Seraphim Space Investment Share Discussion Threads

[the millipede] 11/1/2022 10:53

Yep. Spire Global has been dropping for a few months. Arqit seems better but is now falling since rising off the back of its latest announcement.

Fairly sure both down on their levels around the end of September, when SSIT last published its NAV.

I like the idea here but can’t see how a premium is justified, when listed holdings can easily be traded directly and private equity usually trades at a discount. Not to mention half the NAV still held as cash.

[jonwig] 10/1/2022 17:56

Over the pond, NASDAQ is in correction territory. Any tech stocks not profitable are being hit hard. (As is biotech and healthcare, surprisingly!)

I won't post negatively about SSIT (or I'll get into trouble...) but it's worth going into details of the main individual holdings.

[the millipede] 10/1/2022 17:52

Wonder what the next NAV will look like?

The listed holdings seem to be falling off a cliff.

[quepassa] 06/12/2021 13:58

Today's RNS .


ICEYE.


hXXps://www.iceye.com/our-story

"Every square metre every hour"

[jonwig] 03/12/2021 14:10

Well, good fortune. I won't mind being proven over-cautious.

[quepassa] 03/12/2021 13:33

An estimated 1,400 satellites have been launched this year 2021 alone.

The industry is growing exponentially and space junk is unlikely to stop it.

[quepassa] 03/12/2021 13:25

Ah yes, that career politician and former PM of Denmark whose other stellar (excuse the pun)written works include "From Social State to Minimal State".

As far as the Kessler Syndrome is concerned, that's what has fueled the sensationalist hollywood movies like Gravity. But NASA, ESA, Musk, Bezos, and other major non-western Space Agencies don't seem deterred, judging by the accelerating pace of their launch programmes.

Space is a big big place. Incomprehensible.

And even if there some junk in near orbit , there are plenty of Space Junk and Clean Space programmes like the ESA initiatives.

If a few satellites get taken out by space junk, it is insignificant in the scheme of things. Satellites are now literally being launched by the bucket-load and the price of them is small nowadays compared to before and they are very replaceable.

a lot of the Kessler syndrome stuff has to do with propaganda and is put out by certain space agencies against other major non-western space agencies. they want you to focus on space junk while the real action of launches goes less noticed.

the rush to space has never been like this before. a little space junk isn't going to stop it.

ALL IMO. DYOR.
QP

[jonwig] 03/12/2021 12:45

The author, Anders Fogh Rasmussen is a former NATO Secretary General. Neither a hack nor a Hollywood mogul.

The prospectus does not mention Kessler, nor the potential collision risk (except as a positive for LeoLabs), nor the potential problem of insuring satellites.

I suppose I'm just saying that maybe my risk appetite is getting more limited, and I'm happy to take a profit of 20%-plus.

[quepassa] 03/12/2021 12:19

someone has been watching too many hollywood space disaster movies.

just another small challenge along the inexorable journey of technology and mankind into space.

[jonwig] 03/12/2021 08:48

FT article:

Russia’s anti-satellite test is a wake-up call to mankind
Without better regulation of space, we risk turning Earth’s celestial neighbourhood into a junk yard


The Kessler Syndrome: debris collisions can spread exponentially (cf Covid) rendering LEOs unusable and uninsurable. Huge amount of data needs satellites; disruption would set human progress back 50 years. (Kessler not mentioned in SSIT prospectus, but dates back to 1976!)

For me, just a bit too concerning - have sold out.

[jonwig] 25/11/2021 07:10

$12.5m investment in Astroscale:



"Our orbital highways are already polluted with more than 23,000 pieces of debris larger than 10 cm in diameter and hundreds of millions that are smaller. With up to tens of thousands of satellites launching in the coming years, these pieces of debris endanger a flourishing ecosystem in space.

That’s why we exist – to develop the technology and ensure policies facilitate on-orbit servicing and active debris removal to secure safe and sustainable orbits for generations to come."

[jonwig] 20/11/2021 07:30

The Guardian has an interesting article about space debris, which includes this picture:

[ec2] 19/11/2021 18:11

My decision following the investor call was to sell out. Can't complain about the 25% return since floatation. I certainly agree with the manager's enthusiasm, but on the current premium, I feel the shares may now drift/slide until there is a decent rising NAV for the share price to latch onto and correspondingly track.

[jonwig] 19/11/2021 12:02

Well, they certainly tell a strong story, and fully expect to deliver 20%-plus a year. Strong suggestions of a further fundraising next year.

[ec2] 19/11/2021 10:14

Thanks for the additional clarity. Lots going on across my assets this morning so only time for a very quick speed read of the RNS first thing. Waiting with interest for the investor call at 11.00 before I make a hold/sell decision.

[jonwig] 19/11/2021 08:31

EC2 - as the pdf shows, the invested assets have risen by 50% over the time period!

The apparently slow rate of investment is because they are evaluating potential assets in a "beauty parade". The candidates will be too early stage for quick decisions.

[ec2] 19/11/2021 08:26

I'm disappointed by the NAV and the large amount of remaining uninvested cash. Positive is that the assets that were invested have risen by 6% over the quarter equating to 24% p.a. if the same level of performance can be maintained. Think how that would look if the fund was fully invested.

[jonwig] 19/11/2021 08:20

Just about. There's a chart on p10 of the pdf showing the details. Note also sizeable increase in number of shares in issue.

[luffness] 19/11/2021 08:16

Doesn't that mean assets valued at 50ish but priced at 70ish - quite a premium

[jonwig] 19/11/2021 08:08

Q1 results:



NAV of 104p is below what I expected, but cash is well over half, so that's a drag.

The main positive thing looks to be a fair value gain of £14.2m on the initial portfolio of £28.4m, so 50%.

... a live presentation for investors via the Investor Meet Company platform at 11:00am today. Investors can sign up to Investor Meet Company for free and add to meet Seraphim Investment Trust plc via:

[jonwig] 09/11/2021 10:28

Telegraph also has an article about Britain's booming space industry:



There's a picture of work at portfolio company Spire Global's Glasgow factory, but it isn't mentioned further in the article. (SPIR's share price has gone nowhere since float.)

[quepassa] 09/11/2021 10:09

Sector News.



California based Viasat is taking over UK's Inmarsat in a deal valued at $7.3billion.

Apax/Warburg Pincus previously took Inmarsat private in 2020 for $6bn.

See today's FT for full article which continues:-

"It is clear that satellite industry consolidation is now underway".



Inmarsat rejected a bid from Eutelsat a month ago.

De facto the market value of Inmarsat increased from $6bn to $7.3bn in just a year or so.



Interesting forces driving sector:

1. Exponential growth in demand for satellites
2. Rapid and major reductions in size, build costs and launch costs of satellites
3. Huge advancements in satellite technologies and capabilities
4. Increasing competition between the major players to bulk up and acquire or merge with competitors.


A sector which is getting hotter by the day.

SSIT is well-placed to be at the fore-front of developments for emerging Space Tech.

ALL IMO. DYOR.
QP

[ryank1] 07/11/2021 19:39

Any news anyone

[jonwig] 02/11/2021 07:12

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed Space Tech Fund, will announce its first quarter results for the three months to 30 September 2021 on Friday 19 November 2021.

There will be a webinar for equity analysts at 09:30am (UK time) on the day of results. To register for the event, please contact SEC Newgate by email at [e-mail] .

A further presentation for investors will be provided via the Investor Meet Company platform at 11:00am on the same day. Investors can sign up to Investor Meet Company for free and add to meet Seraphim Investment Trust plc via:

.

[jonwig] 12/10/2021 07:22

Significant shareholdings (total 212,129,854 shs):

British Business Finance ... 28,442,753 15.9%
Schroders PLC .............. 13,722,543. 7.7%
Alison Whitehorn* ............... 9,529.