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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Chrysalis Investments Limited | CHRY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -0.95% | 103.80 | 10:24:40 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 104.80 | 103.80 | 105.20 | 104.80 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 11/1/2025 15:45 by speedsgh Will CHRY retain some/all of their Klarna shareholding post IPO or will they use the IPO as an opportunity to exit completely? I think I would be more comfortable with the latter as more often than not the share prices of newcomers to the market seem to disappoint.Comment in FT article today on fintech IPOs... ... Most of the new listing candidates are relatively mature — Klarna is already 20 years old — and have shown at least a path to profitability, if not regular cash generation. That sets them up better for an environment where public-market investors are more wary of cash burning start-ups. There are also now more listed competitors to benchmark against, which should make it easier to agree a fair value. However, private backers who overpaid during the mid-pandemic bubble will be pushing for aggressively high pricing to reduce their losses. Public investors starved of good IPOs for three years should be wary of accepting a bad deal. Traditional finance may have been disrupted, but the incentive to overprice new stock issues remains as strong as ever. |
Posted at 10/1/2025 15:35 by speedsgh Chrysalis must avoid ‘de facto’ wind-down after Klarna payday - ... In full-year results, chair Andrew Haining said a Klarna initial public offering (IPO) ‘would not only provide the company with significant further liquidity, but could result in an uplift to the current valuation’. While the IPO will clearly be positive for the fund, Chrysalis will find itself at a crossroads over whether to return a significant sum to shareholders – extending the capital allocation plan that has already seen it commit to buying back £100m of shares – or hunt for new, unquoted tech ‘unicorns&rsqu Haining said the fund is trying to balance the need to stay committed to its capital allocation plan with the need to ‘achieve and maintain scale’ in the portfolio. ‘If capital is simply returned, then portfolio concentration increases, and firepower and scale decrease. If this continued, it would effectively imply a winding-down of the vehicle,’ he said. Haining said a ‘de facto wind-down’ was contrary to the plan set out at the continuation vote, which passed overwhelmingly in March last year. He added it would increase ‘the perception of risk’ around the portfolio and ‘could lead to the discount…begi Pressure on Chrysalis to strike the balance may grow as activist Asset Value Investors, which feasibly could push for a more rapid programme of capital returns to shareholders, increases its stake. The asset manager, already Chrysalis’s top shareholder, disclosed this week that it had increased its stake from 10.5% to 15.4%. The group manages AVI Global Trust (AGT) and MIGO Opportunities (MIGO), both of which have positions in the fund. AVI declined to comment... ... Deutsche Numis analyst Gavin Trodd said the managers and board were right to be mindful of the risks around the Klarna IPO. ‘We expect investors will view this potential exit, and what to do with any proceeds, as a key trigger point to re-examine Chrysalis’ strategy,’ he said. ‘The manager previously commented that it is considering the possibility of further investment activity. In our view, the bar for new investments is high and we believe that some investors are likely to currently favour the return of capital, despite the discount narrowing in recent months.’ Stifel analyst Iain Scouller said there has been a ‘significant improvement’ in balance sheet liquidity, which stands at £151m after the sale of Graphcore to Softbank, the £79m received as an initial consideration from the sale of Featurespace and a £70m loan facility agreed with Barclays. He said Chrysalis was a ‘high-reward-h ‘We think the recent significant strengthening of the balance sheet does justify the shares trading on a narrower discount than in the past couple of years,’ said Scouller... |
Posted at 14/11/2024 07:31 by peterrr3 Starling's hiring a couple more managers for the investor relations team. I expect that the financials are looking pretty good and that they are continuing to ramp up towards IPO. |
Posted at 23/10/2024 10:36 by craigso You missed the smiley face. :)I'm all in favour of ITs buying their own shares at 90p when their underlying NAV is 145p. By my calculations, CHRY buying back 15% of their shares at 90p would add roughly 10p to NAV. But what these slow-and-steady buybacks don't do is substantially narrow the discount. Whether or not it is explicitly stated, narrowing the discount is also a key objective. After all, these buyback shares are being held in treasury instead of cancelled immediately because the CHRY managers would love the share price to get back to a premium, so that they can re-sell the shares into the market. Even though running a tender might not be as NAV accretive as a standard buyback, those of us trading through nominee accounts end up with a far higher allocation than promised, meaning a transfer of value from other investors to ourselves, which is a more important objective than owning share in an IT that has a higher NAV than before. |
Posted at 23/10/2024 09:50 by dougalinvests lol clearly don’t understand buybacks.The buy backs will be done over a period of time, not one swoop. The stock market is generally a means of transferring value from the impatient to the patient. Reducing shares in issue, when you can buy something valued at around 140p, for a cost of around 90p is good business and should drive up the NAV for remaining patient investors and reduce some selling pressure. Future potential tailwinds would be news on potential further sales/IPO - Klarna and Starling being the most likely, an improvement in the profitability of WeFox and interest rates falling should all help over time if they materialise. The Oak Bloke does a good write up on all this. |
Posted at 27/9/2024 10:28 by davebowler LiberumFeaturespace disposal at 20% premium kickstarts buyback programme Analyst: Joachim Klement Mkt Cap £537m | Share price 90.2p | Prem/(disc) -37.9% | Div yield 0.0% Event Chrysalis has announced that Visa has signed a definitive agreement to acquire Featurespace. Chrysalis expects to receive cash proceeds of c.£89m, receiving an initial £79m up front. Total proceeds represent a 20% premium (c.2.5p uplift) to the latest carrying value as at 30 June 2024. The exit represents a significant return on the fund’s £29.5m investment, realising a 3.0x money multiple return. Following the recent agreement of a £70m debt facility and upon receipt of the initial consideration, Chrysalis will have a liquidity position of c.£195m, which equates to c.36% of the market cap based on yesterday’s closing price. Given the strong liquidity position and the capital allocation policy approved earlier this year, the company has announced the commencement of an initial £40m buyback programme (c.7.5% of market cap). The initial buyback allocation represents the majority of the initial Graphcore proceeds. Following the Featurespace disposal, the investment advisor expects to be able to announce a further capital return in due course. As a reminder, under the capital allocation policy, the company has pledged to distribute an initial £100m of cash to shareholders, followed by distributing 25% of net cash profits on future realisations (subject to a £50m cash buffer for prudence). Panmure Liberum view This is a very positive announcement for Chrysalis and the shares responded strongly yesterday, gaining 3.7%. The Featurespace proceeds surprised to the upside, with the majority of investors expecting a sale closer to book value. Despite the positive move, CHRY shares continue to trade on a near 40% discount to our pro-forma NAV estimate. We believe this represents excellent value, given the line of sight over significant capital returns over the next 12 months. With the new RCF and the pending Featurespace proceeds, the company has more than enough liquidity to deploy the full £100m of buybacks outlined in the capital allocation policy. This would represent nearly 19% of the current market cap being returned to shareholders. Whilst we expect the buyback programme to have a positive impact on the price, for illustrative purposes, if the full £100m was executed at yesterday’s closing price, the NAV accretion would be c.8.6%. Whilst concerns remain over the wefox situation, the position was only 7% of NAV at 30 June. Chrysalis and other shareholders have continued to support the company in order to realise maximum value for their investment, but we believe the market is placing too much emphasis on this negative situation. Klarna and Starling continue to perform very strongly, and both have mooted public listings in the medium term (with Klarna a potential 2025 IPO candidate). The surprise to the upside on yesterday’s Featurespace sale is further demonstration of the latent potential in the portfolio, in our view. The same can be said of the Graphcore disposal, which realised significant value, despite the market effectively writing it down to zero at one stage. With significant capital being returned in the near term, and further material realisations on the horizon, we think the shares represent very good value at these levels and we maintain our BUY rating. |
Posted at 01/9/2024 19:13 by davebowler Citywire....Bargain hunters Asset Value Investors has been increasing its stake in the £856m trust, confirming to Citywire that its position had risen from 10.5% in mid-July to 11.4% this week. The discount narrowed to 43%, which wasn't quite enough to make the 'expensive' table. |
Posted at 28/5/2024 06:15 by speedsgh From yesterday's FT...Starling investor targets £10bn valuation for digital lender - UK digital bank Starling could fetch a valuation of close to £10bn within the next few years as it rolls out its banking software globally for lucrative fees, according to one of its top investors. Investment trust Chrysalis, Starling’s second-largest backer, told the Financial Times that the app-based lender could turbocharge its revenue by licensing its “Engine” service — software that allows companies to launch their own digital banking products. “We’ve been pushing for Engine to be developed to drive Starling’s growth, as this proposition opens up a global market for bank infrastructure,&rdqu He said although Starling’s customer deposits and loans continued to rise, the expansion of Engine “could see a valuation approaching £10bn” for the lender. Starling was founded by Anne Boden in 2014 as a digital bank providing retail current accounts, before expanding into business lending and mortgages. The lender last year signed Salt Bank in Romania and AMP Bank in Australia as its first two Engine clients. But Watts reckons Engine has “a strong pipeline” of customers and noted that the market was “very significant” for growth. “We think Engine could grow to 40-50 clients over the next few years, which could equate to a revenue opportunity of many hundreds of millions of pounds per annum,” he said. However, there are some questions over Engine’s growth potential given that the so-called “banking as a service” platform has not won contracts to partner with big lenders. Starling came under the spotlight last year following a dispute with investors over its valuation. Boden, who stepped down last year, clashed with investors over fund manager Jupiter’s decision to sell its holding at a price that cut Starling’s valuation from £2.5bn to £1bn-£1.5bn, according to people familiar with the situation. The bank is seeking to list the business, but has not given a timeline. It generated a pre-tax profit of £195mn in 2023, six times higher than the previous year, while revenues rose to £453mn from £216mn. Declan Ferguson, chief financial officer, said the company was “extremely excited” about the software part of the business “as it offers enormous international potential for us to bring the best of British technology to banks around the world”. The fintech has hired Raman Bhatia, head of energy supplier Ovo, to become its new chief executive. Bhatia, a former head of HSBC’s digital bank in the UK and Europe, is set to start in the summer. |
Posted at 03/4/2024 08:32 by bielsainvestor Asset Value Investors hails Chrysalis ’inflection point’ with 5.7% stakeActivist manager of AVI Global scoops up £27m position in Chrysalis Investments, making it the recovering growth capital fund’s largest shareholder. Investment company activist Asset Value Investors has scooped up a £27m stake in Chrysalis Investments (CHRY), making it the largest shareholder of the growth capital fund that looks to build on a strong recovery in the past year and put the trauma of its 2022 crash behind it. Stock exchange filings show AVI bought a 5.7% stake in Chrysalis on 27 February, two-and-a-half weeks before the investment company passed a continuation vote with the support of 97% of voting shareholders. Most of the stake is held in AVI Global (AGT), the £1bn investment trust managed by AVI chief executive Joe Bauernfreund, which specialises in buying out-of-favour closed-end funds and holding companies. The filings indicate just over 2% of AGT’s assets are in the late-stage private equity fund run by ex-Jupiter fund managers Richard Watts and Nick Williamson. This puts AVI in the driving seat to ensure Chrysalis continues to prioritise shareholder returns and narrows its wide discount. The shares have staged an impressive recovery in the last 12 months, rallying 60% on hopes of interest rate cuts and the flotation of holdings such as credit provider Klarna that could fund a £100m share buyback programme. However, they are still less than a third of their peak in September 2021 and trail 45% below net asset value (NAV). ‘With a maturing portfolio and potentially more supportive IPO markets ahead in 2024 and 2025, we believe Chrysalis is at a key inflection point with scope for material NAV upside from what is now significantly more conservative carrying values for its key assets,’ AGT’s head of research Tom Treanor said. ‘While the new capital allocation policy ensures that the next £100m of exit proceeds will be deployed into share buybacks that will be highly accretive given the very wide prevailing discount to NAV, we look forward to continuing our constructive dialogue with the board – as the company’s largest shareholder – on what a longer-term capital allocation policy might look like.’ AVI’s purchase comes not long after managers Watts and Williamson spun off the the £887m portfolio from Jupiter, which they manage at their new firm, Chrysalis Investment Partners. This is the second time in the past year that AVI has emerged with a big holding before a continuation vote. In September it hiked its position in Hipgnosis Songs Fund (SONG) to 3.1% a month before two key shareholder meetings. It successfully led investor opposition to a controversial asset sale that saw the company lose the continuation vote, prompting a strategic review under a new board. |
Posted at 29/2/2024 14:44 by 74tom Re. Klarna, the CHRY RNS from 11/07/22 is helpful;I'd missed the fact they added an extra $8.7m at what is around 30% of the mooted IPO valuation; "Today, the Company can report that Klarna Holding AB ("Klarna") has announced an $800m funding round that values the company at $6.65 billion post new money. The round, which was larger than anticipated, was led by Sequoia Capital and has been undertaken at a valuation that represents a material discount to the Company's current carrying value of the asset. Other investors in the round include Silver Lake and Commonwealth Bank of Australia, both existing investors, and new investors such as Mubadala Investment Company and the Canadian Pension Plan Investment Board. The Company's Investment Adviser believes the current valuation to be very attractive, and the Company has therefore committed to its pro-rata entitlement of $8.7 million. Consequently, the Company will not suffer any dilution of its holding because of this funding round." If they had to add in $8.7m out of an $800m round to maintain their holding then it tells us that they in fact own 1.0875% of Klarna So a $20b pre money valuation would equate to $217.5m of NAV, which at the current FX rate = £171.8m / 28.8p per share & would be a 13.2p uplift on the last NAV figure |
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