Share Name Share Symbol Market Type Share ISIN Share Description
Draper Esprit Plc LSE:GROW London Ordinary Share GB00BY7QYJ50 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  5.00 0.6% 835.00 439,058 16:29:55
Bid Price Offer Price High Price Low Price Open Price
834.00 835.00 835.00 822.00 830.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 52.01 40.38 34.00 24.6 1,161
Last Trade Time Trade Type Trade Size Trade Price Currency
17:20:45 O 9 835.00 GBX

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Draper Esprit Daily Update: Draper Esprit Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker GROW. The last closing price for Draper Esprit was 830p.
Draper Esprit Plc has a 4 week average price of 798p and a 12 week average price of 626p.
The 1 year high share price is 890p while the 1 year low share price is currently 309p.
There are currently 139,027,779 shares in issue and the average daily traded volume is 508,290 shares. The market capitalisation of Draper Esprit Plc is £1,160,881,954.65.
brexitplus: Confirmed in FT Cazoo, the UK-based online retailer of used cars, is set to go public in the US at an $8.1bn valuation, in the latest blank-cheque deal targeting high-growth companies. Its equity valuation would be more than three times the $2.5bn price at which Cazoo last raised capital privately in October.
brexitplus: Trustpilot Group plc announcement of pricing of IPO Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, notes the news that Trustpilot Group plc "Trustpilot" has announced the pricing in relation to its £1.08 billion initial public offering. On 8 March 2021, Trustpilot confirmed its intention to float on the London Stock Exchange and on 23 March 2021 the company announced it had priced its initial public offering at a £1.08 billion market capitalisation at the offer price of 265 pence per share and the commencement of conditional trading in its shares on the London Stock Exchange. Draper Esprit first invested in Trustpilot in 2013 and has since more than tripled its holding through a combination of secondary acquisitions and participation in follow on rounds, to become one of the largest shareholders pre-IPO. This approach is in line with Draper Esprit's strategy of reinvesting in its best performing companies. The Company's total investment to date has been £29.7 million and as of our interim results to 30 September 2020 our holding was valued at £80.9 million. As part of the IPO, the Company will be selling down part of its holding, resulting in proceeds of £78.3 million. The Company will continue to hold 7.9% in shares amounting to £85.5 million (subject to any exercise of the overallotment option during the period to admission) based on the Trustpilot share price on 23 March 2021. The Company's continued holding will be subject to a customary 180-day lock-up period from the date of admission in line with other institutional investors in Trustpilot. Trustpilot is a leading global review platform which has tracked over 120 million reviews on over 529,000 domains. The platform has hosted reviews of businesses located in over 100 countries and territories worldwide, submitted by consumers in over 200 countries and territories worldwide. The business seeks to provide a 'trust layer' for the open commerce ecosystem by giving consumers confidence to purchase goods and services from a wide range of online and offline businesses across the world. Martin Davis, CEO Draper Esprit, said "Trustpilot has done fantastically well and we're proud to be part of this next stage in its journey. With trust at its core, the public market is a great home for the business and it's great for the UK to have such a tech success story listing in London. Trustpilot are also an example of a portfolio company that we have been able to really put our weight behind. When Draper Esprit listed in June 2016 our shareholding was around 3%, but through secondary acquisitions and follow on rounds we have been able to build on that investment to become one of its largest shareholders. Being able to continue to back our winners as they grow is a key driver in the success of our portfolio and a central part of our model".
cordwainer: Only got into FIPP very recently, smaller position. Clearly not in the same league as GROW, but I'm hopeful that several items in the portfolio are sufficiently advanced to push the risk to the upside, and with the share price fairly close to current NAV too, and management strengthened last year with a software guy. Meanwhile, the website is claiming that half a dozen named companies are nearing 'inflection points' on its investment case page. re universities, Not unusual to see founders of many of the investee companies are professors, doctors etc its just goes with this kind of VC territory I expect; mcap implies more concentrated portfolio of much smaller firms and therefore higher risk than GROW.
w13ken: Hi Pugugly, I don't believe Draper Esprit to be overvalued at present, considering the assets that they own and the proven record that the team have in identifying strong future companies at an early stage. They also only invest in less than 1% of the companies that approach them (10-20 of the 2500 approx) each year. Take a look at this detailed article from the Edison Group. It's long but in the Appendix you'll see how well their early investments have fared so far and their freedom to hold companies for as long as they want is working well for them. The top 5 companies have over £190m profit earmarked based on peer valuations and IPOs are expected to ramp up from this year. hTTps:// Also, over on Simply Wall Street, based on their Discounted Cash Flow model for valuing companies, Draper's fair value is currently £15.51 and shows the current share price as 47.4% undervalued. Do your own research of course and good luck!
bamboo2: Ken, Well done for starting at those levels. That looks a similar performance over the year to that of IPO. Due to his funds redemptions a few years ago, Woodford caused both GROW and IPO share price weakness, but IPO's was much later on in the debacle, and the damage was far more deeply felt. A contagion led to Invesco and Lansdowne also becoming forced sellers. That means nearly 50% of the co has changed hands in the last 16 months. I have been trading IPO and it's likely I'll do the same here. Trading uptrends is a great exercise imo. Gla
cordwainer: Https:// SVM duo predict active year for Draper Esprit: SVM UK Growth duo Margaret Lawson and Colin McLean believe Draper Esprit (GROW) will see positive activity in its portfolio of unlisted companies this year. The Citywire A-rated managers of the £176m fund said the £1bn investment company, which backs early-stage growth companies with a focus on technology, has ‘greater exposure to Europe’ than some of its UK peers, helping to diversify risk. ‘Draper now sees a significant opportunity to invest in the growing European venture capital market, with an accelerated shift to digital, helped by Covid-19,’ said the managers in their latest fund factsheet. ‘We believe that 2021 will bring more activity in Draper’s portfolio; uplifts in funding rounds and initial public offering. More growth in growing innovative businesses is now happening in private markets and Draper Esprit offers an opportunity to participate in this.’ The trust trades at a premium to its historic net asset value but the SVM managers added that there is ‘potential for uplift and many portfolio companies are growing strongly’. Shares in the listed fund closed down 0.7%, or 6p, at 812p yesterday, but are up about 50% over the last year.
stef25: dogw yes may be true but when the market recognizes it an gives our share price a boost is anybody's guess. going back (to an average of nav/share being 5.08 x revenue/share of the core holdings we had in 2019 year end report from current 4.14x revenue of core holdings) will help if they do it in whole or in part on this update. Depends a bit on the luck of the draw on recent purchases within the core portfolio they can use for valuations. IC was right to draw attention to the revenue per share calculation within NAV/share. It takes out the year by year volatility and lack of transparency of which bit of the core holdings gets which valuation methodology. Looking at revenue per share we did not do well between 2017 year end report and 2019 year end report yet our share price went up sharply and all brokers and IC recommended buy. However between 2019 and 2020 on revenue per share calculations there is unrealized value. I suppose the higher multiples of revenue/share of core holding to Nav/share of GROW we have had since launch is justified by the larger more mature companies attracting more last round funding to benchmark we now hold.
stef25: dogw thanks I looked at the link. IC comment was relevant. Yes you are quite right. The conclusion is that the portfolio of GROW if traded on the market would have higher valuations. GROW's same % of those companies would be worth more. ON my reckoning the difference is about 2x. GROW's P/E equivalent is 7.2. It would be more like 14 if the components were traded publically or GROW was structured for accounting purposes as a conglomerate directly reporting the profit and loss of the J/V's it owned. The trust structure and reporting only NAV changes as profit obscures the deeper value of the portfolio. Of course if GROW hang on until at least IPO and exits in whole or in part as retail investors come in this undervalue will correct itself in time.
stef25: new posting here and appreciate checking and pushback on my assumptions. I've been looking at revenues per GROW share of the underlying core portfolio compared to Nav/share of Grow and the related multiple of revenue per share to create NAV. there was a steady increase in the multiple of total core revenue per share to create total core nav per share from 3.0, then 4.0 then 5.0 in 2017, 2018 and 2019. Mostly due to an increase in recent transactions to aid valuation. Then in 2020 a retrace to 4.1 core portfolio revenue per share to total GROW nav per share relationship due to a substantial decrease in recent transactions to aid valuation plus some covid era adjustments downwards in projections of forward earnings. My take on that is we have a bit of gas in the tank. I am at essence a deep value investor due to my ISA holding. I believe the trust structure undervalues the core holding relative to the accounting that would happen if they were recorded as joint ventures over the 20% ownership threshold that trigger profits and losses being recorded directly in the parent and not just the delta in lagging and bureaucratically calculated valuations that we get as a trust. Even recent transaction based valuations lag reality and are conservative as they are not retail investors. profit and loss of the core portfolio if reported directly at the level of GROW would create an ability to directly compare the GROW portfolio to traded companies in the sector. The P/E would be 7.1 right now (based on revenue as reported in March 31 2020 on shares in circulate of 139m and % of revenue being profit of .67) if profits within the core portfolio were reported directly and not just changes in nav. Following the strategy laid out on page 14 of the 2017 results I can't believe my good luck I can buy those UK/EU private fast growing tech companies at an equivalent P/E of only 7.1. I think it is a temporary niche in the market that over time will level out to sector averages. good luck all.
rambutan2: No complaints from me: Proposed placing to raise gross proceeds of approximately GBP100 million Accelerated investment strategy to capture a greater share of technology investment opportunities Introduction Draper Esprit (AIM: GROW, Euronext Growth: GRW), a leading venture capital firm investing in some of Europe's fastest growing private technology companies, is pleased to announce a proposed Placing to raise gross proceeds of approximately GBP100 million at a placing price of 555 pence per Placing Share (the "Placing Price") to fund an accelerated investment strategy and capture a greater share of technology investment opportunities. The Placing Price is equal to the last reported NAV as at 31 March 2020. The Placing Shares are being offered by way of an accelerated bookbuild (the "Bookbuild"), which will be launched immediately following this announcement. Numis and Goodbody are acting as Joint Global Co-ordinators, Joint Bookrunners and Joint Corporate Brokers and Berenberg is acting as Joint Bookrunner in connection with the Bookbuild.
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