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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Chrysalis Investments Limited | LSE:CHRY | London | Ordinary Share | GG00BGJYPP46 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.30 | -0.31% | 97.90 | 309,902 | 14:19:48 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 97.90 | 98.00 | 97.90 | 96.00 | 96.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | -71.53M | -78.23M | -0.1315 | -7.44 | 584.44M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 14:20:22 | AT | 46 | 97.90 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 11/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 09/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 06/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 05/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 04/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 03/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 02/12/2024 | 10:58 | UK RNS | Chrysalis Investments Limited Holding(s) in Company |
| 02/12/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 29/11/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 28/11/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
Chrysalis Investments (CHRY) Share Charts1 Year Chrysalis Investments Chart |
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1 Month Chrysalis Investments Chart |
Intraday Chrysalis Investments Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 05/12/2024 | 14:13 | Chrysalis Investments | 523 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 14:20:22 | 97.90 | 46 | 45.03 | AT |
| 14:19:48 | 97.90 | 1,598 | 1,564.44 | AT |
| 14:17:09 | 97.86 | 8,000 | 7,828.71 | O |
| 14:07:12 | 97.86 | 5,979 | 5,850.98 | O |
| 13:47:31 | 97.90 | 186 | 182.09 | AT |
| Top Posts |
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Posted at 11/12/2024 08:20 by Chrysalis Investments Daily Update Chrysalis Investments Limited is listed in the Finance Services sector of the London Stock Exchange with ticker CHRY. The last closing price for Chrysalis Investments was 98.20p.Chrysalis Investments currently has 595,150,414 shares in issue. The market capitalisation of Chrysalis Investments is £582,057,105. Chrysalis Investments has a price to earnings ratio (PE ratio) of -7.44. This morning CHRY shares opened at 96p |
Posted at 10/11/2024 10:01 by craigso We'll see that happens when the long-awaited Klarna IPO happens. I wouldn't expect CHRY to dump all of its Klarna shares on day 1 but perhaps the liquidity / visibility on valuation will help the CHRY discount narrow faster.£100m of promised buybacks certainly isn't doing much so far (apart from limiting the share price decrease when compared to other funds in the same space - GROW, IPO, AUGM, etc.). Upping buybacks to £200m would simply cannibalise the fund. NAV increases are fine, but unless they flow through to the share price it's not so relevant for shareholders. (yes, I know that you can increase your investment horizon to infinity and eventually see something closer to NAV) Reducing liquidity by buying back so many shares also reduces institutional demand, so you have to be careful what you wish for. |
Posted at 23/10/2024 13:51 by craigso Buybacks at any sub-NAV price don't "bother me".I guess you guys have never experienced the joys of tendering shares and finding that way more than your entitlement has been picked up at the tender price - usually well above the current share price - allowing you to either bank your excess profits or reinvest them back into the investment trust... But sure... waiting 6-12 months for the market to realise that the NAV is a few p higher (so maybe the share price ought to also be higher) is also a strategy. |
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 27/9/2024 16:35 by davebowler 27 Sep, 2024 CityWireChrysalis to return £40m to shareholders after Visa buys Featurespace Growth capital fund to start share buybacks after Visa’s purchase of a UK payments protection firm generates an £89m windfall. Jamie Colvin comments Chrysalis Investments (CHRY) is to kick off its eagerly awaited £100m return of capital with a £40m share buyback after Visa’s purchase of Featurespace, the Cambridge-based AI-driven payments protection firm that is the growth capital fund’s fifth biggest holding. Shares in Chrysalis yesterday rose 3.7% to 90.2p, narrowing their wide gap to net asset value (NAV), after the investment company said it would receive £89m from the sale of Featurespace, which the Visa transaction values at a 20% premium to the fund’s previous valuation. Visa, the world’s largest payments processor, is reported to have paid £700m ($935m) for the fraud and financial crime management company. Fund managers Richard Watts and Nick Williamson said Chrysalis had trebled its original £20m investment four years ago in Featurespace, which now accounts for 9% of the portfolio. Congratulating Featurespace’s chief executive Martina King and founder Dave Excell, Watts and Williamson declared: ‘In many ways, Featurespace has been an exemplar of the type of investment we are looking for and we believe its purchase by a company such as Visa demonstrates recognition of the value that has been accruing from this business model.’ Chrysalis’ liquidity – or access to funds – will jump to £195m, or 38% of net assets, following the sale. It bolstered its cash pile this week with a £70m debt facility with Barclays and also holds £2m of shares in listed payments company Wise (WISE). With the debt facility covering the £50m ‘buffer’ the company wanted, it can now start to return the £100m it promised shareholders to persuade them to vote for the fund’s continuation in March after a painful share price crash in the previous two years. The £40m that will initially be used to buy back its depressed shares will effectively pay out to shareholders the cash Chrysalis received from the distressed sale in July of UK chipmaker Graphcore to Japan’s Softbank. ‘As we get more visibility over the closing of the Featurespace process, we hope that this will enable further capital to be returned. We view the company’s shares, which currently trade on a circa 40% discount to NAV, as offering a compelling way to accrete NAV per share to the benefit of long-term shareholders,’ the managers said. Chrysalis shares launched at 100p in November 2018 and peaked at 271p in September 2021 before crashing to a 53p low last October. While there has been a strong recovery since then, the financial difficulties of online insurer Wefox have weighed on the stock. Peel Hunt analyst Anthony Leatham said the news was an ‘important milestone’ in Chrysalis’ recovery with the prospect of further capital returns to shareholders. ‘We continue to focus on top holdings Starling, Smart Pension and Klarna as potential future NAV drivers,’ he said. |
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 27/9/2024 07:36 by davebowler ZeusCompanies | 27 September 2024Realisations and share buybacksChrysalis Investments has announced the sale of one of its portfolio assets that is expected to bring in initial proceeds of £79m. When combined with existing cash, liquid assets and the £70m credit facility announced earlier this week, Chrysalis will have significant liquidity (c. £195m). This has allowed the company to announce a £40m share buyback, which we think should help close the c. 38% discount to the last reported NAV per share of 145.25p. In our view, the disposal of Featurespace highlights that Chrysalis has invested in some high quality assets, notwithstanding certain failures such as wefox and Tactus, and that the current discount to NAV is unjustified.? Disposal of Featurespace: Yesterday Chrysalis announced that Visa has acquired Featurespace, Chrysalis' portfolio asset that sells financial crime risk management software. Featurespace had a carrying value of £74.2m on 30 June 2024 for CHRY, making it the company's fifth largest holding (8.6% of the portfolio). The deal is expected to result in gross proceeds for Chrysalis of £89m, a c. 20% uplift to the latest carrying value, which represents a money multiple return of 3.0x since the initial investment in May 2020 and subsequent follow-on investments. Initial consideration (i.e. before the deferred elements), is expected to be c. £79m, which is a sizable injection of liquidity for Chrysalis.? Share buyback: Chrysalis has previously announced that once it has a liquidity buffer above £50m it will consider making share buybacks to narrow the NAV discount. With the £42.8m proceeds from the Graphcore disposal, other cash on hand, its £2m investment in Wise plc, the £70m debt facility (announced this week) and the £79m initial consideration from Featurespace, liquidity will be c. £195m. With this liquidity, Chrysalis has announced a new £40m share buyback, which is c. 7.5% of the market cap at last night's close. This should help reduce the c. 38% discount to last reported NAV per share. The company has approvals to return up to £100m to shareholders in total, so we expect further share buyback announcements over the coming months.? wefox: At the most recent NAV update (29 July), NAV per share decreased by 1.5% to 145.25p. The largest move was the 52.2% write-down in wefox from £126.5m at 31 March to £60.5m at 30 June. According to Chrysalis, wefox was written down further due to applying lower valuation multiples to the investment's revenues and applying a discount due to the uncertainty of the ongoing viability of the company. Our view is that even if this investment is written down entirely, there is still significant value in the remainder of the portfolio.? Investment view: Our 30 January initiation note, when shares traded at 78.8p, argued that there was significant underappreciated value in Chrysalis' portfolio and the c. 45% discount to reported NAV was unwarranted. The recent realisations of Graphcore and Featurespace, at premiums to carrying value, helped to demonstrate this, albeit with the shine taken off by write downs elsewhere. We believe there remains significant value in Chrysalis' other investments, most notably Klarna AB and Starling Bank. Klarna reported a strong set of H1 results in August, growing revenue in H1 2024 by 27%, gross profit by 22%, reporting positive adjusted EBIT, and reducing net losses by 84% to SEK333m (£25m). Klarna is Chrysalis' third largest portfolio holding, valued at £100m on 30 June 2024. Articles have mentioned a possible IPO value for Klarna of $15bn-20bn, which we think is supported by the EV/Gross profit multiples of Affirm, a US-listed peer. At this value, Chrysalis' 1% stake would be worth £113m-£152m. Compared to the last reported carrying value, lifting Klarna's value to the upper end of this range (£152m) would add c. 6% to CHRY's total NAV per share. If and when the IPO happens, this would be another significant injection of liquidity which could be deployed via share buybacks or into new investments. We see further share price upside from here as the discount to NAV narrows. |
Posted at 20/9/2024 08:13 by kooba From shop research"IP Group has an effective interest of just over 20% in FeatureSpace whilst Chrysalis owns just over 11%. Based on the speculated purchase price, IP Group could receive gross proceeds of £137.5m whilst Chrysalis receiving c£83m. This compares to carrying values of £112.7m for IP Group (just written it up by more than 50% in H1 2024) and £74m for Chrysalis, respectively."For Chrysalis the conversion to cash clearly more important right now than the relatively small uplift. With current cash balance approx £50m.( we had £62m pre e15m into Wefox) we should see the majority of this disposal if it materialises returned to shareholders. There are just under 600m shares in issue so approx 100m to buyback. Could be done slowly as an on market buyback or they could look at a tender at a premium..Ie offer 100p for 14% of shares outstanding.Either way it would be value accretive to remaining shares."The company will aim at all times to maintain a prudent cash reserve the board and portfolio manager guide that an appropriate cash reserve is currently believed to be £50m;Having met the cash reserve requirement, the company will next prioritise distributions to shareholders the board currently intends to utilise its existing authority to buy back up to 15% of its share capital and, if required, seek further authority from shareholders to continue share buy backs until £100m of cash has been distributed, conditional on the ongoing discount; andThereafter the company will balance its capital allocation between further distributions to shareholders and portfolio investments, aiming to distribute up to 25% of net cash profits on realisations." |
Posted at 28/8/2024 19:44 by davebowler Oakbloke , hot off the press......Don't CHRY because it's over£50m H1 Adj. operating Income for pre-IPO holding KlarnaThe Oak BlokDear reader"Don't cry because it's over. Smile because it happened" - Dr SeussToday's article picture is a tribute to the great Theodor Seuss Geisel (Dr. Seuss) and hopefully you can recognise which famous food condiments inspired this picture!I'm not sure what connection there could be with either the Fund Chrysalis, or its holding Klarna. Our PM might say to his new best mate "es ist nicht klar"CHRY's holding Klarna (valued 30/6/24 at £100.3m) announced revenue and profit progress in its 1H2024 update. Subscribe for free to receive new posts and support my work.Pledge your supportRevenue was up 16% year on year. Gross Profit up 22%. Operating expense is static (excluding technology and product development it's down by 10% actually*) so adjusted operating income moves from a £33.9 loss in 1H23 to a £50m profit in 1H24 - an £84m improvement!*a 10% drop suggests the much vaunted investment in AI is translating into savings in "the real world". Further evidenced that revenue per employee grew an ASTONISHING 73% in y-o-y to 1H24.?In fact at net profit level, a loss of -£24.7m in 1H24 from -£155.4m in 1H23 illustrates the strong trajectory and improvement year on year.Klarna's CEO comments:Klarna's massive global network of consumers and merchants is expanding rapidly, with continued success in the US as revenue grows 38% YoY in H124. Over 68k new merchant partnerships were established, supporting further engagement from our consumers, and driving strong revenue growth of 27% in H124. This led to SEK 1tn in payment volume through our network in the last 12 monthsThe Oak Bloke had a little shopping experience at Klarna and was gobsmacked to find a "Google-esque" experience. This is referred to in Klarna's Interim Report.?Rather than think of Klarna as purely a buy now pay later experience it's actually much more. It's a way to find what you want as a shopper. I would encourage you to watch this video to understand the powerful dual online and bricks and mortar shopping experiences Klarna has managed to create.?Klarna speak to "becoming ubiquitous". It speaks to a developing ecosystem. That means working with what were once competitors - Payment Service Providers (PSPs) for example. Strategic agreements with Adobe and WorldPay are examples where they've "lost" the gateway role but embraced thousands of merchants who use those PSPs - so overall gained far more than what they've conceded. All the major PSPs appear to be available for a merchant to "plug and play".?The ubiquity for customers: The evidence is that once people start to Klarna they keep going and return for more. This is (Klarna say) due to a combination of saving time, money and assurance. Assurance means fraud protection, hassle-free returns, and delivery tracking..... all in one place.??The ubiquity for merchants: The evidence is also that once a merchant list on Klarna that the benefits mean increasing revenue retention, and growth. Klarna now has over 575k merchants, and that number continues to grow. In the past 12 months, it added over 68k new merchants and expanded strategic partnerships with iconic everyday-use partners such as Voi, Google, and Uber. The deal with Uber is to power its payments portal, with a buy now & pay at the end of the month (when you get paid) for customers..... smart.But Uber aren't the only ones - Klarna also struck a deal with travel giant Expedia/Hotels.com too.?This 5 year view is fasctinating too. Income has increased by ~2.5X, and loans accounts for a portion of that income and these are ~3X over 5 years. What I find fascinating is the 5X growth in "deposits from the public". These exceed "loans to the public" in FY24! Also the average duration of Klarna's credit portfolio is ~40 days. This means the company can recycle its capital 9 times per year (365 days / 40 days = 9.125). Assuming a 1.5% net transaction margin and 30% pre-tax margin, each $100 would generate $100 x 1.5% x 30% margin x 9 loans per year = $4.You imagine loans to be a huge cost to Klarna (or Klarna's merchant). But no. Actually deposits and the Net Interest Margin, make loans profitable, actually! And capital light with CET1 ratio of 14.9%, that's as strong as a major bank.??VALUATIONCHRY owns 1.11% of Klarna so if a $20bn/£16bn price is achieved, the result for CHRY is a substantial £74.80m uplift and a £174.80m realisation.CHRY's £100.3m valuation (as at 30/06/24) implies a £9bn valuation. Klarna's 1H24 revenue is £1bn so £2bn annualised. A £9bn valuation is 4.5X sales. A peer for Klarna is Affirm and its current revenue to (Nasdaq-listed) valuation is 5X sales (but was a much higher multiple previously).?Affirm has similar revenue growth to Klarna but isn't as profitable.Assuming 5X is a fair multiple (which seems quite conservative) and furthermore assuming Klarna continues to grow at 27% then in FY2025 based on revenue growth to £2.5bn and expectations of a 27% growth to £3.2bn then we neatly arrive to £16bn.But isn't the Klarna story a little bit like Ebay (and Paypal)? They got divorced in 2015. Until that point weren't they "an ecosystem" and weren't they "ubiquitous"? Back in 2009 they achieved $8.7bn revenue adjusted for inflation which is approximately £3.2bn today. My FY26 expectation of Klarna. Back then a $30.5bn valuation adjusted for inflation is £34bn today or 377% of CHRY's valuation.?EBay revenue and profit "back in the day".Of course you could point to the $2.39bn net profit Ebay also achieved in 2009, which is £2.7bn adjusted for inflation today and tell me I'm over egging the pudding. But with another two years could Klarna achieve that? It would require a "flywheel" effect in growth and a lower number feels "nailed on" given the £84m improvement to the bottom line in the past 12 months.But compared to Affirm leaking between $0.5bn - $1bn a year and forecast to do so in both 2024 and 2025, the 5X multiple is a little harsh.So while I will settle for concluding the forward prospects for Klarna feel to be "at least" a £16bn IPO, I also believe the 1H24 results demonstrate how the "ubiquity" of Klarna's platform and services tap into a "Bricks vs Clicks" world in a way I have never seen Ebay do. I'm probably the last person you'd call an "avid shopper", but I can see how Klarna addresses the world in a uniquely clever and nuanced way while creating an ecosystem where retailers and brands thrive, consumers are compelled to return and that ubiquity is worth something.-Conclusio |
Posted at 14/6/2024 13:51 by davebowler LiberumAnalyst: Shonil ChandeMkt Cap £460m | Share price 77.3p | Prem/(disc) -47.6% | Div yield n/aEventChrysalis Investments' shares closed yesterday down 16.4% following Sky News' article on wefox suggesting wefox needed to urgently sell some its loss-making businesses.Conversat |
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. |
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