Molten Ventures Share Discussion Threads

[mysteronz] 07/6/2019 18:36

Thanks Nimbo, never surprised with GROW not reacting to news.

One to tuck away and let a unique company play out. Trading at a discount to NAV which is unlike GROW it has been +20% at certain points.

[nimbo1] 07/6/2019 08:35

IC comment fwiw

the value of its portfolio more than doubled to £594m in the 12 months to March 2019.

That uplift was partly powered by £215m raised from two equity placings, which alongside a further £64m in inflows to the enterprise investment scheme (EIS) and venture capital trust (VCT) funds helped the group to invest £226m across 21 companies, including further capital injections in all 12 of Draper’s existing portfolio firms.

It also included a £106m investment in the funds of strategic partner Earlybird, although repeat stakes in venture capital groups should be tempered by chief executive Simon Cook’s admission that such deals are “really hard to find”, regardless of low liquidity in European technology.

They can also be highly lucrative, judging by the £18.1m of cash already generated from flipping stakes in four companies acquired as part of the Seedcamp deal in October 2017 for £17.9m. Residual stakes, including in $3.5bn cross-border payments outfit Transferwise, are still above the original cost.

Analysts at Numis have raised their net asset value (NAV) per share forecast to 603p for March 2020, and to 709p 12 months later.

[nimbo1] 04/6/2019 20:41

hxxps://draper-esprit.s3.amazonaws.com/production/uploads/document/file/35/Annual_Results_Presentation_FY2019.pdf

Page 22...

[brexitplus] 04/6/2019 18:50

Two brokers with Buy recommendations today at about 660p. About right I would say.

[nimbo1] 04/6/2019 15:42

indeed - I've bought a few more.

[rambutan2] 04/6/2019 15:18

Has been an insti seller around since march. My only thought was that it was either Brunei or someone who didnt want to be on the same shareholder list as Brunei.

Remember that it was only in jan that GROW raised £100m at 530p.

[brexitplus] 04/6/2019 15:13

nimbo

Yes. Top results. No explanation. And Oakley hasn't moved!!!

[brexitplus] 04/6/2019 14:50

Nimbo

Sorry. He holds Oakley Capital which I also hold. My mistake.

[nimbo1] 04/6/2019 14:36

how come...his equity income fund doesn't hold here?

[brexitplus] 04/6/2019 14:08

Depends on Woodford.

[p1nkfish] 04/6/2019 11:30

nimbo, every chance you will do well and entry price vs today will be relative noise. Whenever I've managed to optimise an entry price it is usually down to luck more than judgement. Low enough is often good enough.

Could be soon only to get hammered again if there is a q4 sell-off.

Lows relative to performance of NAV, could be 12-24 months away. Look at 2006-7 relative to March 2009.

I'm thinking these "interesting" times could turn weird and throw up some excellent opportunities but I'm poor at bottom fishing. Holding some cash back.

"Not even the wise can know all ends." - Gandalf. Except death and taxes that is.

[belgraviaboy] 04/6/2019 11:28

Would have loved the shareprice to go up on these great results, but I am very confident in the long term quality of this business and so am happy to add at these prices in my SIPP and forget about them

[nimbo1] 04/6/2019 10:47

just wondering that myself.

There seem to be forced sellers in a number of places at the moment. I can wait this out in my sipp and will look to buy more. Wish id timed my entry better but hindsight is easy : )

[p1nkfish] 04/6/2019 10:43

Shows the market is risk off.
Say no more.
How long before time to get greedy?

[nimbo1] 04/6/2019 08:31

Im definitely going to be buying more shares on weakness

[mysteronz] 04/6/2019 07:22

Cracking results but not surprising.

Given history and unique nature on stock market this should trade at a premium to NAV

[p1nkfish] 04/6/2019 07:22

Yes. Will be interesting to monitor the reaction given the current market. Wouldnt want to pre-judge.

[nimbo1] 04/6/2019 07:06

Very good results imo

Financial highlights

· Gross Primary Portfolio value has grown by 144% to £594.0 million (2018: 116% increase to £243.5 million) with fair value increase since the start of the year of 58%

· £16.0 million in cash generated via 2 exits, with an additional £15.3 million realised post-period end - have now exited 18 companies since 2016 IPO, realising over £81.6 million in cash

· Profit after tax increased 83% to £111.2 million (2018: £60.9 million)

· Invested £226.4 million by plc including £106.2 million invested into Earlybird fund acquisitions and strategic partnership, and a further £35.1 million by EIS/ VCT

· Capital raised by plc of £215.0 million in the financial year and a further £64.0 million across EIS and VCT funds

· Net Assets, including goodwill, increased by 106% to £618.6 million (2018: £300.5 million)

· NAV per share, of 524.0 pence (2018: 416.0 pence), increased by 26%

· Cash for future investment over £150.0 million including over £50.0 million plc cash, £50.0 million new EIS/VCT cash and new undrawn Revolving Credit Facility ("RCF") of £50.0 million which provides additional financing flexibility

[nimbo1] 03/6/2019 20:31

thanks - be interesting to see how this is treated tomorrow given tech sell off in US vs what should be good results...

[p1nkfish] 03/6/2019 18:23

Welcome nimbo.

[nimbo1] 03/6/2019 16:27

I've bought today in 4 lots - exactly the sort of investment i've been looking for in my sipp - i hope...

[the runt] 03/6/2019 15:38

Global slump and US tariffs don't help. If results are good I still give it a few weeks before the large investors move in.

[rambutan2] 03/6/2019 14:23

Got an IC tip hence today’s mini pop.

Results out tmrro should read well.

[brexitplus] 22/5/2019 07:42

PORTFOLIO COMPANY UPDATES

Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, provides the following update on three of its portfolio companies.

Transferwise

Draper Esprit notes today's announcement from TransferWise, the international money transfer platform, following its successful $292.0 million share sale at a $3.5 billion valuation.

Draper Esprit originally acquired a stake in TransferWise as part of the acquisition of Seedcamp Funds I and II, which were acquired for £17.9 million in October 2017. The fair value of TransferWise in Draper Esprit's Gross Portfolio has since increased from £13.1 million as at 30 September 2018 to £27.7 million as at 31 March 2019.

Following today's share sale, Draper Esprit has now sold part of its stake in Transferwise, although the company remains a core portfolio holding with a remaining fair value of over £12.0 million. Draper Esprit has now generated £18.1 million in cash from Seedcamp I and II, both from TransferWise and the sale of three other companies from the Seedcamp portfolio. This exceeds the original £17.9m initial investment for those portfolios within 18 months. The remaining stakes in Seedcamp I and II are currently valued above the original cost.

Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011 and is now one of the world's fastest growing payment firms. Today, over five million people use TransferWise which processes over £4bn in payments every month, saving customers over £1bn a year.

UiPath

Leading robotic process automation (RPA) software company UiPath recently announced it has closed a Series D investment round raising $568 million at a post-money valuation of $7 billion. This latest round makes UiPath one of the fastest growing and highest-valued AI enterprise software companies worldwide. The investment round was led by Coatue and joined by Dragoneer, Wellington and Sands Capital.

In January 2019, Draper Esprit acquired an underlying holding in UiPath as part of its relationship with Earlybird, when the Group acquired a 5 per cent. interest in Earlybird Digital East Fund I ("DEF") for $20 million. At this time, UiPath was valued at $3 billion (on the basis of their previous funding round in September 2018), and made up 85% of the DEF valuation. The fair value of UiPath in Draper Esprit's Gross Portfolio at 31 March 2019 is now over £30.0 million.

UiPath is leading the "automation first" era, championing one robot for every person, delivering free and open training and collaboration and enabling robots to learn new skills through AI and machine learning. UiPath's enterprise RPA platform has already automated millions of repetitive tasks for business and government all over the world, improving productivity, customer experience and employee job satisfaction.

Perkbox

Perkbox recently announced £13.5 million in equity funding to support worldwide expansion plans for its employee experience platform. Draper Esprit led the round alongside long-term Perkbox angel investors.

Launched in 2015, Perkbox is a platform designed to provide a unique employee experience, enriching the personal and working life of employees. The funding will help finance part of the company's expansion operations in recently launched markets while also helping to scale the development and distribution of Perkbox's new products - Perkbox Medical, Perkbox Insights and the platform's card-linked PerksGO feature, all launched in Q4 2018.

Final Results for the year ended 31 March 2019

The board remains confident that the Company is on track to meet its NAV growth expectations for the full year ending March 2019 and will release results on June 4th 2019.

Simon Cook, CEO at Draper Esprit, commented:

"Having first invested in TransferWise in 2017, we are delighted to continue our support as they embark on the next stage of their development, while simultaneously recognising the opportunity to create value for our shareholders. The fact that we have already realised the original sum we invested in the Seedcamp portfolio is an important vindication of our strategy and underlines our sustainable investment model. The transaction indicates a maturing European ecosystem, where opportunities for liquidity via secondary markets are growing

"UiPath and Perkbox's successful fundraisings underline the strength and depth of our portfolio. Although both businesses operate in very distinct areas, both are true innovators in their respective markets with significant growth potential. We are delighted to support both firms as part of their ongoing development."