Pantheon International PLC (LSE:PIN) has been reiterated at 'buy' by analysts at Stifel, who see value in the shares following a recent de-rating.
With the shares trading at around 302p, this represents a discount of approximately 40% to the latest reported NAV of 509p at 31 January 2025.
Stifel noted that the share price has declined by 10% since mid-February, reflecting broader concerns over subdued private equity exits.
The recent market selloff, particularly in US equities, has been viewed as "unhelpful for IPOs and broader realisations from the private equity sector, after a quiet couple of years".
However, it said these concerns appear "priced in" to the shares, meaning any improvement in exit activity "may see a re-rating in the shares".
Pantheon’s portfolio has shifted significantly in the past decade, with 55% now in co-investments and manager-led secondaries.
Stifel highlighted that this reduces fee layers and can simplify balance sheet management.
The broker set a fair value target of 370p, representing a 25% discount to its NAV expectation range of 490p to 525p as of 31 March 2025.