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
  -12.00 -1.85% 638.00 121,871 16:35:21
Bid Price Offer Price High Price Low Price Open Price
636.00 642.00 648.00 626.00 648.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 52.01 40.38 34.00 18.8 887
Last Trade Time Trade Type Trade Size Trade Price Currency
17:37:46 O 143 645.974 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 650p.
Draper Esprit Plc has a 4 week average price of 606p and a 12 week average price of 554p.
The 1 year high share price is 690p while the 1 year low share price is currently 255p.
There are currently 139,027,779 shares in issue and the average daily traded volume is 476,256 shares. The market capitalisation of Draper Esprit Plc is £886,997,230.02.
brexitplus: From DT “Graphcore raises $222m as it considers path to float The chipmaker is hoping to challenge Nvidia for a slice of the artificial intelligence market By Matthew Field 29 December 2020 • 12:07pm Graphcore has raised $222m (£164m) to accelerate its artificial intelligence chip technology, making it one of the UK’s best-funded start-ups. The Bristol company, which is building semiconductors designed for AI applications, now has more than $440m of cash as it seeks to challenge US rivals such as Nvidia. The round values Graphcore at $2.77bn and brings its total raised to more than $710m from backers including Microsoft and BMW. Graphcore is building a new kind of processor, called an intelligence processing unit (IPU). The chips are crafted for the number-crunching applications and decision making needed for AI software, such as in driverless cars. The company says its “colossus̶1; processors are capable of providing one petaflop of compute, the equivalent of performing one quadrillion processes every second. Its new second generation chips put Graphcore on a heading to seize market share of the traditional graphics chip market, which is dominated by US giant Nvidia. The new funding comes from the Ontario Teachers' Pension Plan Board with backing from Fidelity, Baillie Gifford and Draper Esprit. Nigel Toon, Graphcore’s chief executive, said the company could consider a float from 2022, although added no decision on a location had been made. He said: “Next year is all about growing as a private company. We will see where we are in 2022 or 2023. “There are advantages for both [London or New York]. We have been part of the conversation in reviews around public market regulations [in the UK]. London needs to be a market where these companies can grow and go public, if we don't make that possible companies will end up just selling, or you have to flip and become a US company.” Mr Toon said one advantage to not being a US company would be easier access to doing business in China. Graphcore's annual accounts showed a loss of $95.9m on heavy research and development spend. Revenues grew to $10m. Mr Toon said 2020 had seen revenues that “were not as strong” as hoped due to coronvirus, but that clients such as Microsoft and Dell were installing more of its products. The funding also creates a potential new challenger to build on the UK’s previous success in the chip sector through companies such as Cambridge’s Arm, which designs mobile processor technology. Earlier this year, Arm was snapped up by American rival Nvidia in a $40bn deal, which will consolidate the US company’s grip on the market for semiconductors. However, the deal faces regulatory hurdles that are likely to take 18 months. The Telegraph revealed last week that the US Federal Trade Commission was considering an investigation into the deal. Mr Toon said: “My key concern is the anticompetitve nature of it. How comfortable will companies fell about sharing their roadmaps with Arm when they are part of Nvidia.”
stef25: rest of IC article: "At the end of October, Draper joined several investors including London Stock Exchange (LSE) and Fidelity in funding a $50m Series B round for PrimaryBid, the platform that allows retail investors to participate in capital raises for listed UK companies. Chief executive Martin Davis, convinced by the acumen of the platform’s management team, sees “no reason” why the group’s strong run this year won’t continue. Three more as-yet unannounced investments have been signed, including a new stake in what Mr Davis termed the passion economy – the fast-growing infrastructure around social media influencers. The focus on deep-tech, for which “Covid has just been a blip”, remains steadfast. While tech-themed hyper-growth sectors have been the flavour of 2020, Draper Esprit shares also appear to have benefited from the rotation to value. They now sit at a premium to Numis’ forecast NAV of 623p per share for March 2021, though this quickly slips back to a 9 per cent discount against FY2022 forecasts. Little about the company’s market support, portfolio outlook or desire to re-invest cash realisations suggest growth is about to grind to a halt. Buy. Last IC View: Buy, 596p, 6 Oct 2020"
stef25: From Investors Chronicle: Nov 30, 2020 Update: Buy at 650p We said BUY at 490p on 16 Jan 2020 Tip performance to date+33% By Alex Newman •Portfolio demand maintained despite realisations •Shares now sit at premium to NAV While terrible for many sectors, 2020 has been a turning point for some. Aim-listed Draper Esprit (GROW), the technology-focused venture capital fund, is in the latter camp. Despite realising £106m from portfolio stake sales in the six months to September, its gross portfolio value has remained unchanged at £702m. With either a great appetite for higher-risk funds, or a newfound appreciation for Draper’s track record, the market has woken up. Deals struck since the period-end – and a £110m fundraising – suggest the pipeline remains active.
stef25: I looked back to the interims for 2019 and found the meaning of the revenue core holdings chart. A = actuals and B= estimate. So the 240m is the estimate for year end 2021 which is good. Assuming no further dilutions between now and March 31 2021 shares in circ will be 139m so 240 m is a healthy increase in core revenue per GROW share. Indeed core total revenue per share has been increasing sharply from 2019 onwards -after flat lining between 2018 and 2019 (a year which saw a massive increase in NAV/share). Assuming finals agree with the estimate we will have had a 70% increase in core revenue per GROW share over just 2 years -a much faster rate of increase than reported NAV/share. I think it adds up to hidden value. I don't think the NAV/share reported for 2019 finals was too high based on too generous a methodology. Investors Chronicle agreed with it for good reason due to benchmarks of US pre ipo tech firms at 7 or 8 revenue and I think we will get to 2019 valuation revenue multiple averages again once the covid dust settles.
stef25: big day today. We get the half yearly results. I think they will show there was no overall negative covdid 19 impact on the core portfolio and maybe even some acceleration of earnings made within the core portfolio. I'm expecting better than "at least" 5.95 nav/share or forward guidance that there will be significant growth based on unbundling the overly conservative valuations made dated March 31 2020 in the middle of the covid panic. I look at the core portfolio and I can't see any that might have been covid impacted in a negative way. Just did not happen. I think we have circa a 45% uplift due once the overly conservative NAV valuations made last are fully undone and we are back to 2019 nav/share multiples of core portfolio earrings per share of 5.08. This is on top of organic nav growth. So a lot of gas (or hydrogen or stored electricity) in the tank/battery/fuel cell so to speak. I suspect they will not unbundle that fully in this half yearly and will want to space it out a bit -if the accountants let them. I am keen to see revenue/sales growth of the core portfolio from 187m as reported in year end to anything at all above that. That is not a number open to subjective adjustments. Any increase good and means in fact covid had minimal or no impact. Nav revaluations towards 5x revenue of core portfolio will then follow sooner or later.
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.
brexitplus: Forward share sale of Zynga Inc ("Zynga") stock Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today announces the forward share sale of its stock in Zynga, a global leader in interactive entertainment, for approximately £47 million in cash. In July, Zynga completed its acquisition of Draper Esprit portfolio company Peak Games, the Istanbul-based creator of Toon Blast and Toy Blast, paying for all of the issued and outstanding common shares in approximately equal proportions of cash and Zynga common stock. As previously announced the anticipated fair value of the Peak Games sale is approximately £88 million and the Company received the initial cash proceeds (net of escrow balances) of approximately £39 million in July. As a result of the forward share sale, which was undertaken with a global investment bank, Draper Esprit will receive approximately £44 million of the value of the share consideration in cash in the coming week. The remaining portion is anticipated to be released at the end of the original lock-up period in January 2021. Net cash balances (net of £35 million current drawn debt) upon receipt of these funds will be approximately £60 million.
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