Good news from Fieldwork Robotics. New CFO and a £600k grant win. |
It’s been a long hard slog for Neil Crabb, no wonder he’s so dismayed at the current share price being near all time lows, when the portfolio is reaching its most exciting phase. |
Neil Crabb is an Excellent CEO always impressed with decisive and detailed responses when interviewed.
If we don’t close this ridiculous value to NAV in the next few months with the potential news I will be amazed and extremely disappointed |
The ceo seemed to be genuinely incredulous at the end regarding the current share price, while pointing out that investors should focus on what people within the trade sectors of portfolio companies are saying, as an indication of what to expect. I have to say he is my favourite ceo of any company I invest in. |
Neil Crabb interview |
 Good to see Pulsiv and Astute working together so tightly:
"Pulsiv and Astute Electronics join forces to co-exhibit at PCIM Europe 2024
21st March 2024
Pulsiv Limited, the Cambridge (UK) innovator of power electronics technology is joining forces with the global electronics distributor and supply-chain expert, Astute Group, to co-exhibit at Europe’s foremost power exhibition and conference, PCIM Europe. Following the recent expansion of the distribution agreement, this collaboration demonstrates a firm and strategic commitment by both companies at what is arguably the most important European event in the power electronics sector.
Nick Theodoris, Pulsiv Director of Global Sales & Distribution comments: “I’m delighted that Pulsiv & Astute will collaborate at PCIM Europe 2024. It enables us to have a more prominent presence at such an important industry event while showcasing our ground-breaking power electronics technology alongside a respected name in franchised distribution. As we launch our world leading USB-C reference designs and finished modules, we recognise the value partners have in helping us gain maximum market exposure and drive sales globally. We continue to expand our strategic alignment with Astute and look forward to what promises to be a very exciting and lucrative event.”
Mark Shanley, Sales & Marketing Director, Astute Group said, “Astute is a growing force in European electronics distribution, so we’re excited about this opportunity to showcase our expanded partnership with Pulsiv at PCIM Europe 2024. This collaboration underscores the strength of our commitment to bringing innovative, energy saving power electronics to the European market. We’re anticipating a highly successful show.” |
I guess it’s the down side of investing in private companies.But you could argue they excepted Financial support from FIPP so a little more detail on the potential Financial scale of the deal without naming the company |
Agreed hastings - at least we know Nandi have a deal with a major global player. More will presumably be revealed in time.
Thanks for the Pulsiv article (yep, good to see the Apple link). Hopefully not long now until this "groundbreaking" tech starts to make real waves. |
I don't see confidentiality as an excuse, it's just a fact of business life when you are dealing with big players. |
Amazing that NANdi sign a deal with a global player we have no details. Guess it’s the confidentiality excuse Nothings change on the website.
Guess that’s why we’re stuck with this valuation |
I’m not sure if many people read the page that Bob84 flagged before, so here is direct link to it.
It’s always nice to see the name Apple being mentioned.
I do hope the British media get behind Pulsiv with this world leading green technology. |
Thanks Rivaldo and totally agree .We may be encountering some end year tax loss selling , some enforced institutional liquidation and general AIM apathy , but it would seem that any one or possibly two of their incumbent investments might cover the current enterprise value on IPO ? |
FIPP are featured on i.i.i as an AIM growth share to consider:
"Frontier IP (FIPP)
Price: 42p
Technology investment company Frontier IP Group FIPP is different to the other companies because if it makes a profit it tends to be because of gains in its portfolio company valuations or those realised via disposals. Management’s relationships with a number of universities in the UK and Portugal provide it with opportunities. There are parts of the portfolio that are starting to mature and provide exits.
The model is that Frontier IP earns stakes in technology spin-outs in return for providing advice and services and not from investing cash directly. In the six months to December 2023, the net asset value (NAV) increased from 81.8p/share to 84.2p/share thanks to higher portfolio valuations and a sale of Exscientia shares.
Nasdaq listed investee company Exscientia is an example of the potential for gains, although not all early-stage portfolio investments will do well. Exscientia is a spin-out from the University of Dundee and uses artificial intelligence to help drug discovery. Frontier IP has raised £14 million from share sales, whereas the cost of the investment was less than £2,000.
Another investee company Alusid, a spin-out from the University of Central Lancashire, produces sustainable tiles and could be on course for a flotation. Other investee companies are making progress with Heriot Watt University spin-out Nandi Proteins singing a commercial licence with a global food ingredients company.
There was cash of £2.7 million at the end of 2023, while a further £1.7 million was subsequently raised from selling the remaining Exscientia shares.
There has been a sharp recovery in the share price this year, but it is still 45% lower than at the end of 2022. The 50% discount to NAV partially reflects the fact that the portfolio is predominantly unquoted. Even so, this discount is too high and should narrow, while positive news on Alucid could provide further upside." |
Cheers paleje, reads well.
There must have been a seller out there soaking up buys, but hopefully the positive turnaround means any overhang has now been cleared. |
Should see a little rally tomorrow. Once the IPOs start lining up it will be difficult to keep frontiers share price below the 85p nav. Remember, frontier was trading at a premium to nav a few years back. The current £23m market cap could be the valuation of just Pulsiv alone, forgetting the rest of the promising portfolio or cash |
Simon Thompson has a note out on them this afternoon
his colnclusion being -
Strip out pro-forma net cash of £4.4mn (7.8p) from Frontier’s market capitalisation of £23.9mn (42.5p) and investments worth £42.9mn (76.4p) are in the price for 55 per cent less than their carrying valuations despite offering potential for large gains on exit. The glaring disconnect between the value embedded in what is an exciting investment portfolio and the price attributed to the investments by the market is worth exploiting. Buy. |
Unfortunately I don’t think the market will give Frontier a reasonable valuation until hard cash starts flowing in through IPOs. If we believe this will happen we’re sitting on a bargain here - even if over half of the portfolio flop. |
Agree with your thoughts rivaldo. Alusid looks well on track for an IPO this year and worth noting that the Octopus fund that invested is a pre-IPO fund. Nandi, as alluded to by the CEO when we spoke, is very much making progress and looks like another that could deliver upside sooner than later. |
Results are out and look highly encouraging imo.
NAV has held up nicely at 84.2p given the macro environment. Cash is up to £4.4m including the final Exscientia shares sales.
Above all, a number of companies look particularly exciting - namely Alusid, CamGraPhIC, Fieldwork Robotics, Nandi Proteins, Pulsiv and The Vaccine Group.
A number of these are on the cusp of or are now selling product in quantity. Alusid is once again mentioned as IPO-ing soon. GraphEnergyTech and CamGraPhIC sound particularly exciting.
FIPP are trading at less than 50% of NAV. Much too great a discount. |
Nandi alive and kicking Finally positive update .Exciting update overall with several potential cash cows on the horizon |
www.astutegroup.com/news/industrial/groundbreaking-usb-c-technology-from-pulsiv-and-astute-electronics-signals-the-end-of-bulky-wall-chargers/ |
Pulsiv now in pre-launch for UBS C and marketing as such. |
Good catch up with the CEO yesterday and I plan to meet up with him after the Interim's in a couple of weeks time. So, I'll add my write up after that as there should be more to say then, as effectively in a closed period. For now, Nandi very much alive, but news dictated by commerciality agreements. A number of investments appear to be nearing key points, so there should be more on the news front through the year. Institutional sells down to a mix of change of fund managers and redemptions. Miton in particular has been selling a number of small cap stocks to meet redemptions, so FIPP isn't alone on that front. Happy to continue holding here as I believe the share price recent trend will reverse at some point, although I don't have my crystal ball to hand. |
Strong press release from Pulsiv today. |
Register to chat with like-minded investors on our interactive forums.
Hot Features
Premium
