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Highlights
- Hygrovest's pre-tax NTA per share rose by 2% in October, reaching A$0.1075.
- Sale of Delivra Health Brands shares marks a strategic portfolio shift.
- Weed Me remains the primary legacy investment for Hygrovest.
Hygrovest Ltd (ASX:HGV) reported a 2% increase in its pre-tax Net Tangible Asset (NTA) per share in October, reaching A$0.1075, up from A$0.1055 in September. This rise represents the strongest performance for Hygrovest in the past year, surpassing earlier NTA levels of A$0.1037 and A$0.1028. This improvement was largely attributed to a 5% increase in the Enterprise Value to Net Revenue Multiple (EV/NRM), which Hygrovest uses to assess its investment in the Canadian-based, privately held company Weed Me Inc.
About Hygrovest Limited
Hygrovest, listed on the ASX since 2015, operates as a specialized investment company with a focus on diversified asset management. Since July 1, 2023, the company has been managed by HD Capital Partners Pty Ltd under a five-year agreement. According to its latest monthly report, Hygrovest’s NTA per share after taxes reached A$0.0960 by the end of October, rising from A$0.0947 in the previous month. The company’s overall Net Asset Value per share also grew to A$0.0963, compared to A$0.0951 in September.
Hygrovest’s stock prices have experienced a steady climb over the last four quarters, with values reported at A$0.042, A$0.046, A$0.054, and most recently A$0.054, placing it at a current trading value of A$0.05.
Strategic Divestment of DHB Shares
One of Hygrovest’s significant moves in October was the sale of its shares in Delivra Health Brands Inc. for approximately C$1.1 million, with the transaction now finalized. This sale is part of Hygrovest’s broader strategy to gradually divest from non-core assets and streamline its portfolio, aligning with HD Capital Partners' new direction. The sale price of DHB shares was notably higher than their valuation at the time HD Capital Partners assumed management of Hygrovest, underlining the successful repositioning of the company’s investments.
This transaction follows a similar divestment of shares in Emerging Therapeutics Group, another asset acquired under Hygrovest’s previous investment strategy. HD Capital Partners highlighted that these changes aim to focus the company’s resources on more strategic investments.
Looking Forward
Weed Me Inc. now stands as Hygrovest’s last significant legacy investment under the current portfolio structure. HD Capital Partners maintains that HGV’s reported month-end NTA reflects a snapshot that remains fluid due to market and valuation dynamics. To ensure a realistic valuation, Hygrovest applies a 15% discount to the multiple derived from Weed Me’s value, acknowledging the challenges posed by its unlisted status.
Through these strategic adjustments, Hygrovest continues to optimize its portfolio while balancing its commitment to shareholder value.
