Molten Ventures Share Discussion Threads

[the white house] 11/3/2021 10:24

Good postSo the holding was worth 80m last autumn, now a float is looking at 1.4bn or so where does that now put the valuation at that price...'Good to see a US fund buying in to 3pc

[rik shaw] 08/3/2021 07:29

Latest update on Trustpilot

[p1nkfish] 03/3/2021 11:29

Chance of a foldback before end of May as S&P corrects and UK feels the draught.

[sirrux] 03/3/2021 11:12

A fair bit of their portfolio needs to be injected into the FTSE100/250 to get that index moving beyond levels from 20 years ago.

[brexitplus] 01/3/2021 16:55

DT

Online review website Trustpilot has unveiled plans for a £1bn listing in London, further bolstering the city's hopes to become an emerging hub for technology initial public offering.

The company, which is based in Copenhagen, said it was planning to list around a quarter of its shares and looking to raise $50m (£36m) in an initial public offering, to help accelerate its growth plans.

The float is expected to value Trustpilot at around £1bn.

Trustpilot's decision to choose London would see it become the first major internet company from the European Union to pick the city for its listing following Brexit - a sign that the city is still able to attract major foreign companies and boosting hopes it will become a tech magnet.

Boss Peter Mühlmann said London had been a "natural choice for us". "This was partially because the UK is a really important market for us, but also a market will have a lot of growth potential. It as also, in part, because there's a lot of liquidity on the London Stock Exchange.

"I really believe in London as a as a future tech hub. Affter Trustpilot, I think you will see a lot of other very significant tech IPOs in London."

Others including Deliveroo and Darktrace are expected to list in London over the coming months, whilst online card retailer Moonpig joined the London Stock Exchange last month.

Despite signs London is already landing major tech listings, the UK is currently reviewing its listing regime to see how it can attract more innovative companies.

Those behind the review are expected to recommend things such as allowing companies to list fewer shares to be admitted to the premium section of the market or allowing for dual-class shares, to give founders more control over their companies.

However, Mr Mühlmann said Trustpilot had decided against waiting for any of these potential changes to come into force. "There's always something that you can wait for. There was the question of whether we were ready for it, and we just thought, yes, we are so let's go."

Trustpilot will be looking to go public after a year which has seen huge numbers of services go online, offering a way for customers to know which services they can trust.

Revenues, generated from companies subscribing to its services to be able to see and engage with consumer reviews, have jumped around 60pc since 2018 to $102m last year.

Mr Mühlmann said consumers were using Trustpilot "more than ever before".

However, it has recently had to ramp up work to tackle fake reviews, and said it had had to remove more than 2.2 million fake reviews over 2020, which was around 5.7pc of those on the site that year.

Last month, one of the people using its site to review solicitors was sued after leaving negative comments on their service, something Trustpilot warned users against. In a post on its site at the time, Trustpilot had said that it "strongly opposes the use of legal action to silence consumers' freedom of speech".

[w13ken] 01/3/2021 08:59

Good spot rikshaw, this is a positive move although I see it will only be 25% of the company and can't spot any dates yet. Just about Draper's biggest holding and one of its longest held: H121: £29.7m invested, £80.9m peer-based valuation, 2.7x cash/NAV.

[rik shaw] 01/3/2021 07:59

Trustpilot intention to float RNS:

[cordwainer] 26/2/2021 10:57

I wonder if Berenberg's price target is subliminally extrapolating the transient sell off in listed big tech. Seems a bit conservative.

[w13ken] 26/2/2021 10:41

Another broker upgrade :) BERENBERG RAISES DRAPER ESPRIT PRICE TARGET TO 920 (750) PENCE - 'BUY'

[w13ken] 25/2/2021 12:15

Draper has overtaken Team17 and Frontier Developments to become the largest holding in my portfolio. The more I investigate the better an investment it seems.

The Edison document was excellent and highlighted £190m increase in value in its top 5 holdings and with IPOs on the way and a recently expanded team the good news should continue.

Three times up from the 288p of last March and 28% up in the last month shows that others are catching on too. Hearing from the partner companies in today's Investor Day should be interesting and may lead to more broker interest/upgrades.

[cordwainer] 25/2/2021 08:18

cordwainer - 21 Jan 2021 - 09:52:50 - 288 of 326 Draper Esprit - VC Firm - GROW
Based on analyst estimates, my conservative target price here for 2021 is £12.
Among my largest portfolio holdings.

[the white house] 24/2/2021 08:55

The Times report that Cazoo have bought Cluno, a smaller German rival. Based in Munich, it will become the hub for operation on the Continent. Also references the last 2 billion valuation and 5 billion spac possibility later this year

[w13ken] 23/2/2021 10:40

JEFFERIES RAISES DRAPER ESPRIT PRICE TARGET TO 967 (683) PENCE - 'BUY'. That's some jump in their target!

[the white house] 22/2/2021 12:30

There is a huge, hugely impressive and positive research note out from Edison as they initiate coverage.In the small print it reveals that DE have a...Portfolio Day....on 25 Feb and that there is also due out, in Feb, a Portfolio Update.An interesting next few days to come then

[bisiboy] 21/2/2021 17:59

looks like the cazoo holding in septemnber was valued at 17.5 m
if so its probably now circa 80m

[the white house] 17/2/2021 11:12

Portfolio update March 2 last year, wonder if similar this year?Also noted online cosmetic co. Agora climbing high in the Apple shopping charts online to 26, above H&M, Tesco and ASDA so gaining a serious amount of traction. Expect this to jump into the high flyers chart along with FreetradeThe inroads/expansion of some within the portfolio of companies is astonishing

[cordwainer] 15/2/2021 14:36

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] 15/2/2021 09:18

Hi Cordwainer, I copied the final part of the sentence directly from the Draper website but I'm perfectly prepared to accept it may be saying that on a technical point due to the companies it owns.

FIPP looks interesting - correct me if I'm wrong - but seems to only partner with universities and only has a market cap of £33m after more than 10 years on the stock market. It also looks like it is down from most points in the last 3 years so doesn't seem to have anything like the momentum of GROW. Do you see a good future for FIPP?

[cordwainer] 15/2/2021 07:33

^ actually, I also hold Frontier IP Group (FIPP) which should probably be also considered as a listed, tech-focused venture capital firm.

[pugugly] 14/2/2021 16:16

W13Ken - Many thanks for links and opinion - Now to get on with the DD.

[w13ken] 14/2/2021 15:52

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.



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!

[pugugly] 13/2/2021 20:25

Congratulations to all invested here - Has this fund still got legs or is it now potentailly over valued?

PERSONAL MARKER AT 816P


Draper Esprit is an Aim-listed venture capital company which provides exposure to 'early-stage' businesses to which private investors have less access.

MOS TODAY "Last year it raised £110million, but also made £18million from the sale of UK fintech Transferwise.

Its portfolio encompasses names like Cazoo, a used car platform, Trustpilot, the consumer reviews website and UiPath, a robotics software business.

The 41 per cent jump in Draper Esprit shares over the past year is based on the belief that this Aim star has spotted some of tomorrow's stars.

This is inspiring, but while reaching for the stars raises the spirits, a fall to earth can be painful."

[bamboo2] 12/2/2021 20:16

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

[w13ken] 12/2/2021 14:49

Bamboo, coincidentally I've held GROW for 1 year from today. Bought at 575 then, 440 back in May and then steadily topped up since then so it's done very well as a LTH.

Prior to topping up the ISA in April I might even trade this one a bit but the prospects are even better than Team17's.

[bamboo2] 12/2/2021 09:43

Hi Ken, Sorry, I only just saw your message.

I try to keep active! :-)

I've always liked these type of Tomorrow's World type investments. I hold IPGroup and run the BB on here in an attempt to keep abreast of developments! It was through there that I read the Edison info and other info on GROW supplied by posters P1nkfish and Bottomfisher.