Seraphim Space Investment Trust Plc

-0.15 (-0.41%)
Share Name Share Symbol Market Type Share ISIN Share Description
Seraphim Space Investment Trust Plc LSE:SSIT London Ordinary Share GB00BKPG0138 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.15 -0.41% 36.00 124,026 16:35:07
Bid Price Offer Price High Price Low Price Open Price
35.60 36.40 36.40 36.00 36.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 7.57 3.37 - - 86.18
Last Trade Time Trade Type Trade Size Trade Price Currency
16:09:10 O 30,000 35.7345 GBX

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Date Time Title Posts
05/6/202313:49Seraphim Space Investment Trust242

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Seraphim Space Investment (SSIT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-08 15:09:1035.7330,00010,720.35O
2023-06-08 14:59:4836.4051.82AT
2023-06-08 14:59:4336.4041.46AT
2023-06-08 14:59:4236.402810.19AT
2023-06-08 14:59:4236.40548199.47AT

Seraphim Space Investment (SSIT) Top Chat Posts

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Posted at 05/6/2023 13:49 by wsm812
Posted at 23/5/2023 16:45 by quepassa
fully agree.
Posted at 23/5/2023 14:53 by jonwig
Then, if you're right it's a great bargain. The market's obviously misunderstood this one!

Wind up the trust - what price the unquoted holdings? (Think of the Woodford problem.)

Share buybacks - would be a poor use of cash in this case, though not always.

If I held right now, I wouldn't sell, but as it is, I'd want some event to trigger a buy.

Posted at 23/5/2023 11:09 by quepassa
The remarkable thing about SSIT is its healthy cash/liquid resources amounting to a stonking £39.1m

SSIT declare that cash reserves represent 18% of NAV as at 31/3/23

However, given massive discount-to-NAV of the share, CASH RESOURCES EQUATE to c 43% of market cap of £89.9m.

Another way of looking at it, is that 43% of the share price is cash-backed.

Not many specialist Investment Trusts are sitting on nearly £40m of cash.


Posted at 05/4/2023 10:39 by spectoacc
Won't be the last I'm sure.

Revenue growth is of secondary concern when SVB has gone, new money is going to be very hard to come by, and a large number of the companies (most) will be loss-making.

The one advantage SSIT does have - it's sat on a fat wad of cash. If they play their cards right, and accept the nuclear winter unlisteds are heading into, they can pick & choose who to support, and at what revised prices, as well as any choice new investments.

It'll take some balls, because the temptation will always be to "prove" previous valuations, and to prevent existing holdings from going under. Neither of those are the right approach in this market. Cash is absolutely king.

Posted at 14/2/2023 12:29 by livewireplus
Not directly related to SSIT but an interesting background read...BBC News: Surrey Space Centre awarded £400,000 of funding
Posted at 28/1/2023 10:43 by pvb
freddie ferret 20 Jan '23 - 14:28 - 211 of 213

Anything to do with this????


Posted at 20/1/2023 14:28 by freddie ferret
Anything to do with this????

Posted at 17/1/2023 14:23 by wsm812
A price closer to NAV must be appreciated soon. Awaiting any good news for the rerating to take affect is patience zapping.
Posted at 16/5/2022 12:01 by spectoacc
Citywire's a freebie, but if it formats:

"Just 10 months ago, Seraphim Space (SSIT) managed to raise £150m from investors in an oversubscribed initial public offer. Stakes-for-shares swaps expanded the company, exuberant markets drove the shares to a 32% premium above net asset value (NAV), and by the end of 2021, the investment trust had a market value just shy of £300m.

However, as we all know, the market’s mood has changed. As I write this the share price is 92p, 11.5% below the recently announced 31 March NAV, and I fear the discount may widen from here.

Citywire’s Algy Hall last week published a great roundup of the state of the space sector highlighting the lack of mainstream fund managers active in the area. SSIT is unique – there isn’t a US equivalent, for example. It just held its first capital markets day with analysts and institutional investors and updated the market on progress within the fund. Attendees got to hear from some of the chief executives of the companies in SSIT’s portfolio.

Investors can take some comfort from the NAV performance to date. Even though the two listed businesses it holds – Arqit and Spire – have dived during the growth sell-off, an uplift in the value of one of its unlisted investments – D-Orbit – more than offsets this.

The portfolio represents a collection of really cutting-edge scientific solutions often addressing issues of which you may have been only vaguely aware, or brand new markets. The numbers bandied around are vast – alleged total addressable markets in the billions – and exponential growth rates targeted. However, in the more cynical environment that we now find ourselves in, basing a sales pitch on such metrics almost feels counterproductive.

The largest position at 16% of assets at the end of March is a Finnish company ICEYE. It was one of the investments that the trust acquired from the manager’s older limited partnership vehicle. ICEYE has an operational constellation of 16 small satellites surveying Earth with radar which allows it to operate at night and in cloudy conditions, taking images of locations every 24 hours. It is being used by insurance companies to monitor things like natural disasters.

ICEYE raised $136m in Series-D fundraising led by Seraphim Space in February. SSIT’s managers suggest that it could be looking to float later this year, markets permitting.

The next-largest position at 12.8% of assets was Arqit Quantum. It is a listed company, having reversed into a special purpose acquisition company (Spac), or what we used to call a cash shell, last September. Its share price has fallen by about 60% since the end of March, caught up in the general market malaise, and that will have taken about 8p off the trust’s 104p 31 March NAV. The other listed position – Spire Global – has been similarly afflicted and that will have taken another 0.5p off asset value per share.

Advances in quantum computing pose a threat to existing encryption standards, including those underpinning blockchain. Arqit has devised a system of symmetric encryption keys – where data is encrypted and decrypted using the same key, and the key is transmitted securely between the sender and recipient of the information. Transferring quantum information over fibre is only secure over short distances. Arqit transmits quantum information by satellite instead.

Even after the share price fall, Arqit has a market value of about $740m, down from a peak of about $4.5bn. Recently published half-year figures from the company, which is only just starting to commercialise its technology, disclosed revenue of $12.3m of which $5.3m related to its core Quantumcloud business. It held $82m of cash and had burned through $13.5m in six months. Markets are bad at valuing these sorts of businesses and to my mind, it has listed too early. Perhaps someone will opt to take the company private again.

Number three in the portfolio is Isotropic Systems. Chief executive John Finney gave a fascinating insight into the development of its system for communicating with multiple satellites in different orbits simultaneously. Until now, all communication with satellites has been on a one-to-one basis and even defence-funded research bodies had been stymied by the problem. Isotropic’s technology is a significant boost to communication systems and has applications in a wide range of fields. It is scaling rapidly. All of this year’s production slots are already sold out and much of next year’s. Finney reckons Isotropic may be ready to float in 2024.

The other two firms investors heard from were Astroscale and D-Orbit. Astroscale is looking at ways to manage the proliferation of potentially dangerous defunct satellite and orbital debris. Part of the problem is persuading governments and companies that they need firm plans for managing the issue, including stumping up the necessary funds. However, it is working with OneWeb on de-orbiting defunct satellites – locking onto docking plates installed on the satellites before launch and steering them towards burn-up on re-entry. Larger satellites can be aimed at the Pacific Ocean.

D-Orbit, whose focus is on space logistics, and already has operational vehicles taking satellites from SpaceX rockets to their final orbits, has grander ideas. It is experimenting with alternative uses for its ION satellite carrier spacecraft once their mission is complete. It is exploring ways of refuelling failing satellites and recycling them in space once they are defunct. That makes perfect sense to me, given the cost and effort required to get them up there.

The write up in the value of D-Orbit came as it is in the process of listing, again by reversing into a Spac. That deal, which was announced in January and is supposed to complete over the next few months, values D-Orbit at $1.4bn. The Spac, Breeze Holdings Acquisition Corp, still trades around its $10 launch price, but anything could happen in the aftermarket.

SSIT is a pioneer and path-breaking trails are often fraught with danger, but if the fund fulfils the vision of its management team, the rewards could be significant. One for adventurous bargain hunters."

Seraphim Space Investment share price data is direct from the London Stock Exchange
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