's morning briefing 2 May 2025 - CGL, APAX, TPOU/TPOS, PCTN, GCL
Summary
Castelnau Group Limited (CGL) has released its investment report for the first quarter of 2025, highlighting a 3.5% increase in net asset value ( ) per share, reaching \xa31.02 as of 31 January 2025. In January, Dignity completed a crematoria sale-and-leaseback transaction, generating net proceeds that facilitated the repayment of a loan from Phoenix UK Fund. The report also notes that Hornby released a trading update on 8 January, and Cambium is experiencing a 25% year-on-year increase in registrations since Christmas. The manager reduced net and gross exposures to multi-year lows early in the quarter, raising liquidity for future opportunities. Third Point sees significant EBITDA expansion potential as CoStars core commercial real estate business remains strong, while efforts are made to rein in residential losses.