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The key message from our report, Just look at PIP’s underlying company resilience, published on 10 March 2021, was the spectacular operational outperformance of PIP’s investee companies. PIP's sample covering two thirds of the portfolio, reported weighted average revenue and EBITDA growth of 17% and 15% (MSCI World Index falls of 17% and 31%, respectively). PIP’s investee companies normally outperform (EBITDA growth 2013-19 average 11% higher than the index); however, through COVID-19 to November, it was 4x the usual level. EV/EBITDA ratings on PIP’s book are, despite this sharp outperformance, at a 1% discount to this index.
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