Symphony International suffering, NAV and share price decline sharply – Symphony International Holdings has realised a substantial loss on both share price and NAV in their 2018 results. NAV declined 24% in 2018, moving from $1.27 per share to $0.96 per share, a roughly 24% decrease. This comes as a result of one of the company’s holdings suffering major losses. Hospitality and restaurant owner and operator Minor International had a 22% decline in share price. Symphony’s investment in said company took a fall from $340.3m to $257.8m, a catastrophic loss of value. Symphony paid dividends adding up to $71.5m in 2018, down from $76.5m in 2017.
Anil Thadani, the chairman of Symphony International has offered some of his reasoning for the events and the prospects of the future. “Geopolitical tensions, reduced growth expectations and less accommodative fiscal policies have had some impact on asset valuations during the last quarter of 2018. As a result, we are beginning to see interesting opportunities come to market, which has increased our deal flow in recent months. Our long-term outlook remains positive, particularly regarding growth in Asia, and we are focused on further building our portfolio.”
“The environment today has changed, and we are beginning to see good value in many potential transactions where we feel we could deploy additional capital to earn attractive risk adjusted returns. We are in advanced stages of exploring several opportunities, some of which we hope to close during the first half of 2019.”
SIHL : Symphony International suffering, NAV and share price decline sharply