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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Schroder British Opportunities Trust Plc | SBO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 72.00 | 08:00:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 71.75 | 71.75 | 72.00 | 72.00 | 72.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 21/6/2024 15:44 by bmcollins I have to say I am somewhat bemused by comments like "value will out but when", standing on a 30% discount and a continuation vote in May 2028 value will out, & 47 months is not, in the great scheme of things, very long to erase the 30% discount, especially as the bids every week that we are seeeing for micro caps is surely a signal that sentiment has turned.In addition, anyone seeing the exit prices that SBO have achieved against book valuations clearly show that SBO's unquoteds are valued conservatively. |
Posted at 04/12/2023 16:40 by spectoacc The bubble isn't over until Bitcoin goes.And the US big 7. SBO may as well just say "We get paid handsomely whether you make any money or not. Meanwhile, we're going to punt some more unlisted unicorns at the top of the market.". Rates aren't being cut before 2025 IMO. Why would they be? Possibly if the long-predicted (by me!) bad recession happens, but that doesn't help SBO's punts either. But agree value will out eventually - guess I just don't see value at SBO. |
Posted at 04/12/2023 16:35 by jonwig Just seven US shares are driving the discrepancy. All the UK trusts are making the same point, some with buybacks. Yields (though not here in SBO) are providing some cushion. I believe value will out, but have no idea when. |
Posted at 09/4/2023 16:18 by spectoacc SB-Oh.Front page of Sunday Times Business: "Blow to British tech unicorn as backer writes off stake". "The heavyweight investor that backed Apple and Google in their early years has written off the entire value of its stake in one of Britain's most promising technology start-ups". Keep reading and you find out that zero is Graphcore.. There's some real nuggets: "Graphcore ended 2021 with $140m of cash, and a further $187m in short-term investments. However, it lost $185m that year on revenues of only $5m...." SBO holders, this is the sort of sh*t Roger, Ben, and Tim have been punting your money into. Graphcore topped out at a £3.4bn valuation, on $5m of revenues, and Sequoia Capital now value it at zero. Nada. Nothing. "BG's Schiehallion fund has cut its valuation of Graphcore from $3.4bn to $1.7bn and SBO has cut its valuation [of Graphcore] by 25% in its latest revaluation." Most incubators, VCs, PEs are chicken sh*t. They invest at increasingly crazy valuations, boosting their previous investment valuation in the same co's, until it all comes crashing down (assuming they haven't punted investments to each other first). Yet when it does start to fail, it's finger-in-air bullsh*t. BG think Graphcore's fallen from $3.4bn to - gasp - $1.7bn, exactly halved, implying no genuine calculation whatsoever. Sequoia can see that $185m losses on $5m revenues in 2021 means all the money's gone by, um, about now, so Graphcore will need to raise ASAP. But from whom? Not Sequoia. Not poxy, tiny SBO. Not BG, who went all-in on unlisteds in the boom. Not from SVB bank borrowings. SBO cut the valuation by 25%, BG by 50%, Sequoia by 100% - who's right? No prizes for guessing who I think is right, but clearly if more cash (then some more, and some more) is needed, billions isn't a correct valuation. Doesn't this apply to most of the investments in early-stage but later-round rubbish? The bubble is over, the winners will be the few with profits (any?), and the few with cash to pull investments through the post-SVB, post-bubble world. The same happened in 99/00, most went to zero. At least the lamentable SUPP has been through it (some of it!) already, hence 12p from £1 listing, 8 years ago now. How long is "Patient"? Rant over. Link to SBO's Graphcore RNS, when they invested at a $2.8bn valuation: Just a week ago, threat to move to US, begging letter to Rishi to use some of their chips - Sequoia's write-down post-dates this: |
Posted at 24/2/2023 07:58 by jonwig Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to confirm that one of its private equity investments, Mintec, the leading global provider of price data, analytics and forecasts for agri-food, has announced the acquisition of AgriBriefing, to establish the largest agri-food-focused price reporting agency (PRA) and global information provider.Good news, I guess, but what we really want is SBO's private investments to be taken out at a huge premium! |
Posted at 03/2/2023 07:23 by jonwig Research note, "SBO is trading on a wide discount despite its highly differentiated approach…":Company-sponsored, of course, and they are clearly worried about the discount. The unquoteds need a bit of M&A activity to stir things up. NAV around 105p so nearly 40% discount. |
Posted at 07/12/2022 07:52 by jonwig Interims:They insist their PE portfolio has held its value as opposed to quoted ones. hence the NAV has only fallen by 3.4% whilst the discount has widenedsubstantially If they're right, (and reputational damage to Schroders would be significant) these are good value, given some unquoteds are close to IPO stage when markets imp[rove. But one dud seems to be Graphcore. (AI hardware is tough!) |
Posted at 04/8/2022 09:12 by spectoacc Thanks @Jonwig, having a quick look at it.@CC2014 - agreed, everything has its price. I'd question when SBO would ever give any returns beyond "Greater Fool" tho. They're tiny, yet they talk as if they're big guns. "Your Board is disappointed by market conditions reducing shareholder return over the period" [What, it wasn't the stock picks?] "...Your Board is pleased with the diversified portfolio the Portfolio Managers have constructed since IPO across a broad range of leading UK businesses, both listed and privately owned," "Equity valuations are seemingly disconnected from fair value in many sectors and market sentiment is driving pricing rather than fundamentals" [No - it's the bursting of the ZIRP bubble, where the sort of no-profit, minimal t/o, capital-hungry Unicorns come a serious cropper.] "...We utilised the authorities provided by shareholders to purchase 100,000 shares to be held in treasury to reissue when the Company regains its premium rating to NAV" [Optimistic!] "...Will target companies with an equity value between approximately £50 million and £2 billion at the time of initial investment" [SBO itself has a market cap of £56m - it'll never hold any meaningful stake or have any meaningful influence on any of its "30-50" holdings.] Might it dcb? Could do. But I'd note: "In a challenging environment, the private equity holdings have continued to perform strongly and the overall resilience of the private holdings has been particularly pleasing. The Company’s unquoted holdings saw an increase in value of 32.4%, offsetting 8.2% of the full year decrease in NAV" So for end-March, before the bubble burst, they uplifted their unquoted valuations by 32.4%. It's possible they've picked some future Amazons & Googles, but I'd wager not. Edit - sorry for length - this jumped out: "We are delighted to have completed these three new private equity investments in strong, UK-based, market leaders. We had been tracking these businesses for an extended period of time through our long-term relationships with private equity firms Synova, Bowmark and Vitruvian, and supplemented these efforts with enhanced due diligence made possible by the close working relationship between our public and private equity teams, which provided the widest possible lens for assessment of our new investee companies. We expect these businesses to be resilient to the ongoing macroeconomic and market trends and are excited to be part of the next phase of their growth story. As at 8 July 2022 the Company holds a cash balance of £2.5m. " They really do talk the talk. What they've invested in isn't necessarily bad - it's the valuations they've gone in at that I'd question. £2.5m cash. |
Posted at 04/8/2022 08:15 by jonwig Spec - the FTSE All-Share is down 2.5% from its end-March level. The discount here compensates adequately, I'd think. (A better index to use?)The wider PE sector is trading at high discounts to compensate for this liquidity deficit. It's probably deserved if there's leverage, but SBO has net cash. Anyway, it's not my style to get enthusiastic about anything right now. |
Posted at 04/8/2022 08:05 by spectoacc "The Company's private assets are currently held at their 31 March 2022 valuations"Notwithstanding a couple of up-rounds, there must be serious downside risk to the NAV, which would take a couple of quarters to feed through. Never thought I'd say it but - SBO makes SUPP look cheap (20p share price vs 36p "N"AV, a large chunk of it in the listed ONT). Seen no evidence that Tim/Ben/Roger have any stock-picking ability whatsoever. |
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