Seraphim Space Investment Share Discussion Threads

[rogen83] 15/10/2024 15:06

Just seems very little interest in this trust and a bunch of other growth focused trusts at present. The NAV was in line with broker expectations so not surprises there it seems.

[apple53] 15/10/2024 13:56

Thanks for calculating the price for the Astroscale sale, Rogen. That was approx the highest close so well done them.
Intrigued that the Astroscale sale is mentioned 3x with different quantities (either % or cash) each time.
Also that it appears it was sold at a loss vs original investment, either 90% or 77% of the all-in cost (presumably this is the difference between JPY and GBP respectively).

So slightly up NAV overall but also up another couple of % post results.

Any idea why the negative response? Was the Xona write down a surprise?

[rogen83] 15/10/2024 06:17

Looks like they sold 87% of their Astroscale holding at around JPY1320 a share which is a good effort considering how volatile it’s been since IPO, but still a bit below cost

[apple53] 14/10/2024 09:13

Further to my previous post about astroscale and asts, I note that both are up further since 1st August, adding perhaps a further 3p to NAV vs 1st August (at which point I had thought astroscale had cost 1p since end March and asts had added maybe 3p).
Does anyone know if D-Orbit's funding round was at a higher valuation than previous? I guess not, otherwise we would have been told. Or indeed lower, for a hit to NAV.
Anyway, I struggle to see past the positive newsflow in the newsletters to understand whether the large unlisted holdings will result in lower NAV.

All-in-all I am taking a guess that the NAV will be flat to slightly up from March and, having recently missed my chance to take a quick 10% turn on my small position, I had added to it ahead of tomorrow's results.

Looks like brewin dolphin almost halved its position. Don't know how long they took doing this, but presumably this was quite a drag on the price?

[juliemara] 14/10/2024 08:17

What a POS this is! Massive sector/media interest post SpaceX redocking and still this sinks.

[the millipede] 13/10/2024 14:37

This is the problem with private equity - you can only research so far and have to take a lot on trust (or track record, which SSIT does not yet have).

The latest factsheet says “61% fully funded based on the latest projections…. and 11% funded for 12 months or more” but which companies that applies to is anyone’s guess. And, of course, these projections can change.

Worth also bearing in mind these numbers indicate 28% do not have a year’s cash and so could not produce a “going concern” statement if they were listed.

That said, there is a lot to like here IMO, and I agree Iceeye in particular looks to be doing well.

[peterrr3] 13/10/2024 09:17

Most of the portfolio seems to be steadily growing in but it is hard to tell if profitable or not as they can be competing in the same space against each other as well as established players. I expect good overall growth in asset valuation offset a bit by the forex position to be reflected in the financials at period end.

[rambutan2] 03/10/2024 15:24

Yes, ICEYE does appear the most likely candidate for our first big winner.

ICEYE Dwell Precise, the industry's highest fidelity 25 cm imaging product, combines high-quality data with high resolution. You can identify smaller objects or targets, such as types of vehicles and types of military equipment, without the need for additional intelligence sources...

[peterrr3] 03/10/2024 10:43

Thanks yes, that one off my radar but very important. Speaking of radar, now Ic eye has 25cm resolution they are right up there with the best military satellites, so I expect even more work to come their way and very attractive as a takeover target.

[rambutan2] 02/10/2024 22:07

You mean no share price response, but that's par for the course across the IT sector for the time being. Once SSIT produces a big winner and some hard cash, I'm sure that a substantial rerating will follow.

Here's one for next month's newsletter - and a promising candidate for being one of those big winners:

[peterrr3] 02/10/2024 06:50

Another good update, no interest.

[peterrr3] 19/9/2024 09:25

I always do some homework, yes some dogs here, some I know not enough about but may be worth something but not critical and a few I know quite a bit about and are the main reason I added to a cross holding elsewhere. Tern definitely on a death march as you correctly regularly repeat but I'd like to think I would get out early here if there are enough red flags.

[juliemara] 18/9/2024 12:12

Anyone pondering whether to invest here and actually doing some due diligence (rather than just “rolling the dice”) could do worse than looking at TERN!
PS It isn't a happy story.

[peterrr3] 04/9/2024 15:10

Ic eye on a strong growth trajectory. It will corner the disaster insurance market at this rate. Plenty of earlier posts, this one today https://www.iceye.com/press/press-releases/iceye-and-aon-expand-collaboration-with-flood-and-wildfire-data-agreement-to-enhance-event-response?utm_content=306532413&utm_medium=social&utm_source=linkedin&hss_channel=lcp-4856503

[peterrr3] 03/9/2024 07:29

Yes ridiculous. Should be racing higher although I knew pretty much all the update so bought last week and a few more now. Penny will drop eventually

[juliemara] 03/9/2024 07:17

Barely a flicker of interest.

[rambutan2] 16/8/2024 14:54

General stuff, but points to spending slurge we should benefit from:

[wsm812] 15/8/2024 07:56

I have held this stock many times, it is falling into the price range where I get interested in buying again. Not sure that sentiment is with aerospace stocks right now, which is the only drag on the share price

[juliemara] 14/8/2024 15:40

This has the stink of another TERN about it.

[apple53] 01/8/2024 09:58

Sadly Astroscale has halved since the good news rambutan reported above. The q3 NAV of 95p reflected the issue price of the IPO (which was less than the previous valuation, hence a 2p hit to NAV). I don't THINK it reflected the 60% jump on day one of the IPO, so the incremental hit of the share price fall well below its issue should be around 1p off NAV I reckon. I am wondering if this story is part of the reason for the drift down in SSIT's price.
However, ASTS (nasdaq) was 0.4% of NAV at end March and seems to up 7-8fold since, so that should add a couple of pence.

Anyone have any more input?

[livewireplus] 08/7/2024 06:39

The space industry is projected to be worth $1.8 trillion globally by 2035, up from $630 billion in 2023, according to McKinsey.https://bmmagazine.co.uk/in-business/british-space-companies-aim-for-the-stars-with-government-support/