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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
|
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|---|---|---|---|---|---|
| 1.00 | 1.08% | 94.00 | 2,183,054 | 16:29:55 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 93.70 | 94.00 | 94.50 | 91.90 | 92.20 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | -71.53M | -78.23M | -0.1315 | -7.15 | 553.49M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:36:34 | O | 161,987 | 93.88 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 10/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 09/10/2024 | 09:02 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 08/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 07/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 04/10/2024 | 18:00 | UK RNS | FTSE Russell Ascential |
| 04/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 03/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 02/10/2024 | 07:00 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 01/10/2024 | 12:37 | UK RNS | Chrysalis Investments Limited Transaction in Own Shares |
| 26/9/2024 | 15:24 | ALNC |  Visa acquires Featurespace, providing returns for IP Group, Chrysalis |
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 |
|---|---|---|---|
| 07/10/2024 | 11:08 | Chrysalis Investments | 495 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:36:35 | 93.88 | 161,987 | 152,073.40 | O |
| 15:36:15 | 94.00 | 49,280 | 46,323.20 | O |
| 15:35:26 | 94.00 | 166,143 | 156,174.42 | UT |
| 15:29:55 | 94.00 | 523 | 491.62 | AT |
| 15:23:29 | 93.90 | 801 | 752.14 | AT |
| Top Posts |
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Posted at 10/10/2024 09:20 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 93p.Chrysalis Investments currently has 595,150,414 shares in issue. The market capitalisation of Chrysalis Investments is £559,441,389. Chrysalis Investments has a price to earnings ratio (PE ratio) of -7.15. This morning CHRY shares opened at 92.20p |
Posted at 07/10/2024 11:08 by craigso I don't think FTSE250 status per se matters to the stock picking funds - AVI picked up a nice stake for example with CHRY outside of the major indexes.If anything, FTSE100/250 status might be a proxy for sufficient size and liquidity to get in and out of meaningful positions without unduly moving the share price. With CHRY in the market daily, I'm not sure a fund could pick up a decent stake in CHRY cheaply. (of course it would be great if somebody wants to try) |
Posted at 27/9/2024 17:35 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 11:28 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 08:36 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 09:13 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 20:44 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 29/7/2024 12:33 by mirabeau Chrysalis Investments Limited ("Chrysalis" or the "Company")Quarterly NAV Announcement and Trading Update Net Asset Value The Company announces that as at 30 June 2024 the unaudited net asset value ("NAV") per ordinary share was 145.25 pence. The NAV calculation is based on the Company's issued share capital as at 30 June 2024 of 595,150,414 ordinary shares of no par value. June's NAV represents a 2.21 pence per share (1.5%) decrease since 31 March 2024. Movement in the fair value of the portfolio accounted for approximately 1.72 pence per share, with foreign exchange generating an adverse movement of approximately 0.18 pence per share. Fees and expenses make up the balance. Richard Watts and Nick Williamson, Managing Partners of Chrysalis Investment Partners LLP comment: "The Company's NAV saw a small decline over the period, with improvements in the valuations of a number of positions offset by the material write down in wefox. Following further recent investment into wefox, the Company's position is now substantially underpinned by downside protection mechanisms, significantly reducing the downside materiality to the Company's NAV from this asset. Liquidity has improved substantially post period end, with the announcement of the sale of Graphcore to SoftBank Group Corp ("SoftBank"), and currently stands at approximately £49 million, putting the Company in a strong capital position having met the "cash reserve" element of the Capital Allocation Policy. Market interest in the later-stage, private assets space remains encouraging. In May, Forge's Private Markets Update showed a big drop in the level of investor intention to sell, which it notes "may be due to growing confidence in their equity holdings". We continue to advise on maximising the value of the Company's portfolio holdings while exploring opportunities, at the appropriate price, to increase liquidity, including the option of raising debt. The potential outcomes we are advising on are at different stages of maturity and certainty and we look forward to updating the market once we have more clarity. Considering the improved liquidity backdrop the Board is now reviewing how to best implement the second phase of the Capital Allocation Policy." Portfolio Activity Chrysalis invested €5.5 million into wefox in the period as part of a funding solution it has been discussing with both the company and other shareholders. A portion of the Wise position, amounting to £6.2 million, was sold in the period thus more than funding this investment. Post period end, a further €15 million was invested into wefox, which was more than covered by the proceeds from selling the entire position in Graphcore, which raised approximately £45 million, of which £44 million has been received to date. The Investment Adviser does not envisage wefox requiring further investment by the Company. Portfolio Update The portfolio in aggregate continues to perform robustly: Starling Starling's valuation rose in the period driven by multiple expansion of the listed peer group and removal of the calibration discount to the last secondary transaction (albeit an illiquidity discount is still applied). The progress of Engine has also begun to drive valuation upside for Starling. Following significant news flow in the prior quarter, namely the appointment of Raman Bhatia as CEO and the success of Engine, this quarter saw less news flow; however, the Investment Adviser believes the company continues to perform in-line with its expectations. wefox The valuation of wefox fell materially in the period, reflecting both an increase in weighting towards valuation multiples in the lower quartile of the relevant group of listed peers, as well as the addition of a significant discount at group level, to reflect recent funding uncertainty. The underlying revenues that the above multiples were applied to were broadly consistent versus the last quarter. The Company has supported wefox with additional capital and the Investment Adviser has been working closely with other stakeholders to create a viable solution to wefox's funding requirements that it believes will allow the business to continue its journey towards profitability. Klarna Klarna announced the sale of Klarna Checkout, which has a 40% market share in Sweden and 20% across the Nordics, in June. Klarna has been building functionality with multiple payment service providers ("PSPs") over recent years, and the Investment Adviser believes this disposal could allow Klarna to form closer relationships with global PSPs. Elsewhere, Klarna Plus - Klarna's first subscription service for US customers - reached 100,000 subscribers. Klarna Plus allows members to waive certain service fees and get access to special deals and offers. Costing $7.99 per month, this suggests Klarna Plus is generating approximately $10 million annually, contributing towards Klarna's 1Q24 revenue growth in the US of 38% year-on-year. Klarna's drive towards AI continues. Approximately 87% of Klarna's employees are now using AI, with the internal Kiki assistant dealing with 2,000 enquiries per day. Externally, AI has helped Klarna reduce its sales and marketing expenses by $10 million on an annualised basis, contributing to S&M expenses falling 11% in 1Q24. Speculation concerning an IPO continues to swirl. The CEO has given a number of interviews in the quarter indicating that an IPO is likely to happen "quite soon" and intimating it would occur in the US. The Company has already considered the ramification of such a move; at the Company's carrying value, this could imply a liquidity injection of £100 million if a full exit is made, equivalent to approximately 21% of the Company's current market capitalisation. Smart Pension In March 2024, Smart announced that Assets under Management ("AuM") hit £5 billion in the UK Smart Pension Master Trust ("SPMT"), with regular contributions now running at £1 billion per annum. This growth has been driven organically as well as through acquisitions, such as that of Evolve in June 2023, which added £750 million in AuM. In June 2024, STM - the owner of the Options Master Trust ("Options") - announced it had signed an agreement with Smart to propose to Option's trustees that they consider transferring its assets to Smart; the Investment Adviser believes Options has AuM of over £500 million. Earlier in the year, Jamie Fiveash - the CEO of SPMT - gave an interview in which he stated that he anticipates reaching £10 billion of AuM within three years, demonstrating significant growth prospects. The valuation increase in the period reflects the progress that Smart is making. Brandtech A key focus for Brandtech in recent quarters has been the integration of Jellyfish, which completed in July 2023 and represented the largest acquisition in the company's history. Significant progress has been made here in recent months and management is beginning to prioritise driving customer wins and organic growth across the Media division. Momentum is building for PencilAI, the Group's generative AI marketing solution, and this has led to a number of leading brands such as Unilever and Bayer utilising the technology. We are excited about the level of engagement we are seeing between Global brands and Brandtech with regards to the application of generative AI and we are hopeful that this translates into contract wins and revenue over the remainder of the year. The valuation decrease of Brandtech reflects market multiple contraction during the period. Featurespace Featurespace has continued to grow well against a backdrop of ongoing, significant fraud in society. Featurespace reports that three in ten UK adults have been a victim of financial fraud and 55% of them have seen an increase in scam attempts in the last 12 months. Data from the National Crime Agency shows fraud is now the most common crime in the UK, accounting for 40% of all offences recorded in England and Wales. In the period Featurespace released its annual report and accounts for the year to December 2023, which showed 47% revenue growth to £50.4 million, with recurring revenues accounting for 79% of revenues, up from 70% in 2022. Due to this strong topline growth, the loss for the year decreased from -£20.9 million in 2022, to -£8.1 million. Despite these losses, cash flow was strong - cash rose to £28.7 million from £25.7 million - and the Group expects to maintain a "strong financial position, without the need for additional equity or debt capital". Featurespace's valuation rose slightly in the period driven by market multiple expansion. Cash Update As of 30 June, the Company had net cash of approximately £16 million and a position in Wise of approximately £2 million, to give a total liquidity position of approximately £18 million. As announced on 12 July 2024, Graphcore was sold to SoftBank; the Company can confirm it has received initial proceeds of £44 million, which has significantly bolstered its current liquidity position. The majority of the portfolio remains well funded. Having committed further capital to wefox post period end, amounting to approximately €15 million, the Investment Adviser does not expect this asset to require further material funding. Elsewhere, there are expected to be additional, modest funding requirements across the portfolio in the short to medium term - some of which are to accelerate growth - but the Company is considered to have sufficient available liquidity over that period to address these. Portfolio Composition As of 30 June 2024, the portfolio composition was as follows: 30-Jun Portfolio Company Carrying Value (£ millions) % of portfolio Starling Smart Pension Klarna Brandtech Featurespace wefox Graphcore Deep Instinct Secret Escapes InfoSum Wise Sorted Growth Street 258.9 125.4 100.3 82.2 74.2 60.5 45.4 45.2 26.2 28.3 2.0 0.3 0.1 29.9% 14.5% 11.6% 9.5% 8.6% 7.0% 5.2% 5.2% 3.0% 3.3% 0.2% 0.0% 0.0% Gross cash 16.3 1.9% Source: Chrysalis Investment Partners LLP. Due to rounding, the figures may not add up to 100%. The above percentages are based on an aggregate portfolio value (including cash) of approximately £865 million for 30 June 2024. Factsheet An updated Company factsheet will shortly be available on the Company's website: |
Posted at 14/6/2024 14:51 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 09:32 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 30/10/2023 11:15 by captain stock Chrysalis Investments Limited Quarterly NAV Announcement and Trading UpdateSource: UK Regulatory (RNS & others)TIDMCHRYRNS Number : 6194RChrysalis Investments Limited30 October 2023The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than to professional investors in Belgium, Denmark, the Republic of Ireland, Luxembourg, the Netherlands, Norway and Sweden), Canada, Australia, Japan or the Republic of South Africa.30 October 2023Chrysalis Investments Limited ("Chrysalis" or the "Company")Quarterly NAV Announcement and Trading UpdateNet Asset ValueThe Company announces that as at 30 September 2023 the unaudited net asset value ("NAV") per ordinary share was 134.65 pence.The NAV calculation is based on the Company's issued share capital as at 30 September 2023 of 595,150,414 ordinary shares of no par value.September's NAV represents a 2.21 pence per share (1.6%) decrease since 30 June 2023.Movement in the fair value of the portfolio accounted for approximately 3.99 pence per share, with foreign exchange generating a favourable movement of approximately 2.01 pence per share. Fees and expenses make up the balance.Investment Adviser CommentsRichard Watts and Nick Williamson (co-portfolio managers) comment:"The NAV was broadly flat over the period, largely mirroring the performance of key equity markets. Notwithstanding this, the IPO market continued to show signs of life, with ARM listing in the US towards the back end of the quarter. We also note that Instacart and Klaviyo listed over the period and while their post-IPO performances have been mixed, we believe that this represents a step in the right direction. Private equity markets have also seen signs of recovery as the interest rate and macro-economic picture becomes clearer. Deal volumes are increasing from a low point in Q1 2023, and the tech sector remains key for PE.We consider both public and private exit routes as viable options. The portfolio contains a number of later-stage assets, either profitable or funded to profitability, that we believe will make very attractive targets in due course, with some considered "IPO ready". With this in mind, Klarna's comments in the period that the 'requirements have been met' to consider an IPO were encouraging to us.Our key assets are continuing to perform well from both an operational and financial perspective; this gives us confidence in the potential of the portfolio to drive NAV progression."Portfol |
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