Henderson European Focus Trust Plc
Henderson European Focus Trust plc is a closed-ended equity mutual fund launched and managed by Henderson Investment Funds Limited. It is co-managed by Henderson Global Investors Limited. The fund invests in public equity markets of Continental Europe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in stocks of large-cap companies. It em… Read more
Henderson European Focus Trust Plc (HET) - Net Assets
Latest net assets as of March 2025: GBX618.05 Million GBX
Based on the latest financial reports, Henderson European Focus Trust Plc (HET) has net assets worth GBX618.05 Million GBX as of March 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX649.28 Million) and total liabilities (GBX31.23 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | GBX618.05 Million |
| % of Total Assets | 95.19% |
| Annual Growth Rate | 3.66% |
| 5-Year Change | 115.32% |
| 10-Year Change | 240.42% |
| Growth Volatility | 23.5 |
Henderson European Focus Trust Plc - Net Assets Trend (2000–2024)
This chart illustrates how Henderson European Focus Trust Plc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Henderson European Focus Trust Plc (2000–2024)
The table below shows the annual net assets of Henderson European Focus Trust Plc from 2000 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-09-30 | GBX663.53 Million | +62.16% |
| 2023-09-30 | GBX409.20 Million | +30.14% |
| 2022-09-30 | GBX314.42 Million | -15.19% |
| 2021-09-30 | GBX370.74 Million | +20.30% |
| 2020-09-30 | GBX308.17 Million | +3.06% |
| 2019-09-30 | GBX299.01 Million | +1.78% |
| 2018-09-30 | GBX293.79 Million | +0.48% |
| 2017-09-30 | GBX292.40 Million | +23.09% |
| 2016-09-30 | GBX237.55 Million | +21.87% |
| 2015-09-30 | GBX194.91 Million | +13.99% |
| 2014-09-30 | GBX170.99 Million | +17.31% |
| 2013-09-30 | GBX145.76 Million | +26.28% |
| 2012-09-30 | GBX115.43 Million | +11.08% |
| 2011-09-30 | GBX103.91 Million | -28.31% |
| 2010-09-30 | GBX144.94 Million | -18.00% |
| 2009-09-30 | GBX176.77 Million | +9.29% |
| 2008-09-30 | GBX161.74 Million | -26.32% |
| 2007-09-30 | GBX219.51 Million | -31.85% |
| 2006-09-30 | GBX322.09 Million | +15.20% |
| 2005-09-30 | GBX279.61 Million | +32.59% |
| 2004-09-30 | GBX210.88 Million | +16.84% |
| 2003-09-30 | GBX180.48 Million | +22.01% |
| 2002-09-30 | GBX147.93 Million | -24.14% |
| 2001-09-30 | GBX195.01 Million | -30.37% |
| 2000-09-30 | GBX280.07 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Henderson European Focus Trust Plc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (September 2024)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | GBX663.53 Million | 100.00% |
| Total Equity | GBX663.53 Million | 100.00% |
Henderson European Focus Trust Plc Competitors by Market Cap
The table below lists competitors of Henderson European Focus Trust Plc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Henderson High Income Trust
LSE:HHI
|
$223.42 |
|
Engage XR Holdings PLC
LSE:EXR
|
$223.50 |
|
Blackrock North American Income Trust PLC
LSE:BRSA
|
$223.60 |
|
Oracle Commodity Holding Corp.
OTCGREY:ORLCF
|
$224.61 |
|
Cirmaker Technology Corporation
PINK:CRKT
|
$222.82 |
|
Canna Consumer Goods Inc
PINK:CBMJ
|
$222.48 |
|
Mendocino Brewing Company Inc
PINK:MENB
|
$222.28 |
|
HORN PETROLEUM
MU:H73
|
$222.08 |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Henderson European Focus Trust Plc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 378,997,000 to 663,534,000, a change of 284,537,000 (75.1%).
- Net income of 55,301,000 contributed positively to equity growth.
- Dividend payments of 12,978,000 reduced retained earnings.
- Share repurchases of 3,044,000 reduced equity.
- Other comprehensive income decreased equity by 70,764,999.
- Other factors increased equity by 316,022,999.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | GBX55.30 Million | +8.33% |
| Dividends Paid | GBX12.98 Million | -1.96% |
| Share Repurchases | GBX3.04 Million | -0.46% |
| Other Comprehensive Income | GBX-70.76 Million | -10.66% |
| Other Changes | GBX316.02 Million | +47.63% |
| Total Change | GBX- | 75.08% |
Book Value vs Market Value Analysis
This analysis compares Henderson European Focus Trust Plc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 99.81x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 570.97x to 99.81x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-09-30 | GBX0.35 | GBX201.00 | x |
| 2005-09-30 | GBX0.47 | GBX201.00 | x |
| 2006-09-30 | GBX0.54 | GBX201.00 | x |
| 2007-09-30 | GBX0.46 | GBX201.00 | x |
| 2008-09-30 | GBX0.52 | GBX201.00 | x |
| 2009-09-30 | GBX0.64 | GBX201.00 | x |
| 2010-09-30 | GBX0.58 | GBX201.00 | x |
| 2011-09-30 | GBX0.54 | GBX201.00 | x |
| 2012-09-30 | GBX0.67 | GBX201.00 | x |
| 2013-09-30 | GBX0.86 | GBX201.00 | x |
| 2014-09-30 | GBX0.98 | GBX201.00 | x |
| 2015-09-30 | GBX1.04 | GBX201.00 | x |
| 2016-09-30 | GBX1.16 | GBX201.00 | x |
| 2017-09-30 | GBX1.41 | GBX201.00 | x |
| 2018-09-30 | GBX1.37 | GBX201.00 | x |
| 2019-09-30 | GBX1.39 | GBX201.00 | x |
| 2020-09-30 | GBX1.43 | GBX201.00 | x |
| 2021-09-30 | GBX1.73 | GBX201.00 | x |
| 2022-09-30 | GBX1.47 | GBX201.00 | x |
| 2023-09-30 | GBX1.78 | GBX201.00 | x |
| 2024-09-30 | GBX2.01 | GBX201.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Henderson European Focus Trust Plc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.33%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 99.05%
- • Asset Turnover: 0.08x
- • Equity Multiplier: 1.07x
- Recent ROE (8.33%) is below the historical average (9.63%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 12.92% | 90.25% | 0.14x | 1.03x | GBX6.17 Million |
| 2005 | 25.16% | 91.40% | 0.24x | 1.16x | GBX42.38 Million |
| 2006 | 17.68% | 87.14% | 0.19x | 1.07x | GBX24.75 Million |
| 2007 | 26.83% | 86.67% | 0.30x | 1.05x | GBX36.95 Million |
| 2008 | -21.09% | 0.00% | -0.18x | 1.04x | GBX-50.29 Million |
| 2009 | 17.38% | 90.74% | 0.18x | 1.07x | GBX13.05 Million |
| 2010 | -1.09% | -156.83% | 0.01x | 1.10x | GBX-16.08 Million |
| 2011 | -9.38% | 0.00% | -0.07x | 1.08x | GBX-20.14 Million |
| 2012 | 17.18% | 93.44% | 0.16x | 1.18x | GBX8.29 Million |
| 2013 | 23.01% | 96.19% | 0.20x | 1.17x | GBX18.97 Million |
| 2014 | 12.29% | 94.79% | 0.11x | 1.20x | GBX3.91 Million |
| 2015 | 3.83% | 84.20% | 0.04x | 1.22x | GBX-12.03 Million |
| 2016 | 16.92% | 97.23% | 0.15x | 1.16x | GBX16.43 Million |
| 2017 | 17.29% | 97.52% | 0.15x | 1.17x | GBX21.32 Million |
| 2018 | 1.98% | 82.22% | 0.02x | 1.18x | GBX-23.56 Million |
| 2019 | 3.98% | 90.18% | 0.04x | 1.09x | GBX-18.00 Million |
| 2020 | 5.62% | 93.94% | 0.05x | 1.14x | GBX-13.49 Million |
| 2021 | 18.66% | 98.01% | 0.18x | 1.04x | GBX32.11 Million |
| 2022 | -15.08% | 0.00% | -0.13x | 1.11x | GBX-78.87 Million |
| 2023 | 19.87% | 97.97% | 0.19x | 1.09x | GBX37.39 Million |
| 2024 | 8.33% | 99.05% | 0.08x | 1.07x | GBX-11.05 Million |
Industry Comparison
This section compares Henderson European Focus Trust Plc's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $395,694,700
- Average return on equity (ROE) among peers: -81.73%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Henderson European Focus Trust Plc (HET) | GBX618.05 Million | 12.92% | 0.05x | $223.40 |
| 3I Infrastructure PLC (3IN) | $1.09 Billion | 8.57% | 0.18x | $396.99K |
| 450 PLC (450) | $1.30 Million | -791.13% | 5.03x | $1.71K |
| abrdn Asian Income Fund Limited (AAIF) | $431.48 Million | 11.10% | 0.09x | $315.37 |
| Abrdn Asia Focus PLC (AAS) | $464.40 Million | -2.37% | 0.15x | $434.78 |
| Albion Technology & General VCT PLC (AATG) | $34.46 Million | 4.41% | 0.01x | $78.71 |
| Aberdeen Diversified Income and Growth Trust PLC (ADIG) | $492.42 Million | 0.00% | 0.32x | $16.61 |
| Aquila Energy Efficiency Trust PLC (AEET) | $97.38 Million | -0.64% | 0.00x | $2.38K |
| Aquila European Renewables Income PLC (AERI) | $320.23 Million | -9.29% | 0.00x | $2.45K |
| Artemis UK Future Leaders plc (AFL) | $84.35 Million | -40.52% | 0.02x | $401.26 |
| AVI Global Trust PLC (AGT) | $938.94 Million | 2.59% | 0.12x | $2.83 Million |