September 2019, the Ethos Capital Group’s net asset value per share increased to R11.69 (from 
R11.34 as at 30 June 2019).  The growth was largely as a result of strong performances in a number of 
assets including Channel Vas and Synerlytic.  The EV / EBITDA valuation multiple, based on Ethos Capital’s 
attributable share of the underlying Portfolio Companies’ EBITDA, reduced from 6.9x to 6.7x over the 
quarter.  Total assets increased to c. R2.0 billion with the group net asset value (net of treasury shares held) 
at R1.84 billion.  The investment portfolio will next be revalued and audited as at 31 December 2019. 

Invested capital  
Ethos Capital’s invested capital as at 30 September 2019 was c. R1.5 billion, approximately 75% of the 30 
September 2019 total assets.  The acquisition of Gondwana by Echotel completed in October 2019, as well 
two further bolt-on acquisitions by Vertice (an investment in Ethos’ healthcare platform) and the 
acquisition of an increased stake in Channel Vas.  Including these post quarter-end transactions, the 
invested capital increased to c. R1.7 billion (approximately 85% of total assets), with Ethos Capital having 
exposure to nineteen Portfolio Companies across a diverse set of industries, sectors and vintages. 

Disclaimer 
The financial information on which this announcement is based, has not been audited, reviewed and 
reported on by the Company’s external auditors. 

Ebene, Mauritius (with simultaneous circulation in Johannesburg) 
12 November 2019 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 

Date: 12/11/2019 08:20:00
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