Molten Ventures Share Discussion Threads

[w13ken] 22/6/2021 16:08

Nice one BP but the link didn't work for me. Here's some info from the excellent Edison report.

"Draper Esprit committed capital to a further 15 funds in FY21, bringing its overall commitments to 35 seed funds as at 31 March 2021. This network provides access to seed stage companies, as well as supporting specialist deal flow across Europe. New FY21 portfolio companies Cazoo and Hopin originated through this network.

New fund commitments included regional funds such as Icebreaker II (Nordics) and Draper B1 (Spanish start-ups), as well as thematic investors, including Atelier (passion economy) and Quatonation (quantum computing). Draper Esprit also invested in the latest funds of existing fund managers including Seaya Ventures III, Icebreaker II, Stride II, Seedcamp V and Amaranthine fund II. The seed fund of funds programme now includes several impact or sustainable funds.

Valuation: Potential for NAV uplift in FY21
As an investment company, Draper Esprit’s financial performance centres around its balance sheet, the growth in fair value of its investment portfolio (FY21: 51%), the resultant growth in net assets (FY21: 57%) and NAV per share (FY21: 34%), and the cash resources available (c £215m) to allow the group to continue to fund its portfolio companies to maturity and exit.

After a very strong FY21 resulting in a five-year NAV/share CAGR FY16–21 of 18.7%, Draper Esprit has demonstrated why it warrants a premium as a rapidly scaling leader in the technology VC sector. Draper Esprit trades at 1.18x FY21 NAV, and having raised a fresh tranche of capital, is ready to continue to scale its business ahead of a listing on the Main Market and the potential launch of a co-investment growth fund in FY22. Catalysts for a re-rating include further scaling of the business, the listing on the Main Market, growth in third-party fee income and successful exits and IPOs."

[brexitplus] 22/6/2021 15:37

New Edison research report

hxxps://researchtreefilesprod.blob.core.windows.net/originalnotes/draper-esprit_29640_20210622.pdf?sv=2018-03-28&sr=b&sig=JUa0aIcISWfIFXXzOIZv1xAiwonPUoFWHUmg%2FFjDlpM%3D&se=2021-06-22T14%3A37%3A21Z&sp=r

[w13ken] 18/6/2021 20:42

Investor's Chronicle: Buy recommendation: "...This helped boost the portfolio value by 58 per cent, highlighting not only strong investor demand and excellent market liquidity in technology companies, but also Draper’s ability to pick winners. Just three of the group’s 17 largest investments saw negative revaluations over the past year, and then only by a combined £3.6m, against a total fair value gain of £357.8m"

[cousin jack] 18/6/2021 09:25

Nothing yet from Hargreaves L. I’ve noticed that their service is not as good as it once was.

[makinbuks] 17/6/2021 18:07

Yes received mine today in iDealing. Interestingly PrimaryBid have reimbursed my oversubscription twice. I am now embroiled in paying them back

[cordwainer] 17/6/2021 15:39

Anyone got their PrimaryBid shares yet ?

[w13ken] 16/6/2021 16:40

Draper flying today! They are exiting from a holding in SportPursuit. I'm not sure that it was a good fit with other portfolio investments - quite low-tech: (This membership-based e-commerce business gives sports enthusiasts up to 70% off their favourite athletic and outdoor brands. The company sends regular offer-packed emails to over 2.5 million members - using its community to get the best deals.)

"The deal will result in SportPursuit shareholders including Draper Esprit, the listed technology company investor, and Scottish Equity Partners selling their stakes."



According to the Investor presentation of 14th June (slide 34) , SportPursuit investment £5.6m, valuation £18.5m, 3.3 Cash/NAV.

[wingrove4] 16/6/2021 16:38

Yes I guess so know from experience that they often scale back popular offers, Although number of shares applied through Primary bid was tiny compared to institutions, still not showing in my brokers account yet (interactive investor) not sure wether to hang onto them or make a quick profit of 10% +

[makinbuks] 16/6/2021 10:54

wingrove4, I applied for £10k and was scaled back, would need to check but think it was 16%. Haven't seen details of the methodology but I assume you got fully allotted because of the smaller volume

[w13ken] 16/6/2021 10:15

"There's an exclusive group of companies in the stock market that stand out because they've got what billionaire investor Warren Buffett calls economic moats. Like medieval castles, their profits are fortified by impregnable business models... and there are signs that Draper Esprit (LON:GROW) might be one of them."

[w13ken] 14/6/2021 20:26

Good 5-minute update from CEO Martin Davis and CFO Ben Wilkinson. More unicorns have been created in the last quarter than in the previous 2-3 years.

www.draperesprit.com/news/draper-esprit-annual-results-fy21

[w13ken] 14/6/2021 17:44

Love this...

"Currently on the junior Aim market, Draper’s chief executive Martin Davis told the Evening Standard the company could be in the FTSE-100 in two years if it keeps growing at its current pace."

The smallest FTSE100 company is about £4.8bn so Davis is predicting 300% growth in 2 years!

Also, behind a paywall in The Times but early comments show "An Aim-listed venture capital firm is raising £111 million from investors and is planning to move to the main market of the stock exchange as it seeks to capitalise on a “golden era” of European technology investing."

[wingrove4] 14/6/2021 17:21

I received all I asked for I was surprised as when I have used primary bid before have been scaled back quite often. I only applied for 2.5k worth

[cordwainer] 14/6/2021 16:18

could never get PrimaryBid to work on my Android phone, ended up using on wifi-only iPad.

[igbertsponk] 14/6/2021 15:23

Having led PrimaryBid's recent fundraising, Draper were always going to make sure they used it and that it was a success for punters. A nobrainer, but will be massively oversubscibed!

[cordwainer] 14/6/2021 15:15

omg, placing price became more of a bargain since the offer closed.

[nigelpm] 14/6/2021 15:13

Yes, very good results - will be interesting to see demand for placing stock - high I should imagine!

[cordwainer] 14/6/2021 11:24

re placing, I tried a small amount through PrimaryBid for first time today.
edit - question / concern answered.

[w13ken] 14/6/2021 11:01

It all looks pretty incredible to me. Cash realisations up 416%, NAV up 34% (and up from 728p to 743p since the Trading update), Net Assets up 56%, planned move to FTSE 250. We have bad news being delivered tonight but the Draper news deserves to get an excellent response and strong broker ratings in the coming days.

Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today announces its final results for the year ended 31 March 2021.

Financial highlights

· Gross Portfolio Value of £984m (31 March 2020: £703m).

· £206m of cash realisations (year to 31 March 2020: £40m).

· 51% Gross Portfolio Value fair value growth (year to 31 March 2020: 10%).

· £128m invested, and a further £34m from EIS/VCT funds (year to 31 March 2020: £90m and £38m from EIS/VCT funds).

· NAV per share of 743p (31 March 2020: 555p).

· Net assets of £1,033m (31 March 2020: £660m).

· £161m available Plc cash, as well as £43m available from EIS/VCT funds. (31 March 2020: £34m, with c.£50m from EIS/VCT funds).

· £107m net funds raised during the financial year.

· £267m profit after tax (year to 31 March 2020: £40m).

[davr0s] 14/6/2021 10:08

Nothing to add - no need to comment or ramp my own position.

[brexitplus] 14/6/2021 10:03

Surprised there is no comment on the results and placing.

[w13ken] 10/6/2021 08:14

Draper invested £18m in Ledger 3 1/2 years ago in the Series B funding and they are also investing in this new round.

www.sharecast.com/news/aim-bulletin/draper-esprit-puts-18m-into-blockchain-firm-ledger--3083135.html

[w13ken] 10/6/2021 08:02

Crypto hardware wallet maker Ledger lands $380m. Draper crypto holding Ledger aiming high with a Series C fumding. GROW FY results released on Monday.

“It’s a $1.5 billion valuation that we’ve reached through this round, but the reality is that our real target is a $100 billion valuation, and the reason why we think it’s going to be a $100 billion valuation is because the market’s going to be really huge,” Pascal Gauthier, chairman and CEO of Ledger, told The Block. “Comparing bitcoin to gold is fun, but this market is going to be the whole value in the world going onto blockchain at one point, the whole value in the world being tokenized… Ledger is ideally and uniquely positioned to be that secure gateway to Web3.”

[the white house] 04/6/2021 11:03

Cazoo sponsoring The Oaks today and The Derby tomorrow I see. Freetrade jumped to 1st in online share dealing lately as 212 closed to new accounts for a bizarre length of time

[cordwainer] 28/5/2021 12:47

still plenty of upside potential with the finals due in about a month. Continued NAV upgrade momentum highly likely imho.

cordwainer - 21 Jan 2021 - 09:52:50 - 288 of 374 Draper Esprit - VC Firm - GROW
Based on analyst estimates, my conservative target price here for 2021 is £12.
Among my largest portfolio holdings.