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Edison issues report on HgT (HGT)
- Edison reports HgT's Q325 results show 2.4% NAV rise.
- Portfolio earnings growth at 4.3% boosts valuation.
- HgT shares trade 13.6% below NAV as of Sept 2025.
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Edison Investment Research Limited
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London, UK, 7 November 2025
Edison issues report on HgT (HGT)
Edison issues report on HgT (LSE: HGT)
HgT has reported its Q325 results with a 2.4% increase in NAV per share, which marks a continuation of the rebound seen in Q225 following the negative impact of a weaker public market environment in Q125. HgT’s NAV total return (TR) for the first nine months (9M25) was therefore 1.9%. A continued positive contribution from portfolio earnings growth (4.3pp positive impact on portfolio valuation in Q325) and 1.4pp of fx tailwinds were partly offset by lower valuation multiples and higher net debt across HgT’s portfolio. Last 12-month revenue and EBITDA growth to end-September 2025 across HgT’s portfolio remains consistently in double-digit territory at 18% and 19%, respectively (of which 11% and 16% are organic growth). This is coupled with a sustained strong average EBITDA margin of 33%. Hg’s head of research highlighted that the 13% increase in Q325 earnings forecasts for listed software businesses only partially flowed into prices, leading to an 8% contraction in public market multiples. HgT maintained a strong long-term track record with five- and 10-year NAV TR to end-September 2025 of 14.5% and 17.8%, respectively. Based on the last closing price, HgT’s shares trade at a 13.6% discount to end-September 2025 NAV.
Click here to read the full report.
All reports published by Edison are available to download free of charge from its website
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Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.
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End of Announcement - EQS News Service
2226156 07-Nov-2025
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